Новости

Russia also backs on cash settlement prohibition

The State Duma’s financial markets committee refused to consider the Minfin’s earlier suggestions. To remind you, the main idea was to stimulate non-cash settlement of accounts (in the long-run), and to start with, it was proposed to prohibit settlement of large accounts (600 thousand roubles per one transaction starting from 2014 and 300 thousand roubles starting form 2015) in cash.

Russia slow with adoption of OTC FOREX regulation

Adoption of regulation for the over-the-counter foreign exchange market in Russia is taking longer than expected. The State Duma’s committee on property has recently recommended rejecting the proposed bill in the first hearing. A bit earlier another Duma’s committee (on financial markets) also had its own negative remarks, but in the end gave it “green light”.

Russia will join others with exchange of tax information

Russia doesn’t want to make fighting with offshore jurisdictions its “national” sport, so it will cooperate with other counties, exchanging taxation-related information the way it is being proposed today.

Constructive cooperation for international standards

More than 70 representatives from over 10 national organizations from former Soviet republics in Europe and Central Asia gathered today in London at a two-day conference convened jointly by the International Federation of Accountants (IFAC), International Auditing and Assurance Standards Board (IAASB), and International Accounting Standards Board (IASB). Titled Adoption and Implementation of International Standards in the Former Soviet Republics in Europe and Central Asia, the event serves as an excellent example of constructive cooperation in the development, adoption, and implementation of high-quality international standards, and in relation to the regulation of the profession.

IASB chair: Lease changes unpopular, but necessary

International Accounting Standards Board (IASB) Chairman Hans Hoogervorst on Thursday acknowledged the converged lease accounting proposal is bound to be unpopular with many companies.

IASB and FASB propose changes to lease accounting

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today published for public comment a revised Exposure Draft outlining proposed changes to the accounting for leases. The proposal aims to improve the quality and comparability of financial reporting by providing greater transparency about leverage, the assets an organization uses in its operations and the risks to which it is exposed from entering into leasing transactions.

Parliament taking aim at international accounting standards

Members of European Parliament this week are calling for a possible overhaul of international accounting standards used by European companies and banks.

IASB and FASB propose changes to lease accounting

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today published for public comment a revised Exposure Draft outlining proposed changes to the accounting for leases. The proposal aims to improve the quality and comparability of financial reporting by providing greater transparency about leverage, the assets an organization uses in its operations and the risks to which it is exposed from entering into leasing transactions.

FASB seeks input on revising U.S. GAAP financial reporting taxonomy calculation hierarchy

The Financial Accounting Standards Board (FASB) today issued an Invitation to Comment on proposed structural changes to the U.S. GAAP Taxonomy. FASB U.S. GAAP Financial Reporting Taxonomy (UGT): A Proposal to Revise the UGT Calculation Hierarchy sets forth a new calculation hierarchy intended to improve the Taxonomy’s usefulness to preparers and users of financial statements issued by U.S. publicly traded companies.

EU insist on complete cancellation of bank secrecy by 2015

By the year 2015 all countries of the European Union will be obliged to automatically disclose confidential information comprising bank secrecy so that no one could evade taxes – on that insists the European Commission. Not all experts are so sure this will work because money will just run to offshores: there’s no other way for the global economy to function in our days.