Новости

Cyprus closed for Russian companies

Russia’s Minfin and the Ministry of Finance of Cyprus are discussing a possibility to exclude Cyprus from the list of offshore zones, registration in which allows companies to transfer non-taxable dividends to the Russian Federation. Cyprus authorities, taking care of international image of their country, are interested even more than the government of Russia.

Arnold Schilder Named to Lead IFAC’s International Auditing and Assurance Standards Board

The Board of the International Federation of Accountants (IFAC) has appointed Prof. Dr. Arnold Schilder, RA, to lead the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of IFAC, beginning January 1, 2009. Prof. Schilder’s appointment to a three-year term as IAASB Chair was approved by the Public Interest Oversight Board (PIOB), which oversees the IAASB’s activities, at its meeting in Madrid, Spain last week.

New Chair, Professional Oversight Board

The FRC is pleased to announce the appointment of Dame Barbara Mills as the next Chair of the Professional Oversight Board and an executive director of the FRC.

FATF gets tough on Russian bankers

The Financial Action Task Force (FATF) advised Russia’s government authorities to cancel licenses of banks, owners of which were convicted of a criminal offense. The Central Bank of the Russia Federation is expected to be authorized for cancellations of banking licenses in that respect. FATF experts are sure Russia needs more severe control over banking organizations – and in particular, over reputation of their owners.

Disclosure of off-balance sheet arrangements

The Accounting Standards Board’s Urgent Issues Task Force (UITF) has been addressing the issue of what is the legal definition of an off-balance sheet arrangement.

Russia clamps down on NGOs

Russian Prime Minister Vladimir Putin has signed a resolution that significantly reduces the number of NGOs eligible for tax breaks in Russia.

Bank of Russia “not transparent”

The Eijffinger-Geraats index for the Central Bank of the Russian Federation is only 3.5 out of possible 15 – says the report by the Center of economic research of the Moscow University of Industry and Finance. The level of information transparency of the Bank of Russia is actually lower than the central banks’ of Africa and Latin America. The main problems, experts say, are connected with “secrets” of its monetary- and credit policy and insufficient disclosure of accountancy, which in its turn leads to discovering violations of money spending many years after their actual occurrence.

IFRIC issues guidance on hedges of a net investment in a foreign operation

The IFRIC was asked for guidance on accounting for the hedge of a net investment in a foreign operation in an entity’s consolidated financial statements. Practice has diverged as a result of differing views on which risks are eligible for hedge accounting according to International Financial Reporting Standards (IFRSs).

IFRIC issues clarification on agreements for the construction of real estate

The Interpretation will standardize accounting practice across jurisdictions for the recognition of revenue among real estate developers for sales of units, such as apartments or houses, “off plan”, i.e. before construction is complete.

FATF says Russia’s okay

At Thursday’s conference on “Currency circulation: models, standards and tendencies” Yury Chikhanchin, head of the Federal Financial Monitoring Service, presented most important conclusions from the Financial Action Task Force’s (FATF) work in Russia. It appears that, when money laundering is concerned, Russia shows good results and stands at the same level as Canada or Italy.