Новости

Financial Accounting Foundation outlines plans to address standard setting for nonpublic entities

The Board of Trustees of the Financial Accounting Foundation (FAF) announced today the formation of a Trustee Working Group to address the important topic of accounting standard setting for nonpublic entities. The establishment of the Working Group represents a major development in the FAF’s ongoing work on this key strategic priority.

FFMS merged with “Rosstrakhnadzor”

Today Russia’s president Dmitry Medvedev signed the order on liquidation of the Federal Insurance Supervision Service (aka “Rosstrakhnadzor”) and distribution of supervisory powers between the Federal Financial Markets Service (FFMS) and the Bank of Russia.

CB of Russia “settles accounts” with derivatives

Yesterday the Bank of Russia published its new draft order which introduced amendments to the way derivative financial instruments (comprising almost all the most “favorite” banking instruments for speculation and hedging of risks) are accounted for. Bankers have long been complaining on imperfection of currently employed accounting legislation and have been asking regulators for amendments.

Minfin will adopt IFRSs in Russia

Today Russia’s prime-minister Vladimir Putin approved the order on adoption of international financial reporting standards and interpretations to them on the Russian territory. The order of IFRSs adoption is identical to the one by the IFRS Foundation.

Transitioning to ISAs, sustainability, ethics, and SMPs are key issues for global accountancy leaders, according to IFAC Global Survey

Credibility of the profession, standard setting, and adoption and implementation are key areas of focus for leaders in the accountancy profession, according to results of the 2010 IFAC Global Leadership Survey of the Accounting Profession, released today by the International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 125 countries.

Russian lawmakers may possibly restrict use of foreign credit cards in Russia

Russian lawmakers want to restrict operations of international payment systems on the Russian territory by not allowing them to transfer information on committed transactions abroad. If the amendments are approved, it will become problematic to pay with credit cards of international payment system in Russia.

FFMS will search for price manipulations with a formula

The Federal Financial Markets Service of Russia is looking for a simpler way to prove facts of price manipulations on the market: it is currently working on a methodology to calculate significant price deviations for liquid securities.

SEC proposes rule amendments to remove credit rating references in Investment Company Act rules and forms

The Securities and Exchange Commission today proposed rule amendments to remove references to credit ratings in certain rules and forms under the Investment Company Act of 1940, including rule 2a-7 governing the operations of money market funds.

2011 U.S. GAAP Financial Reporting Taxonomy Adopted and Supported by SEC Effective February 28, 2011

The Financial Accounting Foundation (FAF) today announced that the U.S. Securities and Exchange Commission (SEC) has adopted the 2011 U.S. GAAP Financial Reporting Taxonomy. The FAF is responsible for the ongoing maintenance of the taxonomy applicable to public issuers registered with the SEC.

Russian government may ease tax burden for small businesses in 2012

The decision to lower tax burden on small business entities in respect to insurance payments to social funds may be made in the first half of 2011, and in this case tax burden will be made easier in 2012 – informed presidential aide Arkady Dvorkovich.