Новости

Mortgage lending will be made tougher by the same law for consumer credits

Approval of the law on consumer crediting in its newer version may negatively affect mortgage borrowers because this segment of banking business will likely fall under scope of the document which is today being discussed in Duma. At the same time, rules of the game here will be made tougher, and not exactly for banks.

Credit history bureaus don’t have to present “empty” histories, but they will

The old debate on whether it is reasonable for credit history bureaus to keep “empty” information on banks and their clients which didn’t get a credit has been recently joined by the Federal Financial Markets Service.

Former FFMS chief aiming for the Central Bank

Starting from 1 September the Central Bank will get its own financial markets service which – according to the megaregulator’s “roadmap” – should be chaired by former head of the Federal Financial Markets Service, Dmitry Pankin. He was in charge of supervision over financial markets since 2011, has recently got back from his summer vacation and is ready for new duties. The Central Bank’s governance hasn’t made a decision on him yet.

AASB essay on presentation and disclosure

The Australian Accounting Standards Board (AASB) has published an essay discussing disclosure and presentation in the context of conceptual frameworks. The essay argues there is a "gap" in frameworks between the objective level and the lower levels, due to an insufficient exploration of the connection between users' needs and the characteristics of the entity. The essay suggests a possible broader focus on 'stocks' and 'flows' and a resultant new approach to presentation and disclosure which would move away from topic based disclosure.

The AASB issues an Amending Standard for investment entities

The Australian Accounting Standards Board (AASB) has issued AASB 2013-5 Amendments to Australian Accounting Standards – Investment Entities. These amendments apply to investment entities, whose business purpose is to invest funds solely for returns from capital appreciation, investment income or both. Examples of entities which might qualify as investment entities would include Australian superannuation entities, listed investment companies, pooled investment trusts and Federal, State and Territory fund management authorities.

PCAOB proposes a new auditing standard to enhance the auditor's reporting model

Also proposes a new related auditing standard on the auditor’s responsibilities for other information in an annual report.

Taxmen in Russia will start checking banks differently

Checking financial documentation of banks will be performed by taxmen not only where their (tax services’) offices are located, but also directly at banks themselves. This follows from the draft law which was introduced to the Duma this week.

“Collectors” being made legal in Russia

A draft law on consumer crediting in Russia will be amended with additional provisions on recovery of overdue payments. Among other things, business of “collectors”, or collector agencies, will be made legal in a sense that it will get regulation.

Six areas where new revenue recognition standard will require judgment

The new, converged revenue recognition standard will include substantially less industry-specific, “bright-line” guidance than many U.S. companies are accustomed to.

“Bean counter” view of accountants holding back entrepreneurs

The old fashioned view of accountants as bean counters could be holding back entrepreneurs from sharing all their financial information with their accountants, according to research from Nottingham Business School.