Новости

Antimonopoly services of Russia will use costs to control natural monopolies better

During the recent conference dedicated to antimonopoly regulation in Russia head of the Federal Antimonopoly Service Igor Artemiev proposed to perform an independent audit of natural monopolies in two or three years. It is thus possibly that audit in certain entities (like “Russian Railroads”, Gazprom, Rostelecom, or Transneft) it will be performed already next year.

GAAP-IFRS.COM Digest: 21-25 October

FASB explained how to determine nature of a host contract within a hybrid instrument

For hybrid financial instruments issued in a form of shares accounting prepares (investors and companies alike) will have to determine nature of a host contract as more akin to debt or equity by taking into account all stated and implied features and weighting them against relevant factors and conditions.

FASB explained how to account for stock compensation upon expiration of a requisite service period

Quite often companies use share-based payments but stipulate in advance that the reward will be given upon reaching certain target conditions. This may be a minimal share price after an IPO or a certain level of sales.

IPSASB published ED on first-time adoption of IPSASs by public sector entities and accrual accounting

The International Public Sector Accounting Standards Board (IPSASB) published an new exposure draft of the document which is a draft new standard on first-time adoption of international standards by public sector entities - like IFRS 1, only with IPSASs. It is very important that companies will also switch to the accrual method of accounting which is to replace the outdated cash method.

Bank of America found guilty for Countrywide’s mortgage fraud

A very significant victory for the US federal authorities seeking punishment for the ones behind the financial crisis and for investors seeking revenge as well. It is quite possible that it will greatly contribute to new similar investigations against other investment banks.

UBS again inspected in relation to the old LIBOR case

Once again the Swiss bank UBS caught public attention, and again in relation to the old case of LIBOR manipulations, although circumstances are a bit different.

Russian business may be forced to insure ecological risks

Head of Russia’s Cabinet of Ministers Dmitry Medvedev proposed to adopt a new type of obligatory insurance – this time eco-insurance. The idea was expressed during the recent meeting dedicated to safety of oil and gas mining.

EU adopting a standard VAT return

The European Commission has presented a draft law to standardize VAT (value added tax submissions). The initiative should remarkably simplify taxation in Europe because this tax is responsible for around 21% of income in the member states.

Russian banks will be forced to tell their clients exact yield on their deposits

The Bank of Russia wants to simplify Russians’ choice of a bank to keep their money at. The regulator has already prepared a draft order to oblige commercial banks to tell their clients (private individuals) info on full yield on deposits, including non-interest payments and value of bonuses – “gifts” which some banks sometimes give to deposit holders.