Новости

Shutdown in America

Starting from today government institutions in the United States are in the “Shutdown” regime – the first Shutdown in the last 17 years. Congress failed to approve a new budget for the forthcoming financial year, forcing government agencies and ministries to close. Partial closing of the executive branch will cost the economy at least $300 million per day.

Minfin is going to allow very expensive loans eventually

The Central Bank of Russia failed to persuade the government in necessity to adopt direct prohibition for excessively high loan rates. The Ministry of Finance doesn’t see this approach as consistent with free market principles and votes for softer regulation in a form of higher reserves.

Vatican Bank may close diplomatic accounts to prevent money laundering

The Institute for the Works of Religion (Istituto per le Opere di Religione – IOR), or simply the Vatican Bank will possibly close accounts of diplomatic missions it now services as part of its struggle against money laundering.

IFRS for SMEs presentation and disclosure checklist 2013

Deloitte's IFRS Global Office has published the IFRS for SMEs Presentation and Disclosure Checklist for 2013. The checklist summarises the presentation and disclosure requirements set out in the International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities (SMEs) in issue as of 9 July 2009.

Accountability, transparency and the uncertain future of GASB

Since its creation nearly three decades ago, the Governmental Accounting Standards Board (GASB) has been embroiled in controversy as it has sought to increase accountability and transparency in state and local government financial reporting. Some of these fights reached a level of vitriol that would astonish those who imagine auditors and accountants to be introverted, passionless bean-counters. But how you count the money matters, and accountants know that.

Dutch are going to pay for LIBOR as well

Rabobank is close to reaching an agreement with financial regulators. The Dutch bank is as well being accused of possible LIBOR manipulations. The amount to be paid is yet unknown, although most likely it is going to be smaller than the one once paid by the Royal Bank of Scotland ($600 million)

Not funny

During the investment forum “Sochi 2013” vice-prime minister Arkady Dvorkovich delivered a speech during which - as the attendants understood that - promised to set equal rates for the value added tax (VAT) and the personal income tax (PIT). That would require decreasing VAT to 15% from today’s 18% and increasing PIT to 15% from today’s 13%.

Minfin going to the FOREX market in October

After 30 September the Ministry of Finance of the Russian Federation plans to go to the foreign currency exchange market and do that on its own. On the ministry’s plans informed its deputy chairman Alexei Moiseev.

FRC to enable the electronic filing of accounts based on its new financial reporting standards

The Financial Reporting Council (FRC) today announces a project to improve the quality of electronic "tagging" of accounts. Financial information in corporate reports is now often electronically “tagged” so that users of the data can more easily pull out the information they want and analyze it more efficiently.

IASB confirms employee contributions amendments

The London-based International Accounting Standards Board (IASB) has approved for publication a series of amendments to International Accounting Standard 19 (IAS 19), Employee Benefits, on the treatment of employee contributions.