Новости

EU aims to close loopholes in savings tax law

European Union regulators announced proposals on Thursday that aim to close off loopholes in the EU’s strict tax rules and crack down on tax evasion linked to cross-border investments.

ASB issues Amendment on Financial Instruments: Eligible Hedged Items

The Accounting Standards Board (ASB) has today issued an amendment to FRS 26 (IAS 39) “Financial Instruments: Recognition and Measurement – Eligible Hedged Items”. This follows the same amendment issued in July 2008 by the International Accounting Standards Board (IASB).

Transparent Russia

Standard & Poor’s together with the Centre for Economic and Financial Research (CEFIR) publish reports on transparency on annual basis. This rating is defined by 108 criteria, divided into three separate groups: disclosure of shareholders’ rights and property structure, financial reporting and disclosure of managerial staff and board of directors.

FFMS knows better how to stop trading and when

The Federal Financial Markets Service has developed a new regulation, according to which trading on Russian stock exchanges will be stopped in case of any serious deviations of basic, not technical indexes. Besides, the regulator plans to broaden boundaries in that respect, so that trading will be stopped in case of more serious deviations that now.

Tweedie nearly quit after fair value change

Sir David Tweedie considered stepping down from his position as the head of the IASB after effectively being forced to allow the reclassification of hard-to value financial assets, he admitted at a Treasury committee meeting earlier this week.

AICPA Backs FASB on Mark-to-Market Study

The American Institute of CPAs has written to the Securities and Exchange Commission urging it to allow the Financial Accounting Standards Board to continue to set standards for mark-to-market accounting.

Minfin demands financial restatements from companies

Minfin’s officials have posted a new accounting standard AS 22/2009 “Correction of errors in financial accountancy and reporting”. The renewed version remarkably changes the order of correction of accounting errors and introduces new notions to the standard. Besides, the whole process of error correction will require companies to present additional accountancy - financial restatements, just like in case of tax accounting restatements in Russia.

IMA issues statement of recommended practice for authorized funds

As part of its responsibility as a SORP-making body, IMA regularly reviews the SORP to ensure that it is in step with relevant industry developments and accounting practice.

IASB questions relaxing of fair value accounting

European banks’ accounting practices have worsened as a result of the easing of fair value accounting standards, says Sir David Tweedie, head of the International Accounting Standards Board.

Fitch sees some problems with Russia

Just like Standard & Poor’s a couple of weeks ago, Fitch has decided to lower expectations for the sovereign credit rating of the Russian Federation to “negative”. There are several reasons for that: high risks of deposit outflows, capital outflow, systemic problems with the banking sector, high inflation and low oil prices – so, like experts say, lowering of the rating by Fitch was pretty much expected.