Новости

Russian auditors will have to check their independence from the point of view of third parties

The Ministry of Finance of Russia recently issued some explanations concerning application of law that regulates audit practice, particularly where it concerns independence of auditors from their clients and groups of affiliated parties. It clarified what its “conceptual approach” was about. The independence principles listed in the document are referred to as “rules”, although this doesn’t mean they provide solutions to all possible situations which may occur (because this is, of course, impossible). That’s why a “conceptual approach” is needed.

Fourth IASB’s letter to investors

The International Accounting Standards Board recently issued its new «IASB Investor Update», the fourth one already since June 2014 when it first launched its new series of publications. In the “investor update” the international standards setter informs on most recent development in financial accounting and reporting to keep the investors society (for which IFRS standards are developed in the first place, of course) fully updated.

IFAC calls for nominees to its Board and professional committees

Next year 31 vacancies in the International Federation of Accountants’ Board and professional committees will be freed. Today the IFAC invites professional associations of accountants and auditors (from more than 130 counties) which are its members to propose their nominees as replacement to acting members of the IFAC Board and a number of committees.

OECD concludes public discussions of its action 14 of the Action Plan against BEPS

The Organization for Economic Cooperation and Development (OECD) published responses to its recent consolations on dispute resolution mechanisms. This theme goes by the number 14 in the «Action Plan on base Erosion and Profit Shifting» which was issued in July 2013. The whole initiative is aimed against illegal international practices of base erosion and profit shifting (“BEPS”) for the purpose of tax evasion.

CB puts so-called “transit operations” under special control

“Transit operations” are a very popular mechanism through which funds are channeled abroad, thus escaping taxation. According to average estimations, they account for almost one half of all illegal schemes.

Bank of Russia choses 1 March 2014 as the rating date

The financial regulator of Russia explained nuances of using credibility ratings of financial instruments issued by banks. It says that all rates will be taken as of 1 March 2014. This date is chosen by the Bank of Russia according to its powers of authority.

IFRS 14 comes into effect in Russia

At the end of last week Russia’s Ministry of Justice officially registered the new Minfin’s order which on 17 December 2014 endorsed the following standards into practice.

Visa fears for possible failures of the NCPS and asking Russia for additional insurance

It looks like Visa hasn’t signed an agreement with the National Card Payment System yet because today it was informed that it has fears for the Russian electronic system’s ability to cope with the volume of payments. It insists on using its facilities abroad, although the NCPS is understandably against the idea because making Russian internal processing its sole prerogative was the main point.

Moody’s downgraded Russia’s ratings

On Friday the international rating agency Moody’s informed on its decision to decrease the long-term rating of Russian federal debt instruments by one grade. This means that the federal bonds’ rating is now “Baa3” instead of the previous “Baa2”, which means the last grade of the still “investment” category. The next one will already be seen as “trash”: with “Ba1” bonds will completely lose their attractiveness as a long-term investment instrument - they will only be used for speculative purposes.

European and American financial markets regulators still committed to convergence

The most recent meeting took place on 12 January, as usual – to exchange experience and information on the latest developments of financial regulation. All parties confirmed their mutual interest in high quality, consistent global standards and further close collaboration. It appears that to a very great extent they also share what is stated in G20 agenda.