Новости

Three issues take next step in PCC’s private company modification process

The Private Company Council (PCC) is forging ahead with more in-depth analysis of three of the four issues it initially identified as candidates for possible GAAP exceptions or modifications for private companies.

Minfin of Russia will create a committee to work on simplification of accounting for small business

A bit similarly to the way it is done in the IASB and its SMEIG group, the Ministry of Finance of the Russian Federation has plans to create a special interdepartmental committee to work on questions of accounting by small enterprises.

Federal Tax Service of Russia promised to start checking adequacy of transfer pricing

This year the Federal Tax Service of Russia will commence checking companies’ correspondence with the legislation on transfer pricing. There are, however, still too many uncertainties in the law which neither the FTS nor the Ministry of Finance can clarify.

Russian banks will have to store electronic data by the new rules

The Bank of Russia has published new directives on how banks should keep their electronic databases. The new requirement will serve as a sound protection against unfair banks which quite often tend to “lose” their databases if facing a threat of the license’s revocation.

FRC to investigate Autonomy over financials

Autonomy was acquired by Hewlett Packard (HP) in an $11bn (£6.87bn) deal in August 2011, but just 15 months later it was forced to write down £5.5bn in impairment costs, the majority of which it claimed was caused by "serious accounting improprieties, misrepresentation and disclosure failures" to misrepresent the business.

FASB issues XBRL Implementation Guide for subsequent events

The Financial Accounting Standards Board (FASB) today issued its U.S. GAAP Financial Reporting Taxonomy Implementation Guide - Subsequent Events. The guide is the first in a series of XBRL Implementation Guides, which are designed to help Taxonomy users understand how certain disclosures are structured within the Taxonomy.

FRC to adopt improved auditing standards on using the work of internal audit

The FRC today confirms it will adopt the proposed international improvements to the auditing standards on the external auditor using the work of internal audit. In doing so, subject to consulting on the timing of implementation, it will rule out the direct use of internal audit staff as members of audit engagement teams, with the aim of preserving auditor independence.

Bank privacy in Russia kept in private

Russia’s government expressed no support for the idea to share bank secrecy with third parties. That became clear after the Cabinet of Ministers had issued a negative opinion on the draft law which had been initially introduced for consideration by the chairman of the State Duma’s financial market committee Anatoly Aksakov.

Russia’s government pulling business from offshore zones back to Russia

The president’s administration has prepared a whole new concept against running to offshore zones by companies of Russia. Business will be slowly returned back with application of a wide set of measures – taxation-related ones, better protection of property right, liberalization of corporate governance, etc.

Political parties in Russia may be obliged to pass through statutory audit

The website of Russia’s Department of Justice has published a draft set of amendments to the federal law “On political parties”. Among other things worthy attention, there is a clause which says that any political party receiving the government’s financing, or having more than 60 annual million in donations, or spending more than 60 million roubles each year, is subject to audit as provided by the effective law “On auditing activity”.