Новости

Offshore scandals will not return money back to the homeland

Last week’s scandal with disclosure of owners of 120 thousand offshore companies, predominantly in British Virgin Islands, won’t take assets of Russian politicians and famous businessmen back to Russia, neither will the Cypriot crisis. On the contrary, all together this will contribute to application of even more complex tax evasion schemes – experts in the field of tax legislation think.

Euroclear not working because of tax accountancy

Foreign investors were allowed to the Russian market, but their actual access through Euroclear is taking longer than expected because of specific requirements to tax accountancy. Market participants expect that needed amendments to the legislation will come into effect on 1 January 2014. Until then Russia’s national corporate securities will remain outside reach of Euroclear’s participants.

FASB plans gut-check discussion on leasing standard

The Financial Accounting Standards Board has scheduled a gut-check discussion on its plan to re-propose an overhaul to lease accounting as it continues to face questions and concerns over its revised approach.

Fair-value rule seeks clearer M&A deals

Measuring fair value is more challenging than ever these days. But new IFRS reporting standards could help bring more transparency to the process, the rule-makers hope.

GAAP-IFRS.COM Digest: 1-5 March

Virgin Islands as “tax haven” under examination by global journalists

Not even a week has passed since the global society was actively discussing Cyprus in details. And again, the subject of “tax havens” - or “offshore territories”, as they are more frequently referred to across the Atlantic – is under close attention of global media. Journalists acquired access to a gigantic source of information on offshore companies registered in the British Virgin Islands.

“Rosfinnadzor” to check “too convenient” auditors in Russia

For too long almost nothing has been done in Russia with audit companies nicknamed “convenient” in a sense that they issue positive audit reports to banks later going bankrupt / losing their licenses. During the latest meeting of the Audit Council it was decided to amend the required order for inspections of “Rosfinnadzor” (a shorter name for the “Federal Service of Financial and Budgetary Oversight”). The meeting took place on 26 March, and its protocol is at the Minfin’s website for public information.

ESMA publishes more enforcement decisions

The European Securities and Markets Authority (ESMA) has published another batch of extracts from its confidential database of enforcement decisions taken by European national enforcers. his batch deals with decisions in relation to IAS 16, IAS 36, IAS 38, IAS 39, IAS 8/IAS 40, IAS 24/IAS 34, IFRS 7/IAS 39, IFRS 3, and IFRIC 12

Proposal seeks proper ingredients in federal financial reporting

New standards proposed by the Federal Accounting Standards Advisory Board (FASAB) are designed to make sure the appropriate agencies and organizations are included in the federal government’s financial reporting.

Financial Accounting Foundation names David A. Vaudt chairman of the Governmental Accounting Standards Board

Iowa Auditor of State David A. Vaudt today was named as the next chairman of the Governmental Accounting Standards Board (GASB), effective July 1, 2013. The appointment was made by the Board of Trustees of the Financial Accounting Foundation (FAF), which oversees the GASB and its sister organization, the Financial Accounting Standards Board (FASB).