Новости

Bank secrecy left untouched in Russia for half a year more

This Tuesday the State Duma of Russia approved a new law against illegal financial transactions in the third (and final) reading. Among other things, it intensified struggle with fly-by-night companies – entities created to serve as cover for complex “shadow” financial schemes.

NASBA tells private companies: don’t use AICPA Financial Reporting Framework

The National Association of State Boards of Accountancy has advised private companies not to use the American Institute of CPAs’ recently released Financial Reporting Framework for Small and Medium-sized Entities.

Russian banks will be given a recommended “tentative” rate for their loans

Soon the Bank of Russia may be given a right to set tentative rates for credits to corporate borrowers. Again, those will be just recommendations to banks, and those will be given by the CB under the new chairmanship of Elvira Nabiullina who personally thinks there is way to further decrease costs of credits.

Forex companies will again be discussed in autumn

Forex companies in Russia may soon acquire legal status. Amendments to the law “On financial securities” concerning specifics of their work were recently approved in the first hearing.

FRC issues Key Facts and Trends in the Accountancy Profession

The FRC has today issued its annual ‘Key Facts and Trends in the Accountancy Profession’ report which gives key data on the accountancy profession, its member bodies and practicing firms.

FRC issues draft Auditor Regulatory Sanctions Procedure: Sanctions Guidance for consultation

One of the FRC’s key goals has been to enhance auditor performance by instituting a new regime for the independent sanction of poor audit work. This draft paper follows a consultation in December 2012 on the proposed Auditor Regulatory Sanctions Procedure which set out how the FRC’s new regulatory regime will operate.

European Parliament approves new Accounting and Transparency Directives

The European Parliament has voted to approve the new Accounting and Transparency Directives. The reform of these Directives was predominantly aimed at reducing the administrative burden on small companies, enhancing the transparency of payments to governments by the extractive industry and loggers of primary forest, and creating mandatory country-by-country reporting requirement.

USA not as bad as it looked two years ago – S&P

It looks like the international rating agency Standard & Poor’s slightly overreacted by lowering America’s rating two years ago as it today improves its forecast to “stable” and doesn’t expect any further negative reviews for it. Such conclusion was explained by S&P’s analysts by relatively successful attempts of the American government to decrease the budget deficit as well as relatively (again) favorable growth perspectives for the country’s economy.

FASB endorses three private company council proposals

The Financial Accounting Standards Board (FASB) today voted to endorse three alternatives within U.S. Generally Accepted Accounting Principles (GAAP) proposed by the Private Company Council (PCC) to address concerns raised about the relevance and complexity of certain aspects of GAAP for private company stakeholders. The FASB expects to issue the three proposals as Exposure Drafts for public comment in late June.

Russian bank regulator will oblige credit institutions to prepare anti-crisis plans

The Central Bank of Russia told that only one bank had presented a plan for its own salvation voluntarily.