Новости

Russian businesses don’t believe in improvement of the economic climate

Russia’s business society continues to loose optimism. In the fourth quarter of 2010 the level of business optimism (which, according to the GT’s methodology, is the difference between optimistic and pessimistic companies) was +35%, but at the end of the third quarter of 2011 it fell down to +9%.

Ukrainian banks now allowed to write off bad debts

Not that they weren’t allowed to before, of course. What they mean is that the problem of defining bad debts to be written off by banks at the expense of insurance reserves is now solved.

Tax information is no longer a state secrecy: Russia joins the convention

During the G20 summit in Cannes Russia joined the Convention on Mutual Administrative Assistance in Tax Matters. This means that Russia will have to provide detailed information on taxpayers to other participants of the convention, also to participate in joint tax inspections and provide support in international operations related to collection of unpaid taxes. For Russia, participation in the international tax convention is also an “entry ticket” to the WTO and the OECD.

Sovereign Debt Crisis Demands Financial Management Reform by Governments

The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 125 countries, applauds Europe’s focus on resolving the current financial crisis. However, IFAC warns that - in addition to addressing the symptoms - the underlying causes must also be addressed, by reforming governments’ substandard financial management practices.

Representatives of IASB and ASBJ hold a biannual meeting

Representatives of the International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) held their fourteenth biannual meeting in London on 31 October and 1 November 2011. The meeting provided the first formal opportunity for the boards to meet since Hans Hoogervorst and Ian Mackintosh were appointed in July 2011 as the IASB’s Chair and Vice-Chair respectively.

First American victim of the European crisis attracts regulators’ attention

Bankruptcy of the investment company MF Global caught close attention of the Securities and Exchange Commission, the FBI, and the Commodity Futures Trading Commission (CFTC) as it became the first victim of the European crisis in the USA.

Supreme Commercial Court of Russia worried by discrepancies between financial and tax accounting

Chairman of the Supreme Commercial Court Anton Ivanov thinks that assets should be valuated and accounted for at their market price, just the way it is done in European countries.

G20 summit started with Greece

Yet another gathering of G20 in Cannes commenced with discussion of the Greek issue. On the eve of the summit United States and developing countries demanded from Europe to solve the problem of Greece and the whole euro zone as a whole, and do that as soon as possible.

FASB seeks comments on proposal for improving financial reporting of consolidations

In June 2009, the Board issued FASB Statement No. 167, Amendments to FASB Interpretation No. 46(R) (subsequently codified by Accounting Standards Update No. 2009-17, Consolidation (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities), which requires a reporting entity to perform a qualitative evaluation of its power and economics to determine whether it should consolidate a variable interest entity.

UK report on going concern considers efficacy of IFRSs

The Sharman Panel of Inquiry, established at the invitation of the United Kingdom Financial Reporting Council (UK FRC) to consider going concern and liquidity risks, has published its preliminary report and recommendations.