Новости

IASB amends standard to give additional guidance on the designation of a hedged item

The International Accounting Standards Board (IASB) issued today Eligible Hedged Items (an amendment to IAS 39 “Financial Instruments: Recognition and Measurement”).

Reinsurance companies learnt how to play by the rules

Yesterday the Federal Insurance Supervisory Authority published a report which states that supervision over the reinsurance business in Russia has been toughened, and because of that, premiums for reinsurance contracts decreased by 22% in 2007. Taking into account the overall uprise of the whole Russia’ insurance market, this means only one thing: companies are trying to stay away from “grey” tax minimization schemes.

Rospotrebnadzor will leave bankers alone

Deputies of the State Duma of the Russian Federation don’t want the Federal Service on Surveillance for Consumer rights protection and human well-being (also known as “Rospotrebnadzor”) to check banks. A renewed version of amendments to the legislation “On consumer crediting” contains provisions to exclude supervision over consumer rights protection in the field of financial services from the list of Rospotrebnadzor’s prerogatives.

PCAOB Adopts Firm Succession Rules

The Public Company Accounting Oversight Board has adopted rules and a related form to govern when a firm would be allowed to succeed to the registration status of a predecessor firm following a merger or other change in the registered firm’s legal status.

SEC accounting panel to seek fair-value freeze

A committee created by the Securities and Exchange Commission is planning this week to report its final recommendations for sweeping changes to the accounting system.

Cartels to be punished under Criminal Code

This August the Federal Antimonopoly Service (FAS) is introducing a project to regulate cartel agreements for official consideration by the government, told the authority’s chief Igor Artemiev at today’s meeting with Russia’s Prime Minister Vladimir Putin.

Amendments to the corporate legislation ready for approval

The Ministry for Economic Development has prepared a number of amendments ready to be introduced to the State Duma of the Russian Federation this September.

SEC to assess IFRS performance during credit crunch

The US Securities and Exchange Commission is to explore the performance of international accounting standards during the credit crunch as it continues its moves towards adoption of the standards.

Russia goes for tougher requirements for tolling

In Russian business practice, there’s a widespread “tolling” practice which means production of finished goods from raw materials supplied by a customer. The term comes from the English word “tolling” and by its nature means payment for processing of raw materials by raw materials themselves.

Mechel pinned down

Russia’s Prime Minister Vladimir Putin has specified his claims to Mechel: the company is accused in tax evasion schemes.  Until this Monday, market participants weren’t sure exactly what crime was meant by the Prime Minister: minimization of taxes or monopolization of the internal market. They actually hoped for something “softer” like violation of transfer pricing requirements. Experts say that those claims are more dangerous to the company and the industry in general.