Новости

IESBA clarifies definition of "those charged with governance"

The International Ethics Standards Board for Accountants (IESBA, the Ethics Board) today released final changes to the definition of “those charged with governance” in its Code of Ethics for Professional Accountants (the Code).

CPA Ireland reiterates call for recognition of “accountant”

The Institute of Certified Public Accountants in Ireland (CPA Ireland) has expressed its dismay that the Companies Bill 2012, due to go before the Oireachtas Committee on Jobs, Enterprise and Innovation shortly, still does not give legal protection to the term “accountant”, despite the danger this poses for members of the public seeking financial advice.

Even loss-making companies may be required by the Minfin to pay dividends

The Ministry of Finance has published draft amendments to the law “On joint-stock companies” which allow paying dividends even in the absence of profits under Russian accounting standards.For that they may be tied to any financial indicator.

Ian Ball to be chair CIPFA International

Ian Ball, the former CEO of the International Federation of Accountants (IFAC), has been appointed chairman of CIPFA International with a remit to focus on international growth and development.

Basel III like Purgatory: about 10% of banks won’t be able to follow

New Basel III rules in Russia are coming into force on 1 January 2014, bringing harder requirements for capital of banks and not only. The Central Bank of Russia will let safest ones use the most advanced methods for evaluation of credit risks which will allow economizing on capital. Smaller banks are expected to face most troubles.

GAAP-IFRS.COM Digest: 16-20 September

Dividends of state corporations on Russia will be increased to 35% to help the budget

The Ministry of Finance called to increase dividends (under international accounting standards) in all state companies and corporations in Russia to 35% starting from 2016, saying that this should increase revenues to the budget. On the Minfin’s plans informed the finance minister Anton Siluanov this Wednesday.

Bank of Russia calculated the “usurious rate”

The Bank of Russia has prepared its suggestions on how to restrict so-called “usurious” (or simply very high) rates on consumer loans. The financial regulator sees as acceptable any deviation from the marker average rate on different types of unsecured loans for 1/3 of the amount,

JPMorgan Chase agreed for $920 million

At the beginning of the week JPMorgan Chase was finishing its negotiations with American and British regulators concerning the “London Whale” case. It was expected that the investment bank would pay approximately $750 million. It appears that it will have to pay even more than that – a record number of $920 million, the largest fine in the bank’s history.

New measures to restore confidence in benchmarks following LIBOR and EURIBOR scandals

The Commission has today proposed draft legislation to help restore confidence in the integrity of benchmarks. A benchmark is an index (statistical measure), calculated from a representative set of underlying data, that is used as a reference price for a financial instrument or financial contract or to measure the performance of an investment fund. The new rules will enhance the robustness and reliability of benchmarks, facilitate the prevention and detection of their manipulation and clarify responsibility for and the supervision of benchmarks by the authorities. They complement the Commission’s proposals, agreed by the European Parliament and Council in June 2013, to make the manipulation of benchmarks a market abuse offence subject to strict administrative fines (see MEMO/13/774).