Новости

“United Russia” is preparing tax amnesty for business entities

The “United Russia” political party together with representatives of the Russian business society is working on the project of tax amnesty for legal entitles (to remind you, the one which was in force until 1st January 2008, was for private individuals). Vladimir Gruzdev from the party announced that details would be soon considered at the Fourth national business congress in July. The government of Russia is not ready to discuss any details yet while experts predict that the tax amnesty won’t have any success unless officials guarantee safety for those wishing to “confess”.

The CB doesn’t want any currency speculations

Yesterday the Central Bank of the Russian Federation decided to increase the required reserves normative standards for credit organizations: starting from July 1st, required reserves for banks’ liabilities to non-resident banks will be increased by 1.5% while all other normative standards – by only 0.5%. Market participants think it is the way the CB is trying to slow inflation by not switching to ruble appreciation (which is actually long awaited by foreign investors who want to speculate on carry trade transactions).

No only the CB may cancel banking licenses

The State Duma of the Russian Federation has approved the corresponding project in its first reading. It provides an opportunity for the Federal Financial Monitoring Service’s (also known as “Rosfinmonitoring”) to cancel banks’ licenses for violation of the anti-money laundering legislation, simultaneously restricting the Bank of Russia from cancellation of licenses as a punishment for the same crime. However, experts are still waiting for the second reading of the project because the Central Bank is expected to present its own amendments.

U.S. and European Authorities from Belgium, Bulgaria, Norway and Portugal Add to Growing List of Cooperative Arrangements

The Securities and Exchange Commission today signed protocols to share information on the application of International Financial Reporting Standards (IFRS) with financial regulators in four European countries.

FASB Issues Statement No. 163 “Accounting for Financial Guarantee Insurance Contracts”

The Financial Accounting Standards Board (FASB) today issued FASB Statement No. 163 “Accounting for Financial Guarantee Insurance Contracts”. The new standard clarifies how FASB Statement No. 60 “Accounting and Reporting by Insurance Enterprises” applies to financial guarantee insurance contracts issued by insurance enterprises, including the recognition and measurement of premium revenue and claim liabilities.

FRC publishes discussion papers on Promoting Actuarial Quality, and Monitoring and Scrutiny of Actuarial Work

The Financial Reporting Council (FRC) has published two major discussion papers on actuarial practice and regulation.

IASB issues amendments for determining the cost of an investment in the separate financial statements

The International Accounting Standards Board (IASB) today issued amendments to International Financial Reporting Standards (IFRSs) for determining the cost of an investment in the separate financial statements.

IASB concludes first annual improvements project

The International Accounting Standards Board (IASB) issued today Improvements to IFRSs - a collection of amendments to International Financial Reporting Standards (IFRSs). These amendments are the result of conclusions the Board reached on proposals made in its annual improvements project.

Criminal liability for fraudulent behavior in insurance business

It looks like the Ministry of Finance is working on a new project that will introduce amendments to the Criminal Code providing severe punishment for frauds in insurance sector of the Russian economy: 2 to 7 years of imprisonments for clients trying to cheat on insurers and vice versa (for insurance companies trying to cheat on their customers). Russian experts – for example, those of the All-Russia Union of Insurers - express their support and vote for 10 years of imprisonment.

FAS ordered banks to behave like all others

The Federal Antimonopoly Service (FAS) plans to check banks which dominate the market and set prices for their services different from the market’s average. Setting them too high or too low – it doesn’t matter if we’re talking about rates on credits, deposits or currency exchange rates – may be punished with fines. Large banks with government’s or foreign participation are most likely candidates: it is a know fact that they enjoy setting low tariffs for their services.