Новости

Unaudited financial accountancy has a price

The Ministry of Finance of the Russian Federation has prepared a draft law which, if approved, will introduce fines for companies evading statutory audit of their financial accountancy.

FRC publishes Lab report on “Net debt reconciliations”

The Lab worked closely with five leading companies and a range of investors in preparing the observations contained in the project report. Comments on existing company disclosure were gathered by the Lab in a series of face-to-face discussions with over thirty individuals from sixteen investment organizations.

FASB's not-for-profit committee highlights complexities in addressing accounting for nonprofits

Addressing the financial reporting needs of not-for-profit entities is proving to be more complicated than those of private companies due to the diversity among not-for-profits as well as the nuances within that sector, discussions by the Financial Accounting Standards Board’s not-for-profit accounting committee (NAC) revealed Sept. 7. There are a variety of different types of not-for-profits and therefore addressing such entities monolithically for standard setting purposes would not adequately tackle the issues within that space, NAC members indicated to FASB board members.

Public and private sector accounting standard differences highlighted

The New Zealand Accounting Standard Board (NZASB) has recently released an exposure draft which explores the practical difficulties in dealing with differences between public sector and private sector accounting standards being set by the IASB and IPSASB. The NZASB acknowledges "there is a risk that the two Boards will develop separate standards that treat like transactions in similar circumstances in quite different ways", which is a significant challenge in maintaining a credible differential reporting framework for various entities

Parallel tax and financial accounting in Russia remains for a bit longer

An issue which has been discussed for many years: business in Russia has to keep financial and tax accounting, and it looks like it’s going to be like that for a bit longer. Companies and Russian regulators both agree on the necessity to converge two systems of accounting, but disagreements and mutual accusations in absence of any initiatives slow down the process.

Privatization of Sberbank commenced

Today the Central Bank of the Russian Federation (aka “The Bank of Russia”) informed on its intention to sell the Sberbank’s share it holds. The announcement cause share quotations to drop by 2%.

NYSE fined for the first time ever

Last Friday the New York Stock Exchange agreed to pay a fine of $5 million after the Securities and Exchange Commission exposed its violation of the rules for equal access to information for everyone.

FDIC director wants U.S. to bail on Basel III

If international efforts to craft new capital rules for banks don't go back to the drawing board for a significant overhaul, the United States should abandon the Basel III effort while it still can, says Thomas Hoenig, a director of the Federal Deposit Insurance Corporation.

Business in offshore zones will be put to additional taxation

The State Committee of Ukraine for regulatory policy and entrepreneurship has approved the idea by the Ministry of Social Policy on adoption of additional taxes on Ukraine’s transactions with companies located in offshore zones. Apart from the 12%-contribution to the Pension Fund, the latest edition of the draft law provides paying additional 5% of income as dividends, interest and royalty to non-residents.

ECB agrees to watch over European banks

The European Central Bank supports the European Commission’s decision on creation of the “banking union”. As a result, it will be given a right to watch over other banks of the Eurozone.