Новости

Consumer credits may cause “bubbles” in Russia

The international credit rating agency Standard & Poor’s predicts high growth rates for consumer crediting in Russia (15-18%), potentially imposing the risk of financial “bubbles”.

Russia’s government doesn’t want independent financial “megaregulator”

The week the government of Russia approved the law on financial “megaregulator” in the first hearing. An interesting fact: simultaneously the Cabinet of Ministers rejected another version of the law which had been prepared by deputies, and it did that for the second time already. 

European Commission insists on disclosure of tax information by large companies

Largest companies of the European Union have to inform on tax payments in jurisdictions where they do business, thinks the European internal markets commissioner Michele Barnier. A similar draft law was already approved for large banks which will have to do country-by-country reporting of profits and paid taxes in each of the EU country they operate as well as outside the European Union. 

EFRAG and the National Standard Setters ANC, ASCG, FRC and OIC invite companies to participate in field-testing of the proposed accounting guidance for leases

On 16 May 2013, the IASB issued the revised Exposure Draft Leases (ED) to propose changes in the accounting guidance for arrangements that are or contain leases. As one of the consequences, lessees will be required for all arrangements that would fall into the definition of a lease to recognise and measure right-of-use assets at cost and lease liabilities at the present value of the lease payments. EFRAG and the National Standard Setters are performing a field-test in order to evaluate how these proposals would affect European companies applying IFRS. This field-test is carried out by EFRAG with the National Standard Setters ANC, ASCG, FRC and the OIC.

FAF completes post-implementation review of FASB standard on business combinations

The Financial Accounting Foundation (FAF) today announced the completion of the Post-Implementation Review (PIR) of an accounting standard intended to improve the relevance, representational faithfulness, and comparability of information that a company or organization reports about a business combination and its effects.

New Zealand issues new standards based on IPSAS for public sector entities

The New Zealand External Reporting Board (XRB) and the New Zealand Accounting Standards Board (NZASB) have issued a package of new pronouncements that will apply to New Zealand public sector 'public benefit entities' (PBEs, essentially not for profit entities) from 1 July 2014. The new standards are largely based on International Public Sector Accounting Standards (IPSAS) published by the International Public Sector Accounting Standards Board (IPSASB).

EBA sets ceiling for more banker bonuses

The European Banking Authority (EBA) informed on its intention to adopt additional criteria upon which it would be judged whether to restrict bonuses for bank employees or not. For example, one of the criteria will be total annual income of ?500 thousand or more. Experts predict that 10 times more bankers than now will fall under the new regulation.

Russian auditors on strike

Russian auditors in panic: the market is almost completely controlled by the “Big Four” audit companies (PricewaterhouseCoopers, Deloitte, Ernst & Young and KPMG) while smaller firms are left virtually without job. In such sad situation they blame the Ministry of Finance and personally - Leonid Shneidman, the director of the ministry’s department for state financial control, auditing activity, accounting and reporting regulation. For two days – May 20-21 – they were on strike, refusing to sign any auditor reports.

2013 U.S. GAAP Financial Reporting Taxonomy adopted and supported by SEC effective May 20, 2013

The U.S. Securities and Exchange Commission (SEC) has adopted the 2013 U.S. GAAP Financial Reporting Taxonomy, the Financial Accounting Foundation (FAF) and the Financial Accounting Standards Board (FASB) announced today. The FAF and the FASB are responsible for the ongoing maintenance of the Taxonomy applicable to public issuers registered with the SEC.

Insight: No more easy pickings in Russia's banking market

Foreign banks that once treated Russia as virgin land where easy money could be made are now finding it a cut-throat market tougher than some bargained for.