Новости

Ukraine’s parliament taking long to approve the law on transfer pricing

Not a big surprise with all those blockades at the Verkhovna Rada which took weeks to resolve that the law on transfer pricing is taking longer than expected. The Rada’s committee on taxation and custom duties decided to send the bill for redrafting. The original proposals were seen by parliamentarians as contradicting rules of international trade and causing unreasonably high fines for violation.

Basel III will only make worse capital deficit in Russia – Kostin

Head of VTB Andrei Kostin thinks that transition to Basel III rules will only make worse the situation with capital in Russia. He asked not hurry ahead of Europe where adoption of the latest Basel Committee’s standards was postponed.

Russian banks have something to say to Moody’s

Two days ago the international rating agency Moody’s put to a review (with further possible downgrade) long-term ratings of several Russian banks: Sberbank, VTB, VTB24 and Rosselkhozbank. By doing so the international rating agency demonstrated its attitude to Russian government’s potential to provide financial support to those systemic banks if needed.

SEC says social media ok for company announcements if investors are alerted

The Securities and Exchange Commission issued a report that makes clear that companies can use social media outlets like Facebook and Twitter to announce key information in compliance with Regulation Fair Disclosure (Regulation FD) so long as investors have been alerted about which social media will be used to disseminate such information.

Deloitte comment letters on acceptable methods of depreciation and novation of derivatives EDs

Deloitte's IFRS Global Office has submitted letters of comment responding to the IASB exposure drafts 'Novation of Derivatives and Continuation of Hedge Accounting' (ED/2013/2) and 'Clarification of Acceptable Methods of Depreciation and Amortization' (ED/2012/5).

Not everyone in the Audit Council supports mandatory rotation

It appears that in the Russia’s Audit Council not all of its members support the idea of mandatory rotation of external auditors. For example, the Russian Union of Industrialists and Entrepreneurs thinks that it would be a bit too early to adopt such measure now.

OTC FOREX transactions will be taxed

Transactions on the over-the-counter foreign exchange market in Russia will be taxed relatively to profits earned there. Thanks to that, Russia expects to acquire around one billion roubles.

Conclusions on governance and strategy review of IFAC member bodies

The Monitoring Group and Public Interest Oversight Board (PIOB) have published documents in response to their March 2012 consultation documents on the governance of various organisations operating under the auspices of the International Federation of Accountants (IFAC).

ICAS critical of CC's FTSE 350 audit remedies

ICAS is warning that the Competition Commission (CC) has failed to explain adequately how proposed changes will address the shortfalls identified in its inquiry into the FTSE 350 audit market.

FASB proposes improvements to reporting discontinued operations

The Financial Accounting Standards Board (FASB) today issued for public comment its proposal to improve financial reporting about discontinued operations of major business lines or major geographic areas of operations for public and private companies, and not-for-profit organizations.