Новости

Currency control in Russia being intensified with administrative and criminal liability

In one week – on February 13 – new amendments to the Administrative Code on illegal currency transactions will become effective. Also, this year the government plans to add criminal punishment for withdrawal of assets abroad.

EFRAG and the National Standard Setters of France, Germany, Italy and the UK publish their strategy on the revision of the IFRS Conceptual Framework

EFRAG and the National Standard Setters of France (ANC), Germany (ASCG), Italy (OIC) and the UK (FRC) are collaborating to investigate aspects of the Conceptual Framework they believe are particularly significant to European constituents.

FASB issues Accounting Standards Update on reporting amounts reclassified out of accumulated other comprehensive income

The Financial Accounting Standards Board (FASB) today issued Accounting Standards Update No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the transparency of reporting reclassifications out of accumulated other comprehensive income.

IASB work plan updated

The International Accounting Standards Board (IASB) has updated its work plan. A number of due process milestones have been deferred, including the finalization of the hedge accounting section of IFRS 9 and the re-exposure of the lease proposals. A number of other expected dates have been clarified, a new project added, and some new expected dates introduced.

FRC consults on proposals to improve the auditor’s report

The FRC believes these changes will better meet the needs of investors and thus enhance the value of audit.

The Central Bank of Russia obliged banks to monitor liquidated companies

In agreement with the Federal Tax Service the Central Bank of the Russian Federation has compiled a list of commercial organizations in the process of liquidation as well as already liquidated ones. This information is also contained in the official letter which was sent across commercial banks. In fact, the letter contains a new requirement for banks to use the list of liquidated companies in their everyday practice.

Former auditor of Gazprom’s subsidiaries is now in the “blacklist”

The Deposit Insurance Agency has sent the Federal Service of Financial and Budgetary Oversight (there’s a shorter name for it - “Rosfinnadzor”) the list of audit companies which had used to sign audit reports for banks later gone bankrupt. That’s not the first such list of (as they are unofficially called) “convenient” auditors, meaning that for someone it is easy to arrange an agreement with them even if there’s something not completely right with their financial accountancy. The problem is that until now the Deposit Insurance Agency has failed to do anything with those auditors “convenient” for banks - they feel absolutely the same as before.

Moscow Stock Exchange told its potential investors about possible risks

Investment banks’ expectations concerning positive growth of the Moscow Stock Exchange’s income each year after the forthcoming IPO may eventually fail. With the initial public offering approaching the bourse warned its investors about risks that may negatively affect its financial results.

PCAOB enters into cooperative agreement with French audit regulator

The Public Company Accounting Oversight Board today announced that it has entered into a cooperative agreement with the French High Council for Statutory Auditors (H3C) relating to the oversight of audit firms subject to the regulatory jurisdictions of both regulators. The agreement takes effect immediately.

Eight Russian brand names are in the top-500 most expensive brands list

Russian brand names have recovered from the crisis. Each year starting from 1996 The Banker and the consulting company Brand Finance together compose annual ratings of most expensive financial brands across the globe. It appears that this year there are eight Russian banks in the list, and in overall they are 453% more expensive than in 2008 when there was the crisis.