Russian banks searching for ways to compensate their losses from the rouble devaluation

They asked international payment services Visa and MasterCard to recalculate their insurance foreign currency reserves in foreign banks correspondingly with the decreased turnover. Those reserves are deposited by banks (which are clients of IPSs like Visa or MasterCard) in foreign banks according to international payment services’ rules. Those can be used to accomplish settlement of a transaction on plastic cards in case of a bank’s default (its inability to meet its settlement obligation). The order for their calculation, however, takes into account the current turnover of transactions performed with plastic cards. It takes into account the country risk as well.

ISAs will be officially published at the Minfin’s site

A new proposal is today passing anti-corruption expertize (as it is required by the standard procedure) which concerns endorsement of International Standards on Auditing on the territory of Russia.

“Bad accounting breeds bad policies”, said IASB chairman Hans Hoogervorst

In the course of his public presentation at the recent conference of the National Association of Pension Funds (NAPF) in Edinburgh head of the International Accounting Standards Board Hans Hoogervorst admitted that “realistic” financial accounting information on pensions may be hard to read, but it definitely allows more reasoned investment decisions.

Russian branches of foreign companies have less than a month to re-register

The April Fools’ Day hasn’t come yet, but it won’t probably be wise to see as its repetition the announcement which today came from the Chamber of Commerce and Industry, the body which brings its sincere apologies in relation to a sad bureaucratic negligence. The news was published today in “Izvestia”.

Islamic accounting – global tendencies nowadays

The Asian-Oceanian Standard-Setters Group (AOSSG) presented results of their recent research on the subjects of sharia-compliant accounting standards which are applied by Islamic financial organizations in their jurisdictions around the world. In their research AOSSG analyzed financial accountancy of 132 major organizations from 31 jurisdictions.

Russian banks withdrawing their assets abroad through dividends

To a very great extent capital outflow from the Russian banking sector last year went through dividends to foreign shareholders – informs “Izvestia” today with a reference to the Central Bank’s official statistics. It was discovered that increase of dividends in Russian subsidiaries of foreign banks rose by 20% to 42 billion roubles in total (in 2013 this number was 33.7 billion roubles).

IFRS Taxonomy 2015 finally ready

The IFRS Foundation today informed on publication of IFRS Taxonomy 2015 - the most recent version of electronic tags used for preparation of IFRS accountancy in a universal electronic form. This version of Taxonomy is consistent with all international financial reporting standards issued as of 1 January 2015, even if their effective date hasn’t yet come, but early application is allowed.

Corporate political pressure causes bias in internal auditors’ reports

Internal pressure in companies puts into big doubt resulting efficiency of internal auditors’ work as its results are moved further and further from objectivity. A report on this important subject – “The Politics of Internal Auditing” – was recently presented by the IIA Research Foundation during the audit management conference in Las Vegas.

Four new guidance on integrated reporting from the Prince’s Accounting for Sustainability Project

When recently in our news we told that integrated accountancy was apparently gaining popularity, we even had no clue on the real extent of it. In less than a week the Initiative for Responsible Investment (IRI) published an overview of the existing requirements to corporate social responsibility (CSR) in global jurisdictions and stock exchanges. And it is not even over yet as today the Prince’s Accounting for Sustainability Project (A4S) presented its own four guidance on the subject of integrated reporting.

No need to put behind bars for economic crimes

Russia’s financial ombudsman Boris Titov recently proposed a special approach to punishment for economic crimes. He says that those should never cause imprisonment anyway because it will be enough to impose a compensatory fine instead. This was today informed by “Kommersant”. Lawyers representing the financial ombudsman are finishing their work on a set of amendments to the Section 22 of the Criminal Code of Russia (which is about economic crimes) are will soon be ready to present it for the State Duma’s consideration. Interestingly, the State Duma’s committee has nothing against the idea of “humanization” as a whole at the moment.

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