Новости

Credit rating agencies now have much worse expectations for Russia

This December’s “wave” of negative economic events in Russia could not leave former forecasts unaffected. Moody’s now expects that in 2015 the country’s GDP will decline by 5.5% and will go down by other 3% in 2016.

Recapitalization of Russian banks will be controlled by the Accounts Chamber

In connection to the recent approval of the law on recapitalization of Russian banks for 1 trillion dollars (the corresponding law was approved by the State Duma last Friday in the second and the third reading) the Accounts Chamber will control use of resources spent for that purpose.

British FRC officially launching its own Tesco inquiry

The Financial Reporting Council of Great Britain officially commenced investigation of the FRC’s accounting scandal. We remind that soon after the retail company’s colossal overstatement of semiannual profits the main financial regulator was criticized heavily for “lacking sharp teeth”. Indeed, the Council had to wait for results of other body’s (like the Serious Fraud Office’s – SFO) inquiry into the case, or the company’s own internal investigation. Its hands are “tied”, it can’t react when it is needed.

Deposit income on natural persons will be freed from taxation

This week deputies of the State Duma of Russia approved a decision to free natural persons’ income on deposits from the personal income tax, if those are deposits with no more than 18.25% of annual interest. The regime will be in effect until 31 December 2015.

Basel Committee proposing a more standardized approach to minimal capital

The Basel Committee on Banking Supervision recently published a new consultative document “Capital floors: the design of a framework based on standardized approaches”, proposing to adopt fixed minimal capital for the purpose of calculation of credit risks. Minimal capital will be calculated by a new algorithm.

Russian borrowers will be taken care of by a different service

The Federal Supervision Agency for Customer Protection and Human Welfare (sometimes for simplicity referred to as “Rospotrebnadzor”) will take care of borrowers who look loans nominated in foreign currency. They are obviously in a grave situation right now.

Indian companies officially commence adoption of Ind AS starting from 1 April 2015

Until not long ago there remained big uncertainty concerning the expected date of India’s transition to international accounting standards – well, not exactly IFRSs, but Ind AS which passed convergence with them. This uncertainty made even international experts worry a bit: after all, India is a promising emerging economy with potentially very favorable investment opportunities. The government used to postpone the “deadline” several times, but the last time it did, it didn’t even say anything certain, so what was left is only to guess. With the end of the year approaching, it looks like the Ministry of Corporate Affairs made its mind.

Deputies from the “United Russia” proposing to suspend payments on Russia’s external debts

According to Eugeny Fedorov, Russia has to stop paying on its debts to the USA and Europe as countries imposing sanctions against it until all sanctions are lifted (which, as we know, is not going to happen until Russia changes its external political course, and here we go again in circles).

Insurance on bank deposits has been raised to prevent the banking sector’s collapse

Russian government is trying to prevent the banking sector’s collapse by increasing insurance compensation on private deposits. The corresponding law was approved on Friday simultaneously in its second and third readings.

Six IFRS documents currently effective in Russia will be replaced by a single new one

The Ministry of Finance recently presented a new proposal to adopt new / suspend old international financial reporting standards effective in Russia. It is expected that IFRS 15 “Revenue from contracts with customers” – the one very important which was issued by the IASB-FASB at the end of May – will be introduced to the Russian reporting practice. Its voluntary application will be possible starting from the date of publication, mandatory use - starting from the date to be indicated in the corresponding document.