Новости

The Bank of Russia will watch over systemically important banks

The Central Bank of the Russia Federation decided to make its former plans happen: there is now a separate department within it, responsible for supervision of large systemically important credit institutions.

Auditors in Russia have a right to refuse to issue an opinion on consolidated accountancy

The Ministry of Finance has issued another its brief summary on practical aspects of application of IFRSs in Russia. This one is mostly dedicated to the subject of audit of consolidated financial accountancy.

IES 5, Initial Professional Development—Practical Experience (Revised)

The revised IES 5, Initial Professional Development—Practical Experience, aims to assist educational organizations, employers, regulators, government authorities, and any other stakeholders who support the practical experience of professional accountants.

Second issue of the European Conceptual Framework newsletter

The second issue of the newsletter summarises and comments on the tentative decisions reached at the February 2013 IASB meeting regarding the content of the forthcoming Discussion Paper.

Russia wants more transparency from Cyprus in exchange for financial support

The Ministry of Finance is ready to take advantage of the hard financial situation in Cyprus – one of the most favorite “tax heavens” among Russian companies – and demand disclosure of names of tax evaders in exchange for provision of credits to it. The proposal is not exactly correspondent with the tax treaty between Cyprus and Russia, but experts say it is still quite possible that at least partially it will be implemented.

Moody’s asking to be careful with subordinated loans

Russian office of the international rating agency “Moody’s” thinks that the new rules for accounting of subordinated loans in capital of Russian banks may increase risks for creditors. If the issuing bank faces serious problems, holders of those securities will become shareholders of the credit organization.

FASB amendments clarify derecognition of foreign asset guidance

FASB amended financial reporting standards to resolve diversity in practice related to financial reporting involving the narrow issue of a parent entity’s accounting for the cumulative translation adjustment of foreign currency into net income upon derecognition of foreign subsidiaries or assets.

IAASB seeks input on strategic review

The International Auditing and Assurance Standards Board (IAASB) today released an online survey seeking public comment, insights, and views from all stakeholders to help shape its future direction for 2015 and beyond. It is seeking the input of interested parties at this early stage to identify key issues for discussion.

Fair value of assets in Russian banks will be additionally checked by the Central Bank

Fair value is a good thing, but it appears that the Central Bank of Russia doesn’t feel fully confident in how banks estimate it. It is possible that very soon the regulator will perform a large-scale review of fair – which is this case is seen as a synonym to market – value of real estate property, financial securities and derivatives on banks’ balances.

Russian government getting ready to forbid branches of foreign banks

Getting back to the subject we used to discuss some time ago. Again - and this it is serious – the government of Russia plans to forbid branches of foreign banks in Russia. The corresponding bill has been presented for consideration to the parliament.