Новости

International rating agencies kept Russia’s ratings as they were

Opposite to expectations of many, the international credit rating agency Standard & Poor’s decided to confirm Russia’s former sovereign rating at ВВВ-, thus leaving it in the same “investment” category, although with a negative outlook. This is not what another large credit rating agency (Moody’s) did last week: it downgraded the rating from Baa1 to Baa2, outlook “negative”.

GAAP-IFRS.COM Digest: 20-24 October

Russian “deoffshorization”: no massive exodus yet

Very soon Russia plans to approve new anti-offshore legislation. The document does not prohibit use of offshore jurisdictions in principle, but only requires disclosure of information about the fact. The State Duma of Russia has plans to finish with the subject before the end of this fall’s parliamentary session.

Global taxmen will start to share information through a “social network”

According to “Vedomosti”, today at the Forum on Tax Administration in Dublin representatives of global tax services – and that means of the Federal Tax Service of Russia as well – are expected to present their joint communiqué.

Global investment banks can’t exclude a possibility of further decrease of Russia’s rating to the “junk” level

The Royal Bank of Scotland and UBS told that in the near future yet another international credit rating agency – this time Standard & Poor’s – may cut Russia’s credit rating down to the “junk” level. We remind that not long ago Moody’s already downgraded its estimations. If that really happens, most investors will rush selling Russian securities while companies in Russia will lose access to external financing to even greater extent than now.

Tesco’s accounting scandal: worse that it was earlier expected

Last month one of the largest retail networks in Great Britain – Tesco – found itself in the midst of a loud accounting scandal after it was publicly told that the company had overstated its half-year profits for more than £250 million. We’d like to remind that the company asked auditors from Deloitte to help it with internal investigation. Deloitte performed the check and discovered that things could be even worse than originally expected.

At least $1 billion was spent today by the Central Bank to save rouble

This Thursday the Central Bank of Russia again initiated large-scale currency interventions for rouble’s support and sold more than $1 billion out of foreign currency reserves within the first hour – informs Interfax.

Russian banks don’t wish to pay for the new financial ombudsman service

As we informed earlier, in Russia a new service of authorized financial experts is now being created. It may also be referred to as the “Service of financial ombudsman” because ombudsman is a financial expert who acts as an intermediary in out-of-court settlement of disputes.

“Rosneft” may get more than 2 trillion roubles in financial support

Financial aid is to be provided out of the National Welfare Fund. As of 1 October 2014 it used to be 3.38 trillion roubles. Head of the Ministry of Energy Alexander Novak told that on 22 October (which means yesterday) they had approved requests by “Rosneft” and “NOVATEK” to receive financial support.

In October auditors in Russia demonstrated worst certification results for the whole year

The Unified Certification Commission of Russia has recently presented results of the latest October testing for auditors wishing to receive an auditor’s certificate. Those were the worst results for 2013.