Новости

IFAC providing recommendations for the next G20 summit in November

The International Federation of Accountants (IFAC) has presented a letter to G20 leaders with eight basic recommendations to be discussed at the next summit which will take place on 15-16 of November. Those recommendations focus on economic growth and economic stability, reforms of financial regulation and adoption of a system of international taxation.

“Rotenberg Act” passes first hearing in State Duma

Yesterday a new controversial law was approved by Russia’s lower chamber of the parliament according to which budgetary funds will be spent on compensation of losses incurred by Russian citizens as a result of foreign courts’ decisions. It goes as an “anti-sanctions” measure, but in fact may hurt Russian citizens even more than all bans on imported food and cloths taken together.

British accounting watchdog being advised to “sharpen its teeth”

The Financial Reporting Council (FRC) is seriously limited in its investigative powers, not being able to carry out investigations even if suspicions concerning possible accounting manipulations arise. British experts – for example, chief editor of FD and Accountancy Age Richard Crump - advise the Council to “sharpen its teeth”.

Absence of an auditor’s report will be punished with symbolic fines

Russian lawmakers have prepared two draft laws which are said to increase liability for rough violation of accounting and reporting rules. Absence of an auditor’s report will be seen as such.

Visa and MasterCard will be forced to operate through the national payment system

The State Duma of Russia received yet another controversial law for approval which will force all banking entities (issuers of Visa and MasterCard) also all international payment systems (IPSs) to operate through the National card payment system (NCPS). Interestingly, the system itself hasn’t even been finished yet!

SWIFT opposes calls to disconnect Russia and Israel

Owners of the international banking payment service SWIFT are not planning to disconnect Russia and Israel despite individual calls to do that. The company is actively rejecting pressure the way it already did in the middle of September by publishing an objection message on its website.

Anonymous money transfers will be further restricted to fight with “spice” dealers

The Federal Drug Control Service will possibly acquire additional powers and will soon be able to watch after electronic money accounts. The maximum possible amount of an anonymous money transfer will also be restricted at 1 thousand roubles instead of today’s 15 thousand: if you want to send more - input your passport data.

Too many “foreigners” in the Audit Council of Russia

Deputies of the lower chamber of Russia’s parliament continue their “anti-western” rhetoric. Today the Ministry of Finance is asked to review composition of its Audit Council which is said to contain too many former employees of foreign audit companies.

Trading in bitcoins will become an administrative offense in Russia

The Minfin of Russia is continuing its onslaught onto cryptocurrencies. Today the regulator informed that use of monetary surrogates would lead to administrative liability and paying a fine. Fines will be different: from 5 to 50 thousand roubles for natural persons and from 0.5 to 1 million for legal entities. Fines will be charged for trading, issuing of virtual currencies, also for development of specialized software for issuing of cruprocurrencies.

GAAP-IFRS.COM Digest: 29 September – 3 October