Новости

Central Bank of Russia will force banks to modernize their ATM machines which will cost them hundreds of millions

The main Russian financial regulator, the Bank of Russia thinks that all ATM machines with an option to accept cash (“cash in”) should be modernized.

IRS and US Treasury issue message for FATCA compliers

The US Treasury and the Internal Revenue Service (IRS) have jointly issued an information message for foreign financial institutions (FFIs) that will soon have to follow requirements of the Foreign Account Tax Compliance Act – FATCA. Among those will be Russian companies as well.

Monitoring Board reviewed its Charter

The Monitoring board exercises oversight over the IFRS Foundation, and today it informed on completion of a review of its charter and the Memorandum of Understanding. The first document describes the MB’s duties and the second – its relations with the ones it supervises.

Russia’s Unified Certification Commission seeking cooperation with education centers for accountants

The Unified Certification Commission commenced a series of roundtables for educations centers. The reason for that is probably very few numbers of attendants seeking to attempt the general certification exam for auditors.

International regulators formulated requirements to Islamic financial instruments

Jointly three regulators - the Islamic Financial Services Board (IFSB), the International Organization of Securities Commissions (IOSCO), and the Securities Commission Malaysia (SC) - published a whole book of requirements to information disclosure on Islamic capital markets, ICM.

GT replaces BDO as IFRS Foundation’s external auditor

After holding competitive tendering among seven pretenders (this was done by the IFRS Foundation’s Audit and Finance Committee) trustees announced their choice of Grant Thornton as their new external auditor.

GAAP-IFRS.COM Digest: 28 October – 1 November

Central Bank will publish banking groups which do not disclose their financial position

The Bank of Russia will punish banking groups (or banking holdings, if you like) for non-disclosure of information on financial position. The Central Bank’s deputy chairman Mikhail Sukhov promised that transactions with other group members would in that case be disallowed to credit institutions within groups.

Russell Golden points the way for US GAAP further development

Russell G. Golden which not so long ago took the FASB chairmanship after Leslie Seidman delivered a speech this Monday at the conference which was dedicated to the 106th anniversary of the National Association of State Boards of Accountancy (NASBA).

EFRAG comments on the recent amendments to “IFRS for SMEs”

At the beginning of October the International Accounting Standards Board published the very first set of corrections to IFRS for SMEs for the first time since their issue in 2009 (http://gaap-ifrs.com/news/136962). International developers didn’t review anything fundamental, but instead focused on clarifications mostly.