Новости

Russian banks do not wish to modernize their ATMs for billions of roubles

Just like earlier, Russian banks still don’t wish to spend billions of roubles on modernization of their ATM machines. They think that today, when “only” 1 machine in 100 may potentially give a customer a counterfeit banknote, the situation already suits them perfectly.

Central Bank of Russia will watch closely after how well banks follow new internal audit requirements

With the beginning of October new rules regarding internal audit in banking entities came into effect in Russia. From now on credit entities which ignore them will have to pay huge fines, sometimes up to 0.1% of their statutory capital. Also, as possible punishment the Bank of Russia may impose restrictions on certain operations for up to 6 months. The regulator is today reminding on that in the letter which was sent to the CB’s regional offices at the end of September.

Russia adopting three new IFRS standards

The Ministry of Finance has placed a draft order on its website for discussion. It will adopt three new standards into the Russian accounting practice.

Abandoning IFRS with sanctions being an excuse is a “slackers’ dream”

We asked Olga Vasilyeva, an IFRS expert and chairman of the work committee of the Russian Collegium of Auditors (RCA), to comment on rumors around possible abandoning of IFRS application in Russia as a response action to sanctions. After all, relatively not long ago we even wrote in our news that one of the State Duma’s deputies had proposed to recognize the NSFO Foundation a “foreign agent”. Although that was only a suggestion, it may already be seen as a reflection of the current attitude to international standards in Russia, if not on companies’ level, then on the government’s level for sure. And here is what Olga Vasilyeva told us in response.

ACCA members met in Moscow to discuss influence of geopolitical uncertainty on IFRS accountancy

More than 40 members of the Association of Chartered Certified Accountants (ACCA) met in Moscow to discuss how the unstable geopolitical situation and economic conditions influence preparation and presentation of accountancy under international standards.

Moscow Stock Exchange checking possible manipulation

The Moscow Stock Exchange intends to finish checking the fact of possible market manipulation in announcements on restriction of transnational capital movement which was said to be in the Central Bank’s plans. In two days results of this check will be submitted to the Central Bank.

PCAOB still has doubts concerning practical implementation of its new requirement to disclose engagement partners

The Public Company Accounting Oversight Board (PCAOB) is still thinking on practical implementation of its idea to force audit committees to disclose names of engagement partners in each public company’s audit case. They are now considering a separate form for it – Form 2 – in order not to force audit companies to do that directly in audit reports.

EFRAG recommends public fatal flaws reviews to IASB

In its recent letter to the International Accounting Standards Board the European Financial Reporting Advisory Group (EFRAG) recently recommended the international standard setter to perform public fatal flaws reviews of all new and amended standards before issuing their final drafts. They think this should be a safe guarantee of quality of IASB’s work.

Central Bank denies the possibility of transnational capital restrictions

This week Russian media received unofficial information, said to have been acquired in the Central Bank itself. The CB, however, denies the possibility: it is not now considering any restrictions on transnational movement of capital. This disproof is official and is published on the regulator’s website.

PCAOB will discuss business models of audit companies with its Investor Advisory Group

The next meeting of representatives of the Public Company Accounting Oversight Board with the Investor Advisory Group (IAG) will take place on 20 October.