Новости

India’s path to IFRS is associated with adoption of a tax standard

Today India is actively adopting new Indian accounting standards (Ind AS) which are greatly converged with IFRS. Simultaneously, its government made a decision to approve a separate tax standard – the Tax Accounting Standard (TAS).

USA may restrict short-term financing of Russian companies

The USA may restrict trading with secondary financial instruments of Russian companies and their short-term financing if the previous set proves ineffective and doesn’t force the government of Russia to change its external policy.

National payment system of Russia will be built from scratch

The Central Bank’s expert committee which is today searching a new technological platform to form a foundation for its National Card Payment System (NCPS) made a decision.

Foreign auditors may be forced to leave Russia

It is today proposed that any legal entity or even a natural person residential in an “aggressor country”, or even a legal entity affiliated with an entity from an “aggressor country” may face a prohibition to continue its business in Russia.

EU adopting sector-wide sanctions as well

In their joint yesterday’s statement Chairman of the European Union Herman van Rompuy and head of the European Commission Jose Manuel Barroso commented on the recent EU’s decision on adoption of third-level sanctions.

USA adopted sanctions against three more large Russian banks

Yesterday the USA adopted sanctions against Rosselkhozbank, VTB, and the Bank of Moscow.

“Deoffshorization” possibly postponed until 2019

Today “Kommersant” informed that one of the most actively discussed draft laws (the one on controlled foreign companies - CFCs) would possibly be delayed until 2019. This decision is unofficial, but it was considered during the recent meeting at the vice-prime minister Igor Shuvalov.

How much will sector-wide sanctions cost Russia and Europe?

European analysts calculated that in 2014 sector-wide sanctions would cost 23 billion euro in losses to Russia, followed by 75 billion euro more in 2015. Approximately the same amount will be lost by European producers. We remind that by “sector-wide” they mean restrictions in the most vulnerable sectors of the Russian economy (financial services, energy, military). For instance, it is now said that VTB and Sberbank may fall under sanctions.

What investors want to hear about accounting policies?

At the end of last week the “Lab” presented its latest report «Accounting policies and integration of related financial information». It should first of all interest companies which need to kwon what disclosures on their accounting policies investors would like to see in accounts.

British CMA launches consultations on the audit reform

The Competition and Markets Authority (CMA) of Great Britain launched four-week consultations concerning implementation of its program to reform the audit market. This was expected earlier because the main reason for that is the fact that the European Parliament already finished its own reform.