Новости

Revenue risk spurs rethink on common tax base

Britain may weaken its opposition to a European Commission plan for a common corporate tax base in the hope that it would stem the tide of multinationals moving their tax domicile to Ireland, according to Brussels lobbyists.

SMEs to be freed from eco-accounting

President Dmitry Medvedev instructed Yuri Trutnev, the minister of natural resources of the Russian Federation, to prepare amendments to the legislation concerning the order of official checks of commercial entities.

Minfin toughens control over auditors

As it was expected, no cancellation of the licensing practice and its replacement with self-regulation will happen on July 1st. Instead, the State Duma of the Russian Federation acquired another project which postpones the date until January 1st, 2009.

SEC to prioritize IFRS

Scheduling the implementation of International Financial Reporting Standards is to be one of the top priorities for US financial watchdog the Securities and Exchange Commission.

EU backs limit on auditor liability

The EU Commission has recommended that the liability of auditors and firms arising from breaches of their professional duties should be limited.

Bankers dislike the CB’s ideas

Garegin Tosunyan, president of the Association of Russian Banks (ARB), has its own ideas which he presented in the official letter to the Bank of Russia. Being a representative of the whole Russia’s banking society, he proposed other methods to calculate the critical amount of misstatements in accounting records which may lead to cancellation of a banking license.

FASB Issues Exposure Draft on Accounting for Hedging Activities

The Financial Accounting Standards Board (FASB) today issued an Exposure Draft (ED) of a proposed Statement of Financial Accounting Standards, “Accounting for Hedging Activities” - an amendment of FASB Statement No. 133. The proposed Statement would require application of the amended hedging requirements for financial statements issued for fiscal years beginning after June 15, 2009, and interim periods within those fiscal years.

New IFAC Guidance Supports Professional Accountants in Business in Promoting Better Investment Decisions

Recognizing that professional accountants in business play an important role in helping their organizations deliver long-term value, the International Federation of Accountants (IFAC) Professional Accountants in Business (PAIB) Committee has released new guidance on the use of discounted cash flow analysis and net present value in evaluating investments. Entitled “Project Appraisal Using Discounted Cash Flow”, this guidance was released as part of the PAIB Committee’s new program to develop International Good Practice Guidance on financial and management accounting topics.

FFMS wants insurance for funds invested into PPFs

The Federal Financial Markets Service proposed creation of an insurance fund for private individuals investing into private pension funds. Experts say this will certainly increase investors’ confidence, but will also lower return on those investments.

New financial instruments will be launched on Russian markets

Russia’s financial markets will soon acquire a new set of financial instruments, including so-called “infrastructure bonds”, which are bonds issued to finance government’s infrastructure projects such as those for land or air transport.