Новости

James Schnurr replaces Paul Beswick as the SEC’s new Chief Accountant

The Securities and Exchange Commission acquires a new Chief Accountant: Paul Beswick steps down to be replaced by Deloitte ex-senior partner James Schnurr who will get to his new duties in October.

“Big Four” may be denied access to state secrecy

Russian offices of Deloitte, EY, KPMG and PwC may possibly be denied further access to state secrecy. Security services don’t like the fact that foreigners have access to data provided by consultants who work in Russia.

Central Bank of Russia will look after convictions of bank owners on its own

Banks won’t have to confirm presence or, on the contrary, absence of criminal convictions of their owners and top managers. This was a burdensome obligation for banks which will now be performed by the Central Bank itself.

International credit rating agencies will have to pass through accreditation in order to work in Russia

The Central Bank of Russia is now paying close attention to international credit rating agencies: the “Big Three” (Standard and Poor’s, Moody’s, and Fitch) and not only will possibly have to register their subsidiary companies in Russia instead of offices and branches as they do now.

Joint stock companies will become more transparent to their directors

Joint stock companies in Russia will have to disclose all available information to the board of directors on business activity of companies under the entity’s control – or pay a 700 thousand fine otherwise. This is provided by amendments to the law on JSCs which were recently prepared by the Ministry for Economic Development.

VTB and Rosselkhozbank will be saved with the National Welfare Fund

According to a new directive of the prime-minister of Russia Dmitry Medvedev, it is now allowed for the Ministry of Finance to spend approximately 239 billion roubles on salvation of Rosselkhozbank and VTB which found themselves in a hard situation because of sanctions.

IFRS Foundation named members of the Impairment Transition Resource Group

Just as it was promised upon the final issue of IFRS 9 in July, a new group of experts was formed to help key stakeholders with transition to new requirements.

Second interim amendment proposed to IFRS Taxonomy 2014

The IFRS Foundation today published the second interim set of amendments to IFRS Taxonomy 2014. The first one, we remind, was presented in May mostly to adopt recent changes in IFRS 14 “Regulatory Deferral Accounts”.

GAAP-IFRS.COM Digest: 18-22 August

FASB issues guidance on accounting for cloud computing

A new specific guidance was recently issued by the Financial Accounting Standards Board (FASB) on the subject of cloud computing. This one will be used by commercial, non-commercial and non-profit entities.