Новости

In Russia, if you don’t owe anything to a bank, this doesn’t mean you don’t owe anything to taxmen

A new idea was recently proposed by the Federal Tax Service of Russia. “Bad” debts of banks which are written off – thus, in fact, forgiven to an indebted party – will still be taxed by a standard income tax of 13%. Well, not exactly debts, but economic benefits they create.

British auditors complain on “illogical” adaptation of European audit legislation

Representatives of the audit profession in Great Britain express concerns around the way the Competition and Markets Authority (CMA, former Competition Commission) is interpreting certain aspects of the audit market regulation in the EU. Those will come into effect in 2016.

PCAOB asking auditors to pay more attention to audit of revenues

The latest Staff Audit Practice Alert issued by the Public Company Accounting Oversight Board urges auditors to pay more attention to auditing revenues. Numerous inspections held by the PCAOB discovered major audit deficiencies here, which is why this area now requires more attention.

Russian offshore companies will be denied access to government purchases, and all foreign companies – to VEB’s loans

A group of senators from the upper chamber of Russia’s parliament (the Federation Council), led by the FC’s chairperson Valentina Matvienko, recently proposed further “deoffshorization” plans for the State Duma’s consideration. This one will be very extensive: it will affect budgetary legislation, government purchases, legal entities’ registration, and not only.

EU approves new sanctions, although is not adopting them yet

Head of the European Council Herman van Rompuy informed on eventual approval of a new set of sanctions against Russian companies, although with a delay option. This means that European regulators want to give a chance to the ceasefire regime.

Russia’s Audit Council recognizes low quality of audit

The Ministry of Finance published an information message on its website, informing on the latest meeting of its Audit Council which took place in September. Quality of professional education is what raises most concerns.

IOSCO issues new guidance on non-GAAP financial measures

The International Organization of Securities Commissions (IOSCO) presented draft guidance for presentation of non-GAAP financial measures. By those it is normally understood: “underlying earnings”, “normalised profit”, “pro forma earnings”, EBITDA, “adjusted earnings”, and “earnings before non-recurring items”.

Rosfinmonitoring asking the CB to allow it to participate in anti-money laundering inspections

The Federal Financial Monitoring Service of the Russian Federation (“Rosfinmonitoring”) wants to participate in the CB’s inspections of banks to check how well they follow anti-money laundering rules. It is not 100% certain that the idea will be approved because if it does this will mean violation of Central Bank’s independence.

FAQ on audit regulation in Europe

The European Commission has published a set of questions and answers on the new framework for statutory audit regulation in the EU which should greatly contribute to its wider and consistent implementation.

IFRS Foundation comments on results of public consultations concerning influence of IFRSs in Europe

In August 2014 the European Commission launched public consultations on the subject of influence of IFRSs in the EU. Today the IFRS Foundation presented its informal (but only informal) response to the issues which were considered in the former EU’s publication.