Новости

Sales tax may and may not be adopted – no decision yet

Mr. Putin hasn’t decided yet whether to adopt the sales tax in Russia or not. A bit earlier we informed that a positive decision had been made.

MSCI Russia will not exclude Sberbank and VTB

Morgan Stanley Capital International’s MSCI Russia index will keep Sberbank and VTB in calculation.

GAAP-IFRS.COM Digest: 4-8 August

FASB amends its consolidation standards

FASB made clear to reporting entities how they should consolidate collateralized financing entities (CFEs) in their accountancy. In the US accounting practice this one is normally a variable interest entity (VIE) which holds certain financial assets and pays interest income to the reporting entity (the latter acts as a principal receiver).

Bank accounting in crisis conditions: part 2

The global association of investment experts CFA Institute today presented the second part of its research paper “Financial Crisis Insights on Bank Performance Reporting”. We remind that the first one was published at the end of July and mostly concentrated on one of the key metrics for investors’ decision making – P/B.

Large tour agencies in Russia will have to pass external audit

In the wake of economic sanctions travel agencies in Russia are going bankrupt. The Federal Tourism Agency (aka “Rostourism”) and the Central Bank have plans to impose much tighter control over that segment. Especially in case of large operators for which obligatory external audit will likely be adopted.

EC holds public consultations on “IAS Regulation” and influence of international standards in Europe

The European Commission has launched public consultations on regulation and influence of IFRSs in the European Union. By 31 October 2014 all are welcome to share their thoughts. After that a technical report will be submitted to the EU Council of Ministers and the European Parliament for consideration.

Rosselkhozbank and Gazprombank already asking the government for assistance

It follows from some of the recent interviews with common people on streets that they haven’t started to feel consequences of sanctions yet, but business entities likely have. This week Rosselkhozbank and Gazprombank asked the government for financial support they need because of adoption of sector-wide sanctions.

The order of calculation of cadastral value may be changed in Russia

Head of the business association OPORA Russia Alexander Brechalov sent a letter to the minister of economic development Alexei Ulyukaev, asking him to change the methodology of calculation of cadastral value in order for small and medium entities to economize on taxes.

IPSASB proposed to align IPSASs with recent changes in IFRSs

The International Public Sector Accounting Standards Board (IPSASB) published its recent suggestions on how to improve international standards for public sector entities. The Board is proposing to adopt most important of the recent annual amendments to IFRSs.