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GAAP-IFRS.COM: IMPORTANT ANNOUNCEMENT!

GAAP-IFRS.COM Digest: 23-27 March 2015

SASB issued new sustainable accounting standards for the resource transformation sector

The US Sustainability Accounting Standards Board (SASB) recently issued a set of standards for the resource transformation sector required for American and foreign companies in their annual filings (Form 10-K or 20-F) with the U.S. Securities and Exchange Commission (SEC).

Head of the Russian “megaregulator” persuaded the president not to adopt capital regulation

The Bank of Russia’s chairperson Elvira Nabiullina took a strong stance against restriction of free capital movement. That would mean violation of one of the basic principles of any market economy. Meanwhile, there was such idea, especially at the end of last year after the financial panic, and Putin was indeed advised by his councilors to approve that. This time, however, it looks like he supported Elvira Nabiullina’s views and instructed her to work it over.

IASB delays a number of standards

According to the lasted updated agenda of the IASB, a number of active projects have significant differences in approximate accomplishment terms as compared to the one we informed on at the end of January.

Russian auditors litigating with regulators

A really unusual situation for the Russia audit market: auditors litigating with the Ministry of Finance. A suit was filed on 17 March by the self-regulatory organization of auditors “The Audit Chamber of Russia” (a member of the IFAC). The Audit Chamber of Russia disagrees with the Minfin’s conclusion on illegitimacy of election of its current acting chairman Alexander Turbanov. This was today informed by “Kommersant”.

Visa and MasterCard won’t make it on time

Yesterday “Vedomosti” informed with a reference to Visa’s announcement that the international payment system will in no way transfer the whole volume of Russian traffic to the National System of Payment Cards (NSPC) before 1 April as it is supposed to. MasterCard is not going to do that either. An expert whose name is not disclosed said: “At the moment, we aren’t even checking clearing yet, only had communication channels tested”. Does that imply that international payment system will have to deposit large insurance reserves on the CB’s accounts?

How audit companies are inspected in Russia

Recently the Ministry of Finance of Russia published an information announcement from the most recent meeting of its Audit Council. It appears that the Council supports proposals of its task force concerning changes in criteria for tendering external audit services.

Banks will be punished for forcing their borrowers to buy insurance

According to Russian news agencies, the Federal Antimonopoly Service of Russia has plans to punish with fines those credit organizations which virtually force their borrowers to buy insurance on loans. Since the beginning of the year the FAS of Russia has been receiving still increasing number of complains on those not really fair practices which banks sometimes very eagerly employ

Outflow of deposits from Russian banks was larger than expected

According to the most recent estimation by the Deposit Insurance Agency (DIA), in real terms Russians withdrew more than 1.3 trillion roubles out of the banking system – informed “Vedomosti” today.