Новости

It looks like only doubtful borrowers are left on the Russian loan market

The business edition “Izvestia” informs that despite tighter requirements for borrowers today banks in Russia have to work with one and the same clients because they can’t find more anywhere else. The number of borrowers who get a new loan with another one on hands - with payments overdue for more than 90 days, the fact which makes them “bad” borrowers - has actually increased.

Russian accountants may be put to self-regulation

The Ministry of Finance of Russia recently published a protocol of the latest meeting of its Audit Council which took place 2 December. Among issues considered by the attendants was the subject of regulation in the accountants’ profession.

IFRS “Blue Book” ready

The IFRS Foundation recently presented the latest version of its “Blue Book” – one of the three main IFRS “tomes” which includes all standards effective from 1 January 2015 but not the ones allowed for voluntary application. This means that all of those standards you may potentially need after the 1 January, provided that you prepare your financial accountancy under international financial reporting standards.

FAF and FASB don’t mind additional disclosures under IFRSs

The Financial Accounting Foundation (FAF) and the Financial Accounting Standards Board (FASB) which it controls issued a joint statement a couple of days ago where they indicated they had nothing against additional financial disclosures under IFRSs.

Borrowers’ interdependence judgments postponed in Russia due to sanctions

Russian banks should probably be thankful that economic sanctions and the resulting protectionism of the Central Bank caused it to postpone very serious tightening of the banking legislation – meaning adoption of additional requirements to access interdependence of their borrowers.

ACCA’s new “See the Future” study analyses current tendencies in business education

The global study by the Association of Chartered Certified Accountants (ACCA) demonstrates that business schools may soon face challenges while traditional models of their work won’t work anymore.

FASB proposed that investment companies should report investments in other investment companies differently

Recently the Financial Accounting Standards Board (FASB) issued a new set of amendments to US GAAP standards united under Topic 946 “Investment companies” which will soon have to report differently their investments in other investment companies. Comments are to be received until 17 February 2014.

Small companies in Russia will be protected against anti-cartel measures

The government of Russia is ready to provide small and medium enterprises with a protection against anti-cartel legislation. Confederacy between them is said to have only limited effect on the economic situation in general, so those should be treated with due indulgence which will likely take a form of limit values of criminal income (which cause filing a new criminal case) raised in almost 10 times. At least that was one of the ideas discussed at the end of last week at the government’s meeting at Igor Shuvalov’s.

Deloitte experts commented on IOSCO’s “non-GAAP” proposals

In the beginning of September the International Organization of Securities Commissions (IOSCO) launched consultations on its draft proposals on use of non-GAAP financial measures in financial accounting. It didn’t take too long for, for example, the Federation of European Accountants to comment on the IOSCO’s proposals. We should say that they didn’t particularly welcome them, but what they criticized most is the lack of collaboration with international organizations such as the International Accounting Standards Board, for example.

NCPS making pilot launch in two weeks

CEO of the National card payment system (NCPS) Vladimir Komlev told in the interview to “Vedomosti” that connecting banks to the system in order to test it would commence in the middle of December. In the pilot launch 8 banks are going to participate, all of which are fairly large ones: “SMP Bank”, “Alfa-Bank”, “Russia”, the Ural Bank of Reconstruction and Development (UBRD),“Gazprombank”, “Rosbank”, possibly “VTB 24”.