Новости

Russian banks will be forced to better control safety of electronic transactions

The Central Bank of Russia will oblige banks to pay much more attention to safety of electronic transactions through internet banking services and ATMs. It is provided by the CB’s new directive which prescribes steps to ensure safety of electronic transfers.

IFRS Foundation added eight new jurisdiction profiles

The IFRS Foundation informed that it had added eight new jurisdiction profiles to its list of jurisdictions which in one way or another apply IFRSs. Their total number is now 138.

British MP Adrian Bailey calls Tesco’s accounting misstatement “stratospheric”

Adrian Bailey, chairman of the Business, Innovation and Skills Committee of the British Parliament, says it is possible that Tesco’s executives may be called to the Parliament to give explanations. During the BBC’s podcast yesterday he called the retailer’s accounting mistake “stratospheric”. His first reaction to the news which came at the very beginning of this week was “disbelief”. Also, according to Bailey, it is “unbelievable” how the retailer could get in “such a mess”.

Minfin proposing more severe punishment for breaching financial accounting rules

The Ministry of Finance of Russia wants harder punishment for serious violations in the field of financial accounting and reporting, increasing fines and expanding the list of possible reasons for them – informs Kommersant. The regulator hopes that this will allow them to fight with accounting manipulations and financial fraud. However, Russian lawyers doubt effectiveness of the Minfin’s proposals because potential benefits from fraud may greatly exceed fines to be paid if caught.

KPMG wants “long-form” reports even longer than it is required by ISA 700

British office of the “Big Four” company KPMG has reviewed its approaches to writing audit reports, doing even more than what is required by the new ISA 700 standard which the FRC issued last year.

American legislation becomes tighter for tax inversion

The US Treasury has made tighter the requirements for mergers and acquisitions performed for the only purpose of tax minimization. The act of acquiring of a foreign entity to change legal address of a parent company is called tax (or corporate) inversion.

Newly registered entrepreneurs acquire two-year tax holidays

Russian government’s lawmaking committee has approved a new Minfin’s draft law which would provide two-year tax holidays to newly registered entrepreneurs on simplified or patent system of taxation. It will be up to municipal governments in regions to set 0% as the tax rate.

Russia’s Audit Council recommends auditors to get better understanding of their “anti-money laundering” duties

On 18 September the Minfin’s Audit Council opened a series of autumn meetings, informs the finance ministry’s website.

New IFAC’s guidance on supplementary financial measures

The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) today presented its new good practice guidance on supplementary financial measures which are so widely used in reporting.

Minfin wants to oblige SWIFT to register in Russia

It looks like in case with SWIFT the Ministry of Finance plans to apply the same logic as with the international payment systems Visa and MasterCard – informs Russian business edition RBC. In other words, the ministry wants to oblige SWIFT to register a legal entity, its Russian subsidiary. Because if it does, if there is a Russian subsidiary, this will also imply that it has to follow Russian laws.