Новости

ASB chooses enhanced disclosure as a way forward in Accounting for Heritage Assets

The Accounting Standards Board (ASB) has today issued a revised Financial Reporting Exposure Draft (FRED) that aims to improve the quality of the financial reporting of heritage assets. It applies to museums, galleries and other entities that house historic collections of art, antiques and books, or that own or manage land or buildings with important environmental or historical qualities.

Banks to present data on their external borrowings and credit plans to the CB

Yet another regulatory toughening is possibly following from the CB’s side. At the beginning of June, the Central Bank’s Moscow office demanded information on external borrowings.

Minfin proposed a new approach to depreciation

The Ministry of Finance of the Russian Federation prepared a set of amendments to the 25th section of the Internal Revenue Code which may dramatically change rules of depreciation in Russian accounting practice.

SEC Proposes Comprehensive Reforms to Bring Increased Transparency to Credit Rating Process

The Securities and Exchange Commission voted to formally propose a comprehensive series of credit rating agency reforms to bring increased transparency to the ratings process and curb practices that contributed to recent turmoil in the credit markets.

Commission issues Recommendation on limiting audit firms’ liability

The European Commission has issued a Recommendation concerning the limitation of auditors’ civil liability. Its main purpose is to encourage the growth of alternative audit firms in a competitive market.

Price manipulators face prison

The Federal Financial Markets Service (FFMS) introduced its new proposals to the government – those will possibly amend the Criminal code. Among other things, news sections of the Code will stipulate a prison sentence for price manipulations on financial securities markets in Russia.

Board Adopts Rules for Annual and Special Reporting

The Public Company Accounting Oversight Board today adopted rules for annual and special reporting of information and events by accounting firms that are registered with the PCAOB.

FEI Announces Formation of Corporate Roundtable on International Financial Reporting (CRIFR)

Financial Executives International (FEI), the preeminent association for financial executives, announced the formation of a new national coalition, the Corporate Roundtable on International Financial Reporting (CRIFR). The coalition will provide a forum for companies of all sizes and funding models to discuss all business issues related to the promulgation, implementation and convergence of International Financial Reporting Standards (IFRS) by U.S. companies.

LIBOR recalculated: part 2

At it was promised, the British Bankers’ Association yesterday announced its decision to strengthen control over the London Interbank Offered Rate. It plans to invite new banks – new members for its committee – and to change time of calculation of the rate.

IMF criticized Russia’s view on tax reform

The International Monetary Fund sees no reasons for lowering value added tax (VAT) in Russia or for its replacement with sales tax – instead, the IMF invites Russian officials to concentrate their efforts on unified social tax and tax on profits. “It is advised to reconsider proposals on lowering the rates. We do not share the opinion on possibly distorting effects of this tax. Lowering the VAT rate would contradict global tendencies - and its replacement by sales tax would mean a step back”, - said representatives of the organization during their last month’s work in Moscow.