Новости

Bonuses of top-managers in Russian state companies will depend on financial results

At the recent meeting of the Cabinet of Ministers last week Putin supported the proposition to expand annual accountancy of government sector entities by including a KPI section there. This means that remuneration of top-managers in government sector entities will depend on how successful companies are in reaching target KPIs under the current management.

Foreign insurers’ further staying in Russia under big question

Western sanctions put further work of foreign insurance companies on the territory of Russia to danger. Today many of them already seriously consider the possibility of leaving. They are afraid of new sanctions which may have negative influence on the Russian economy. If that happens, Russian businesses will cause increased insurance payments which may reach billions of dollars.

Russian companies getting ready to live under more severe anti-offshore rules

Last Friday the State Duma of Russia approved a law in the first reading which is going to form a very important addition to the anti-offshore legislation. The maximum prison sentence provided by it is 6 years in jail. The minimum possible punishment is a paying a fine of 200 thousand roubles.

AAOIFI plans to review several Islamic standards on Sukuk

At the recent conference on Islamic finance and banking organized in Bahrain by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in cooperation with the World Bank and under auspices of the Central Bank of Bahrain, Dr. Hamed Hassan Merah (general secretary of AAOIFI) promised changes to the standards on Sukuk.

Foreign credit rating agencies may face tighter terms to continue their work in Russia

The Ministry of Finance in continuing its work on a separate law to regulate activity of all – not only foreign – credit rating agencies in Russia. The document’s “preliminary views” were presented for public attention in October, and this week a fresher version is already available. So what should CRAs expect to face as new requirements very soon?

“Preliminary Views” on leases, by GASB

Last week the Governmental Accounting Standards Board (GASB) issued for public discussion its “Preliminary Views” on a new lease standard which is expected to eventually significantly improve the current accounting practice in public sector entities, both from the point of view of a lessor and a lessee.

IESBA reported on results of its work in 2013

The report details most major accomplishment of the Ethics Board (as it is sometimes referred to in an alternative manner) in 2013 as well as the projects which were continued this year. The Code of Ethics for Professional Accountants is particularly worthy attention.

Jean-Claude Juncker suspected in participation in a Luxembourg tax scandal

An investigation may be initiated into the role of the EU’s very high official, head of the European Commission Jean-Claude Juncker in a Luxembourg tax scandal, the Europe’s famous tax haven with very low rates. Media sources indicate that the Europe of Freedom and Direct Democracy (EFDD) and other members of the European Parliament demand inquiry in Jean-Claude Juncker’s actions in times he was a chairman of the finance ministry and a prime-minister of Luxemburg as he could have possibly contributed to implementation of illegal tax minimization schemes by certain international companies.

ASAF announced subjects for its next meeting in December

The International Accounting Standard Board recently published a tentatively agreed plan for discussions at the next meeting of the Accounting Standards Advisory Forum (ASAF). The meeting is to take place at the IASB’s London HQ on 4 and 5 December.

“Big Four” faces falling demand for their services in Russia

Russian business edition “Kommersant” informs on falling demand for audit and consulting services provided by foreign auditors, first of all of the “Big Four” group (KPMG, PwC, Deloitte and Ernst & Young), but not only. We presume this may be partially related to the forthcoming (possible) prohibition for foreign audit companies to provide their services to state banks and possibly – to all financial organizations of the government sector of Russia in general. There is a corresponding draft law now being prepared by the State Duma’s deputy Eugeniy Fedorov from the “United Russia” political party – we informed about the fact not long ago.