Новости

Russia may recognize offshore companies as its tax residents

The Ministry of Finance of Russia is still working on a number of important projects aimed against using offshore territories as means to evade taxes. Some of them are ready (for example, international exchange of tax information as part of the OECD initiatives), others are still on the development stage.

American currency appreciated in Russia because of QE3 suspension

The Federal Reserve System is seriously considering the possibility to suspend the quantitative easing program (QE3), which in fact means to stop printing more dollars. The foreign exchange market in Russia reacted almost instantly: rouble depreciated to 33 R/$. This may be a start of the dollar’s further appreciation.

EU formally adopts standards for investment entities

The European Commission has published the Commission Regulation (EC) No 1174/2013, thus formally adopting amendments to IFRS standards (IFRS 10, IFRS 12, and IAS 27) for investment entities.

Investments to land and real estate objects will be restricted to foreigners

The Ministry for Economic Development is considering the possibility to restrict investments in land and real estate to foreign investors, which will in any case be seen as further restriction of investment rights in Russia. The ministry published a draft set of related amendments to the federal law which regulates state registration of real estate ownership rights.

Former clients of liquidated “Master-bank” will be taken care of by Sberbank and VTB

This week’s Wednesday another loud scandal shook the banking industry of Russia. A fairly large bank – Master-bank – lost its license, being accused by the Central Bank of participation in “shadow” banking and financial crime activity.

IASB presents “narrow” amendments to IAS 19

Today the International Accounting Standards Board published “narrow” amendments to IAS 19 “Employee benefits”: Defined Benefit Plans: Employee Contributions.

PCAOB told audit companies what it expected to see as improvement to quality control systems

American audit regulators – the Public Company Accounting Oversight Board (PCAOB) – recently published their criteria by which they would estimate quality control remediation upon criticism during inspections.

Progressive tax scale in Russia may be adopted in 2018

PKF’s Institute of Strategic Analysis recently presented its report which says that it is quite possible for Russia to adopt progressive scale for the income tax. Moreover, it is not only possible, but very likely – due to political reasons.

FAF’s PIR team finds Statement 109 on income taxes fitting its purposes

Another post-implementation review has been performed. FASB Statement No. 109, effective since 1992, is an accounting standard which requires companies to recognize taxes payable in the current accounting period. It also obliges companies to recognize deferred tax assets and liabilities.

FRC changes hedge accounting

The Financial Reporting Council issued amendments to British accounting standards UK GAAP. Hedge accounting allows companies to better reflect economic substance of arrangements they enter in order to manage financial and non-financial risks.