Новости

Sales tax is not for Russia – Minfin

The Ministry of Finance doesn’t think the sales tax is “serious”: it won’t help to increase revenues to the budget due to its low collectability. At the same time, pressure on the small business and tax inspections will only increase. The current gap in revenues across regions will become even bigger. Non-competitive industries await sharp increase in prices. All those thoughts are contained in the notes it prepared for the government’s meeting.

CB of Russia will be able to regulate banks “manually” by its “motivated judgment”

The Central Bank of the Russian Federation will be able to exercise its professional judgment over banks separately and to set individual thresholds for normative standards. The idea was largely discussed last year, but since then it has been relatively quite until this moment. Very soon the banking regulator of Russia will be able to set higher standards for banks if it discovers their affiliation with borrowers or other parties.

Merry Christmas!

Minfin wants to make investments in financial securities attractive

The Ministry of Finance has prepared amendments to the Tax Code which should equalize conditions for investing in various types of financial securities. For example, Russian citizens investing in financial securities and mutual investment funds will be freed from the profit tax from selling those assets if they hold them for more than three years.

Russia simplified issuing of securities

The State Duma has approved the law to simplify issuing of financial securities in the third reading. The law “On the securities market” and several other laws acquired amendments which provide certain simplifications of that procedure.

EFRAG and the OIC issue the Feedback Statement on the Discussion Paper “Accounting for Business Combinations under Common Control”

The European Financial Reporting Advisory Group (EFRAG) and the Organismo Italiano di Contabilità (the OIC) have published today the Feedback Statement “Accounting for Business Combinations under Common Control”. The Feedback Statement has been prepared for constituents to consider the analysis of comment letters received, together with EFRAG’s and OIC’s responses to the issues raised by respondents and the way they have decided to further develop the project.

New IFRS for SMEs training module

The IFRS Foundation Education Initiative has posted online a new module of its training material on the IFRS for SMEs: Module 9 Consolidated and Separate Financial Statements.

Paul Beswick named SEC Chief Accountant

Securities and Exchange Commission Chairman Elisse Walter today announced the appointment of Paul A. Beswick as the agency's Chief Accountant. Mr. Beswick has been serving as Acting Chief Accountant for the past several months.

GAAP-IFRS.COM Digest: December 17-21

A “digest” of the most interesting, important or sometimes even funny that we added for the last week.

“Ice Ice Baby”

NYSE Euronext being purchased by Atlanta-based InterContinentalExchange for $8.2 billion.