Новости

FATCA rules delayed for six months

Banks will be able to keep information on their American clients for half a year more as the new anti-tax evasion rules will come into force only on 1 July 2014. The decision was made by the US Treasury, having in mind the intention to finish ongoing negotiations on disclosure of bank secrecy with a number of additional jurisdictions, including Russia.

AICPA, NASBA to collaborate on decision-making tool for small business accounting framework

The AICPA plans to develop a decision-making tool to assist entities with determining whether the new small business accounting framework suits their needs.

European Union and CFTC reach agreement on derivative regulations

Commodity Futures Trading Commission Chairman Gary Gensler and European Commissioner Michel Barnier have announced a compromise on the contentious issue of regulating cross-border derivatives.

Survey reveals IFRS transition costs in Canada were generally in line with expectations

The majority of respondents to an online survey on the costs of transition to International Financial Reporting Standards (IFRS) in Canada said that overall, the costs were significant but manageable, and broadly in line with those planned for and expected.

No one trusts cadastral value in Russia

The tax on real estate property in Russia will soon be charged against cadastral value of buildings and land. In certain regions the new approach will be adopted in 2014, but in fact very few businessmen can agree with results of cadastral appraisal, seeing them as largely exaggerated.

Bankers best of all feel themselves in London

The European Banking Authority published information on salaries in European banks for the year 2011. It follows from the report that more than 3 thousand British bank employees earned more than ?1 million each; 2.5 thousand of those were working in Citi.

Russia wants a separate accounting standard for the chart of accounts

Russia plans to adopt a new chart of financial accounts which will be in a form of a separate accounting standard. At the same time, the approach to application of the chart of accounts will be different from today’s practice and won’t have anything similar to international financial reporting standards.

Fitch losing faith in financial stability of the Eurozone

The international credit rating agency Fitch has lowered long-term credit rating of the European Financial Stability Fund (EFSF) from AAA to AA+. Simultaneously, short-term rating on liabilities maturing within 12 months was confirmed at the same level F1+.

FCA publishes Code of Practice for the relationship between the external auditor and the supervisor

The Financial Conduct Authority made an announcement regarding plans for annual bilateral meetings between supervisors and external auditors of high impact firms.The Financial Conduct Authority made the following announcement regarding plans for annual bilateral meetings between supervisors and external auditors of high impact firms.

Russian “megaregulator” will apply banking standards to microfinance entities

At the very last meeting of the spring session the State Duma of Russia managed to approve a new law (in its first reading) which will set tighter supervision over microfinance entities planning to issue bonds with nominal value below 1.5 million roubles.