Новости

Illegal encashment in Russia will be opposed with fees for premature withdrawal

A new, legally controversial practice is now being widely discussed in Russia. Market participants indicate that largest volumes of illegal conversion of funds into cash (hereafter referred to as “encashment” for the sake of simplicity) are done not through ATM terminals, but with bank deposits. To make the scheme unattractive for unfair players, banks are adopting additional fees.

Federation Council approves the law on patent-based simplified taxation

Last Friday the Federation Council of the Russian Federation (the upper chamber of the parliament) approved the law which expands the simplified taxation system in Russia with patents. The uniform tax on imputed income remains in place until 2018.

Minfin further adopts IFRSs in Russia

The Ministry of Finance of the Russian Federation has published a draft law on its website which concerns adoption of international financial reporting standards on the territory of Russia.

IFAC Announces Appointment of Fayezul Choudhury as New Chief Executive Officer

The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 127 countries, is pleased to announce that Fayezul (Fayez) Choudhury has been selected as the new CEO of IFAC. He succeeds current CEO Ian Ball, whose contract is set to expire in February 2013.

Toward a Measurement Framework for Financial Reporting by Profit-oriented Entities

This research paper "Toward a Measurement Framework for Financial Reporting by Profit-oriented Entities" by J. Alex Milburn, PhD, FCA is published by the Canadian institute of Chartered Accountants (CICA) at the request of Canada’s Accounting Standards Board (AcSB), to stimulate study and debate, and to provide input for the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB). The paper is put forward as a call for further study and discussion.

IVSC issues proposed guide to assist professional valuers who participate in the audit process

The draft guide is intended to provide professional valuers with a better understanding of an auditor’s role and how professional valuers can be more effective when assisting auditors and entities during the audit process.

Central Bank of Russia will be granted additional supervisory powers

Supervisory functions of the Central Bank may be expanded soon if the amendments to the law prepared by the CB and the finance ministry are approved. If that happens, the main regulator of the banking industry will be able to restrict excessively high rates on deposits and to assign its own representatives to all major banks irrespectively of whether they receive anti-crisis financial support or not.

Tax preferences for private investors on financial markets discussed by Russian lawmakers

New suggestions on how to relieve private investors of tax burden are being discussed by the working group on creation of the International financial center in Moscow with participation of the Ministry of Finance. According to the proposed document, certain tax preferences may come into effect already after a year of possessing a financial security or a stake in an investment fund.

Russian lawyers propose to rewrite the law on pre-trial audit

The Federal Tax Service’s law on pre-trial (out-of-court) settlement of tax disputes yielded harsh opposition in the face of Russian lawyers: the Chamber of Commerce and Industry gathered its own law experts and prepared a number of objections to the document. Experts fear that if everything’s left as it is, business may lose its right for protection in court.

FRC: Big Four risk swapping quality for quantity in audits

The FRC has warned the Big Four they should be cautious of risking audit quality for quantity as the price war rages among them, according to individual evaluations.