Новости

Bankers may acquire access to “micro” borrowers

Information on citizens who take loans from microfinance organizations may get to credit history bureaus (CHBs). The new initiative to oblige microfinance organizations to share that data with CHBs belongs to the Ministry of Finance. Market participants say that this will be first of all in interests of bankers because the latter will acquire access to credit histories of more than 1.5 million people.

BRICS agreed upon anti-tax evasion cooperation

Representatives of the group of five countries (Brazil, Russia, India, China and South Africa - BRICS) held a meeting in New Delhi recently and agreed to expand cooperation in the field of taxation, including their struggle against tax evasion practices.

In Russia, you have to present consolidated financial accountancy even if you don’t have subsidiaries

An example of paradoxical application of IFRSs in Russia: in its official letter from 20 December 2012 the Ministry of Finance reminds that the obligation to present consolidated financial accountancy makes no difference whether you have subsidiaries or other dependent entities or you don’t have any.

Cayman Islands losing their “tax haven” status

Cayman Islands risk losing their “classical” tax haven status. Their main financial regulator wants to oblige all companies and funds registered in this jurisdiction to make names of financial directors and top-managers public. The Cayman Islands Monetary Authority (CIMA) doesn’t mean “beneficiary owners” yet - only managers, but this initiative will nonetheless affect the current balance of powers and relative investment attractiveness of other jurisdictions.

New IFAC guidance helps accountants improve business reporting processes

The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 129 countries, has issued new International Good Practice Guidance, Principles for Effective Business Reporting Processes. This principles-based guidance establishes a benchmark for professional accountants in business to establish more effective business processes in the organizations in which they work.

IASB proposes tweaks to impairment disclosures

The International Accounting Standards Board has published ED/2013/1 “Recoverable Amount Disclosures for Non-Financial Assets (Proposed amendments to IAS 36)”. The Exposure Draft proposes to narrow the application of the requirement to disclose the recoverable amount of an asset, and clarify the disclosures when an asset has been impaired.

IFRS Foundation seeks comments on proposed IFRS Taxonomy 2013

The IFRS Foundation has published today for public comment an Exposure Draft on the IFRS Taxonomy 2013. The proposed Taxonomy is a translation of Standards and Interpretations as issued at 1 January 2013 into XBRL (eXtensible Business Reporting Language).

“Fair” bonuses to top-managers

The Bank of Russia may try recommending systemically important banks to tie at least half of top-managers’ bonuses to the market – that is, to look at the market value of their shares before paying something out to managers. Market participants can’t agree that it is a perfect solution because there may be used various schemes of manipulation with share prices.

Bank risks will soon be evaluated in accordance with Basel II

The Central Bank has launched the process of transition to advanced methods for evaluation of credit organizations which are provided by Basel II rules. Taking into account generally conservative approach usually taken by the banking regulator of Russia large banks can’t seriously hope to save some capital as a result of more precise evaluation of risks.

Britain should scrap IFRS accounting standards, MPs told

Britain should urgently “over-ride” the authority of the International Accounting Standards Board (IASB) to set the rules of bank reporting, a Parliamentary committee has been told.