Новости

When financial and tax accounting diverge

Under GAAP, issuers of convertible bonds can account for inducements to convert them into stock as an expense. But the IRS calls them a nondeductible dividend.

Call for listed IFRS filers to participate in a voluntary XBRL Detailed Tagging Task Force

The IFRS Foundation is establishing a task force to examine detailed XBRL (eXtensible Business Reporting Language) tagging in IFRS (International Financial Reporting Standards) financial statements, and is looking to work directly with preparers from listed companies from different industries and regions.

IFAC Global Forum Highlights Role of SMPs in Partnering with Small Businesses

Today over 200 delegates from more than 45 countries converged in Istanbul for the fifth SMP Forum of the International Federation of Accountants (IFAC) Small and Medium Practices (SMP) Committee.

Europe getting ready to check capital of its banks

European banks’ capital will tested more severely this year as compared to 2010 when only 7 out of 91 banks showed unsatisfactory results. However, even severe checking of capital adequacy without corresponding checks for liquidity of bank assets doesn’t show the complete picture of real financial stability of the banking sector, experts say.

The Accounts Chamber of Russia and the World Bank signed Memorandum of Understanding

Chairman of the Accounts Chamber of the Russian Federation Sergei Stepashin and head of the World Bank’s office in Russia Pedro Alba signed Memorandum of Understanding. The document declares more cooperation between two organizations.

Minfin will be the “megaregulator” after all

It looks like megaregultor’s functions will be performed by the finance ministry after all while the Federal Financial Markets Service will be left with supervision over financial markets (except for bank supervision, of course, which is the Central Bank’s prerogative).

Banks’ tax transparency Bill launched

If passed, the Bill would also require banks to disclose the accounts of companies that have failed to submit their tax returns to HM Revenue & Customs within 90 days of the deadline. The financial institution would have to give the taxman details of the names and addresses of the company owners and the directors.

Proposals for a Public Benefit Entity Standard for Tier 2 Entities

The Accounting Standards Board (ASB) of the FRC has today published Financial Reporting Exposure Draft (FRED) 45. This sets out proposals to be included in a Financial Reporting Standard for Public Benefit Entities (FRSPBE) to accompany the proposed Financial Reporting Standard for Medium-size Entities (FRSME).

Europe moving towards country-by-country reporting for extractive industries

The Competitiveness (Internal Market, Industry, Research and Space) Council of the European Union, has raised country-by-country reporting by mining and oil and gas companies as part of its conclusions on tackling the challenges on raw materials and in commodity markets.

Consolidated supervision over bank risks in Russia

The amendments to the legislation will allow the Central Bank to exercise more precise estimation of risks related to operations of banks within groups like, for instance, risks associated with bank financing of other business in possession of its owners.