Новости

Visa informed the Central Bank of Russia on terms of its further stay in Russia

Unlike its main rival MasterCard (which, we remind, relatively not long ago officially announced its intention to continue business operations in Russia virtually no matter what) Visa has never associated itself with the local market so heavily. In spring, right after its “demarche” with MasterCard which followed sanctions against certain credit institutions Russian regulators presented their suggestions on new, very tight regulation of international electronic payment systems. For instance, at first it was suggested to force them all to deposit guarantee reserves at the CB’s accounts unconditionally. In response Visa warned that it could leave the market, and a compromise was found.

IFRS “Blue Book” almost ready

The IFRS Foundation informs that IFRS standards for 2015 will be ready in December. This traditional IFRS “tome” is sometimes referred to as the “Blue Book”. It includes all official requirements with the effective date of 1 January 2015. It does not comprise IFRSs with effective dates later than 1 January.

Possible reasons for revocation of bank licenses officially defined in Russia

The Bank of Russia has formulated official reasons upon which it will have a right to revoke a credit organization’s license. It is probably a very good idea because Russia’s banking system has lost many… well, we don’t say “good ones”, but just the ones which weren’t good enough -banks spotted on something obviously foul like mocking financial accountancy, for example, or withdrawal of assets abroad, or aggressive tax minimization, or other. Until Elvira Nabiullina took chairmanship of the Central Bank in autumn 2013, there hadn’t been so much and so frequent clean-ups of the banking system in Russia. Whether it is good or bad, is another question.

State Duma of Russia approves ISAs for adoption in Russia

This Wednesday the State Duma of Russia approved a very important bill on adoption of international standards on auditing in Russia - the ones which, we remind, are developed by the International Federation of Accountants. It was only the first reading of the document, but it is obviously a start.

“Korea and IFRS”: one more time on importance of international standards. By Michel Prada

Chairman of Trustees of the IFRS Foundation Michel Prada is obviously having a month of public presentations as we have counted at least three already within slightly more than two weeks. Not long ago he made a presentation in Tokyo on Japan’s success in implementation of IFRSs, and one week later he delivered a speech at the Shanghai National Accounting Institute’s conference in China. Today he again speaks on importance of IFRSs - this time in South Korea, at a seminar organized by the Korean Accounting Standards Board (KASB).

Pushdown accounting – a new guidance from the FASB and SEC

The Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC) presented new guidance on so-called “pushdown accounting” which takes place whenever an acquired entity decides to use an acquirer’s basis of accounting to keep its financial records further.

Russia’s Labor Code will acquire rules for assessment of professional qualification of any worker

A new federal law is now passing public discussion in Russia. According to it, the Labor Code may be amended by a new clause 31.1 “Evaluation of employees’ qualification”. Such assessment will likely take a form of certification or attestation to confirm professional qualification of workers. It will be up to employers to determine whether to perform assessment or not and if yes, then in which of the two possible forms.

Japan endorsed a number of new IFRSs for voluntary application

The Financial Services Authority of Japan (FSA) recently informed that a number of additional international financial reporting standards had been allowed for application by Japanese companies. The latest set of IFRS standards in Japan now comprises all standards issued by the IASB by 30 July 2014.

New European Directive on disclosure of non-financial and diversity information

There is now a new Directive on disclosure of “ESG” (which means “envi­ron­mental, social, and governance”) and diversity information in Europe. The new Directive was recently published in the “Official Journal of the European Union” on 15 November.

Russian parliament getting ready to completely prohibit dollars in Russia

Yet another controversial bill was recently presented to the State Duma for consideration by Mikhail Degtyaryov, a deputy from the Liberal Democratic Party of Russia (LDPR). The same Mikhail Degtyaryov used to propose the idea already, and this was May 2013 - which means long before it all started. Today, however, it is more than just an idea as it has already developed into a bill. Authors of the draft law think that dollar prohibition should contribute to stability of rouble as a national currency and possibly make a new global reserve currency out of it one day.