Новости

IFRS “Green Book” ready for shipping

The IFRS Foundation informs that the latest version of its “Green Book” – “A Guide through IFRS 2014” is already available. It includes full text of standards, interpretations and accompanying documents (like, for example, “bases for conclusions” which are compulsory in case of many standards) issued by 1 July 2014. Cross-sections and annotations are also present.

IASB published new DP on rate regulation

The International Accounting Standards Board published a discussion paper yesterday dedicated to the subject of reporting financial effects of rate regulation. Comments are to be received by 15 January 2015.

Inflation may get out of control

The Ministry for Economic Development predicts that until the end of the year inflation may reach 8%. This may be related to sanctions and, so to speak, “response” sanctions which cause food prices to rise.

Rouble exchange rate is not a reason to panic

The Ministry of Finance is asking citizens not to panic in relation to the recent rapid rouble devaluation. Yesterday, we remind, a historical minimum (of the rouble’s value) was reached. 1 USD now costs 38 roubles, and 1 euro = 50 roubles.

British FRC approves changes to its Code

The Financial Reporting Council today issued an amended version of the Corporate Governance Code (or just the “Code”). It is expected that from now on investors will start to receive information of much higher quality on financial conditions and investment strategies of listed companies. Quality threshold for risk management will also be lifted.

US private companies may get an exemption in accounting for intangible assets

The US Private Company Council (PCC) yesterday discussed an alternative approach to accounting for private companies under which they will be freed from necessity to separately recognize and measure non-competition agreements and customer-related intangible assets which can’t be independently licensed and sold in a business combination.

IASB amends six accounting standards

The International Accounting Standards Board recently clarified unit of account for investments in subsidiaries, joint and associated entities if those are quoted investments – in other words, have quotations on active markets.

Compensation to companies suffering from sanctions will be provided out of the National Welfare Fund

Head of the Ministry for Economic Development of Russia promised financial support to companies which today suffer from economic sanctions. It will be paid out of the National Welfare Fund – which, in fact, implies paying out of pension savings of common citizens. Financial aid may possibly be received not only by companies from the sanctioned oil sector, but also by companies of the military and defense complex and the banking sector. Various mechanisms are being proposed today – from amended customs and tariffs policies to direct financial assistance straight from the federal budget.

Bloomberg BNA improves its Premier International Tax Library

Bloomberg BNA informed that it had improved its international resource for tax researchers Premier International Tax Library.

House of Representatives asking to retain the cash method of accounting

Switching to the accruals method of accounting may harm business – warn American lawmakers in the letter (signed by bipartisan majority of the House of Representatives) to the Congress speaker John Boehner and other leaders. It was also reminded that last month similar concerns about dangers of the cash method for tax accounting purposes were expressed by representatives of the Senate.