Новости

"One size does NOT fit all"

On 13 June, the Accounting Standards Committee of Germany (ASCG) celebrated its 15th anniversary. It did so with a symposium entitled ‘National standard-setting in the national, European and international context’ which saw a presentation by Prof. Dr. Christian Leuz of the University of Chicago Booth School of Business, followed by a round of questions and answers and a panel discussion with IASB chairman Hans Hoogervorst and the chairmen of the national standard-setters of France, Italy and the United Kingdom: Jérôme Haas, Angelo Casò and Roger Marshall. The discussion was moderated by the president of the ASCG, Dr. Liesel Knorr.

EFRAG reports on the findings of the field-test on how IFRS 9 would affect the classification and measurement of financial assets

EFRAG has issued a field-test report that summarizes the findings received from participants in the field-test on how IFRS 9 would affect the classification and measurement of financial assets. The field-test was undertaken by EFRAG and the National Standard Setters from France, Germany, Italy and the UK to help them formulate their views on the impacts of the application of the new classification and measurement requirements in IFRS 9 and to serve as input to the European Commission’s endorsement process.

European Commission doesn’t mind ICE–NYSE Euronext merging

The European Commission hasn’t found signs of any monopolistic violations in the case of possible merger between two large stock exchanges. The deal worth $10.1 billion may be approved on 24 June. The InterContinental Exchange (ICE) may purchase the NYSE Euronext group.

British regulators ready to bring charges against former UBS trader in connection to the LIBOR case

The criminal charge will thus become a new stage of the ongoing investigation in Great Britain.

Rosfinnadzor will check audit companies by the new rules

The Ministry of Finance of Russia has issued a new regulation by which the Federal Service of Financial and Budgetary Oversight (aka “Rosfinnadzor”) will perform inspections of auditors. Inspectors will be allowed to visit buildings and offices of an audit company, to demand an organization’s charter documents, lists of working auditors, information on family ties of directors, contracts with clients, etc.

“Age differentiated” taxation for Russian companies

An interesting proposal is today being prepared by the professional association of small and medium businesses “OPORA Russia”. Representatives of the organization think that taxes for recently created companies – the so-called “start-ups”; we personally prefer to think about them as “baby” companies, although for them it is not necessary to be small – may be 1/3 smaller than taxes for all others. The proposals will be formulated and sent for consideration to the Cabinet of Ministers in September.

Tax evasion – one of the main themes of the G8 Lough Erne summit

Struggling against tax evasion practices and ensuring more transparency of information on owners of offshore organizations is the main economic subject for discussion at the G8 summit in Lough Erne (Northern Island) commencing today. In 2013 Great Britain holds chairmanship of the Group of Eight, and it strongly supports wider international cooperation where it concerns automatic exchange of tax information on economic agents.

GAAP-IFRS.COM Digest: 10-17 June

FASB nonpublic EBP vote meant to guard private companies’ proprietary information

FASB on Wednesday voted to indefinitely defer certain disclosures about investments held by a nonpublic employee benefit plan (EBP) in the plan sponsor’s own equity securities.

Possible currency manipulations scrutinized by British investigators

British financial regulators initiated an investigation of possible facts of foreign currency manipulations by traders in several large banks. It was informed in media that traders could have provided knowingly false data to the WM/Reuters system used for automatic identification of current currency rates.