Новости

European Union makes it harder for Russian and not only Russian offshores

Access of Russia’s (well, not only Russia’s, of course) companies to popular offshore schemes where simultaneously several jurisdictions are used for tax minimization purposes, is now being restricted. Soon entrepreneurs will be able to use at most one at a time: for example, either Cyprus, or Luxemburg, but not Cyprus and Luxemburg simultaneously.

New European Directive may hurt small companies of Great Britain - ICAEW

Radical changes of the accounting regime in Europe may have negative consequences to British small companies – thus, the whole economy in general because small business is normally seen as its basis. The warning recently came from Nigel Sleigh-Johnson, the head of the financial reporting faculty in the Institute of Chartered Accountants of England and Wales (ICAEW), in response to the national regulators’ recent recommendations on adoption of the new Directive.

AICPA asking the Congress to provide relief to taxpayers missing a deadline

The American Institute of CPAs has sent a letter to the Congress, asking the lawmakers to provide some relief to taxpayers who today miss a deadline or make an error when choosing an election.

IASB’s new agenda

The International Accounting Standards Board recently reviewed it agenda upon conclusions of the recently held meeting. For example, the international standard setter moved the expected publication date for a new exposure standard which will eliminate gains and losses arising as a result of transactions between a company and an associated / joint entity.

SMEs in Russia won’t be left completely unsupported

Despite the fact that, for example, small banks shouldn’t obviously count on their share in 1 trillion roubles allocated for recapitalization of the banking system, and many small and medium companies in Russia will likely have to leave, this doesn’t mean that this segment will be left completely unattended. Today “Izvestia” informed that the Central Bank is creating a special panel as part of it which will discuss funding issues in case of small and medium businesses. The Bank of Russia’s vice-chairman Dmitry Tulin is expected to lead the panel.

FASB may eventually delay the revenue recognition standard

Early in the next quarter the Financial Accounting Standards Board may officially decide to delay the effective date for the revenue recognition standard which was issued jointly with the IASB in May 2014. It is still expected to come into effect on 1 January 2017.

Each fifth Russian bank may go bankrupt this year

The anti-crisis plan approved by the government.

“Bad bank” as one of the solutions

This idea isn’t new, but nevetheless we’d like to tell about it because it reminds of many initiatives which used to be proposed by global governments in times of the financial crisis of 2008-2010. This time, however, we’re taking about Russia.

“Closer look” at IPSASs

Probably with an intention to further popularize its standards around the world the International Public Sector Accounting Standards Board (IPSASB) is launching a new series of video presentations on global adoption of IPSASs. Today three videos are already available where experts share experience of adoption on international public sector accounting standards in large economies, this time in Switzerland, Brazil, and New Zealand.

Russia’s sovereign rating now speculative

Yesterday the international rating agency Standard and Poor’s downgraded Russia’s long- and short-term foreign currency ratings from «ВВВ-» to «ВВ+». This follows from the official message it published on its site. At the same time long- and short-term national currency ratings were also downgraded from «BBB/A-2» to «BBB-/A-3». In both cases outlook is “negative”. This is already a speculative rating, which is worse that the investment one.