Новости

FIN 48 among first priorities for new Private Company Council chair

The standard known as FIN 48 will be among the first issues the newly formed Private Company Council (PCC) discusses, Billy Atkinson said Wednesday after being named the council’s chairman.

Each 9th company in Russia is a “fly-by-night” company

The Central Bank of the Russian Federation estimates that each 9^th “seemingly alive” company (the one that settles accounts through banks) did not pay taxes in 2012.

FFMS and the Bank of Russia will get a single supervisor

It appears that both the Federal Financial Market Service (FFMS) and the Bank of Russia may get one supervisor, the role of which is most likely to be played by the Financial Stability Council. The latter will comprise representatives of the government and other regulatory authorities.

European Parliament committee approves proposals on country-by-country reporting and on reducing bureaucracy for smaller EU firms

In its 18 September 2012 meeting, the European Parliament committee on legal affairs (JURI) approved a package of proposals imposing on large companies extracting oil, gas and minerals and loggers of primary forests a new obligation to provide full details on their payments to national governments. It also endorsed changes to existing EU accounting legislation aimed at reducing bureaucracy for smaller EU firms.

IFAC issues policy position on global regulatory convergence

The International Federation of Accountants (IFAC), the global organization for the accountancy profession, today issued Policy Position Paper 6, Global Regulatory Convergence and the Accountancy Profession.

Russian banks to lose “privacy” in exchange for anti-crisis support

In case of another crisis the government of Russia may not only further increase its interest in government banks, but do the same with private credit organizations.

Russian insurers suspected in manipulations with financial accountancy

The Federal Financial Markets Service (FFMS) is concerned with significant growth of accounts receivable in insurance companies - this usually happens when fictitious investments or fake insurance premiums are used.

Focus on current IFRSs, not convergence: ICAEW

International standard setterthe IASB has been told to focus on quality rather than convergence, ten years since the project to converge global accounting standards was first conceived.

Growth of the Islamic finance industry leads to need for better disclosures

The Islamic Financial Services Board (IFSB) has posted to its website a report from a high-level roundtable on “Disclosure Requirements for Islamic Capital Market Products” organized by the IFSB, the International Organization of Securities Commissions (IOSCO) and the Securities Commission Malaysia. The roundtable was to be a first step towards the development of international regulatory standards and best practices relating to disclosure requirements for Islamic capital market products.

Swiss banks to face massive liquidity outflow

According to experts of UBS, in the nearest future Swiss banks will lose hundreds of billions francs as a result of rich foreign clients taking back their money, reacting to international struggle against using Swiss banking accounts for tax evasion purposes.