Новости

US hedge funds advised to escape to tax heaven

The US President Barack Obama said that he was going to propose a new law on taxation. According to it, companies managing investment- and hedge funds will pay higher taxes on profits – 30% instead of 15%.

New amendments to the legislation on competition approved in Russia

This Monday Russia’s government approved a set of amendments to the legislation on protection of competition. Those amendments noticeably increase the minimal volume of assets and transaction’s turnover with which it is required to apply to the Federal Antimonopoly Service (FAS) for approval.

IASB proposes amendments to clarify the accounting for embedded derivatives

The proposals respond to requests received from those taking part in the recent round-table discussions organized by the IASB and the US Financial Accounting Standards Board (FASB) to clarify the requirements in IAS 39 Financial Instruments: Recognition and Measurement and IFRIC 9 Reassessment of Embedded Derivatives.

FASB Issues First of Two Proposed Staff Positions to Improve the Financial Reporting for Financial Instruments

Proposed FSP EITF 99-20-a “Amendments to the Impairment and Interest Income Measurement Guidance of EITF Issue No. 99-20” is available for review and comment by constituents until December 30, 2008. Additionally, proposed FSP FAS 107-a “Disclosures about Certain Financial Instruments” will be issued in the following week and constituents have until January 15, 2009 to review and provide comments.

IASB and FASB Propose Joint Approach for Revenue Recognition

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment a discussion paper setting out a joint approach for the recognition of revenue.

Audit freed in Russia

Starting from January 1 2010, licensing of the audit business in Russia will be replaced by self-regulation. Already existing licenses won’t be valid anymore. Self-regulatory organizations (SROs) will comprise 700 auditors - or 500 audit companies.

Bank of Russia allowed easier formation of risk reserves

This Friday the Bank of Russia’s board of directors approved a legislation project to change rules of estimation of risk for credit issuing purposes. After it comes into force (presumable on January 1, 2009) Russian banks will treat as “good” more overdue credits.

IASB publishes proposed new Consolidation standard as part of comprehensive review of off balance sheet risk

The International Accounting Standards Board (IASB) today published for public comment proposals to strengthen and improve the requirements for identifying which entities a company controls.

ASB to issue clarification amendments to FRS 26 and FRS 29

At its meeting today the Accounting Standards Board (ASB) agreed to issue amendments to FRS 26 (IAS 39) “Financial Instruments: Recognition and Measurement” and FRS 29 (IFRS 7) “Financial Instruments: Disclosures”. These amendments would clarify the effective date and transition requirements of the amendment to those two standards issued by the ASB on 24 October 2008 “Reclassification of Financial Assets” permitting the reclassification of certain financial instruments.

APB issues Draft Updated Guidance on Auditing Complex Financial Instruments

The current PN 23 was issued in April 2002 to provide guidance on auditing derivative financial instruments and is based on an International Auditing Practice Statement (IAPS) issued by the International Auditing and Assurance Standards Board (IAASB). The APB considers that it is helpful to widen the scope of PN 23 to cover other complex financial instruments, as well as derivatives, as many of the audit considerations are the same.