Новости

Key differences between FRF for SMEs and US GAAP

It is not a secret that American companies are today expressing live interest in the alternative AICPA’s accounting framework, although its spreading would go much faster if companies understood it in details. Alas, even more than a year after the publication they don’t understand all of its nuances. Possibly, someday American banks will start to accept small companies’ accountancy under FRF for SMEs which they require to give them a loan?

European definition for Public Interest Entities

The European Federation of Accountants (Fédération des Experts-comptables Européens, FEE) has held a survey on definition for Public Interest Entities (PIEs) used in accounting practice in Europe. There isn’t just one actually, but many definitions in different EU jurisdictions – the fact which significantly influences accounting and audit of public companies.

Russia may start to arrest foreign assets in response to sanctions

A State Duma’s deputy from the “United Russia” party Eugeniy Fedorov is proposing to adopt a legal mechanism to confiscate foreign property of companies if further sanctions are adopted against Russia. On that informs “Izvestia” with a reference to the text of the corresponding bill “On measures to protect property rights of Russia, citizens of Russia, and Russian legal entities violated as a result of sanctions adopted by foreign jurisdictions or their alliances”.

Russian business once again being deprived of tax benefits

At the end of 2012 business was freed from the necessity to pay taxes on movable property which would be taken on balance after 2013. This was done in order to stimulate modernization of equipment. It looks like companies welcomed the opportunity warmly - probably too much because, for instance, the municipal budget of Moscow alone is expected to be short for 16 billion roubles as of the end of 2014 as a result of that.

Reserve requirements delayed for international payment systems

Today deputies of the State Duma of Russia approved further delay on adoption of the required guarantee reserves regulation until the second quarter of 2015. This means that Visa and MasterCard still have time to deposit guarantee reserves at the Central Bank’s accounts or to find a partner to organize Russian processing of electronic settlements.

Russian banks’ licenses will become international?

It is possible to say so because mutual integration of financial systems of Russia, Belorussia, Kazakhstan, and Armenia is provided by a treaty on establishment of the Eurasian Economic Union – informs “Izvestia”.

FRC foresees short life for FRSSE 2015

FRSSE 2015 (the Financial Reporting Standard for Smaller Entities) will come into effect for the next annual accounting period 2015 (as the name suggests, because the previous version dates back to 2008), but it will only hold for one year until the new European Accounting Directive comes in place. Of course, unless there is a protest so strong that the FRC will have to back on its plans, which isn’t likely to happen.

MasterCard will stay in Russia and follow the new rules

Top governance of the MasterCard’s global office has absolutely no intentions to leave Russia. Quite on the contrary, the international payment system’s president and CEO Ajay Banga informed during the conference of the Institute of International Finance (IIF) in Washington that they would stay in Russia and obey the new rules.

“Financial pyramids” mask themselves as microfinance entities

Since 1 September 2013 microfinance entities in Russia are under control of the Central Bank in the role of the “megaregulator”. Today the CB warns that many of those acting as microfinance entities on the market are, in fact, “financial pyramids” (also known by the term “Ponzi schemes”).

eIFRS: now even better than before

As accountants, it is likely that you visit eIFRS – the unique resource for international standards and interpretations – quite often. The IFRS Foundation today informs that it has become even better.