Новости

“Fishing” will officially become a criminal offence in Russia

Experts of the National Financial Market Committee (a non-commercial partnership) support the government’s draft law to adopt amendments to the Criminal Code stipulating liability for stealing personal electronic data on plastic cards. Today in Russia “fishing” is known as one of the most common types of electronic fraud.

Disclosure of commercial secrecy will be fined by much higher fines

The State Duma of Russia acquired a new bill for approval which provides increase of maximum fines for illegal acquisition and disclosure of information comprising commercial, tax or bank secrecy.

Audit committees: components of success

Audit committees are a fundamental integral part of any system of corporate governance. Times are changing, though, and so are the requirements for audit committees. What exactly companies have to do today to ensure efficiency of their audit committees? This became a subject of one of the panels at the recent World Congress of Accountants which took place last week in Rome.

EC sees as illegal tax agreement between Starbucks and Dutch regulators

Even early signs of the European Commission’s ongoing investigation into the tax agreement between a manufacturing subsidiary of Starbucks and Dutch tax regulators indicate that it will likely be classified as a state aid – illegal and contradicting European laws. This agreement allowed the company to economize on taxes quite significantly.

GAAP-IFRS.COM Digest: 10-14 November

ACCA and IMA say accounting profession needs more distinct future

The Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA) recently stated that the accounting profession needed a clearer vision of its future role. They shared their views in the course of the “Digital Darwinism” session at the World Congress of Accountants (WCOA) which yesterday concluded in Rome.

SASB presents its new “Navigator”

The Sustainability Accounting Standards Board (SASB) which develops special integrated reporting standards to disclose additional, but equally important information on ecological, social and corporate governance issues, recently presents its SASB Standards Navigator. It is an interactive digital platform for easier search of a needed standard.

German banks expressed their strong support to IFRSs

The Association of German Banks (Bundesverband deutscher Banken) which represents more than 200 private banks of Germany unofficially joint the European Commission’s public discussion of how IFRSs have affected European accountancy since the moment of their adoption in 2005. “Unofficially” because it is not their official response (unlike, for example, the ESMA’s one we wrote about recently), but it is still an obvious confirmation that not all European organizations put use of original IFRSs (without further corrections) into doubt.

IFRS Taxonomy amended with IFRS 15

This week the IFRS Foundation presented yet another - the second interim update to its Taxonomy to account for the new standard IFRS 15 “Revenue from Contracts with Customers” which the IASB had issued at the end of May. The previous update was presented also in May (with IFRS 14 “Regulatory Deferral Accounts” taken into account), although a bit earlier. This week’s Taxonomy update also includes “common practice” tags for certain specific industries – in this case pharmaceutics and transportation.

Michel Prada doesn’t think even minor corrections to IFRSs are acceptable

Head of Trustees of the IFRS Foundation Michel Prada presented another presentation “Accounting, markets and global economic growth” at the meeting of the Shanghai National Accounting Institute (China). This became already the second speech on the subject of IFRSs in less than a week: we remind that not long ago he also delivered a speech in Japan.