Новости

Real values of credits disclosed in Russia

The Central Bank of the Russian Federation obliged banks to inform their clients (private individuals) on full (“real”) values of credits given to them. Before acquisition, he or she will have to sign an agreement where an effective rate is disclosed.

Commission issues Recommendation to strengthen confidence in statutory audit

The European Commission has issued a Recommendation on “external quality assurance for statutory auditors and audit firms auditing public interest entities”. It provides guidance to Member States for establishing an independent and effective system of inspections on the basis of the Directive on Statutory Audit. In essence, this Recommendation gives more responsibilities to the public oversight bodies, strengthens the independence of inspection teams and enhances transparency on the results of inspections of individual audit firms.

US auditors worry about XBRL costs

Auditors want the Securities and Exchange Commission to adopt a wait and see approach before requiring all US firms to file financial statements using new technology.

Dmitry Medvedev supports SMEs

Russian president Dmitry Medvedev signed an order on immediate actions to lift administrative restrictions for entrepreneurship – announced the president’s press service this Thursday.

Russian corruption

According to Ernst & Young’s 10th international survey “Corruption or compliance – weighing the costs: the 10th global fraud survey”, situation in Russia is a bit different from global tendencies – and it is worse, not better. It appears that managers of companies working in Russia face more frequent manifestations of corruption than their European colleagues – and they have less belief in effectiveness of anti-corruption legislation (but they do believe in whistle blowing and  “perspectives” of being imprisoned).

SEC to mandate filing in XBRL

The rule, which will compel filing in Extensible Business Reporting Language, is expected to apply to large public companies, including those on the US Fortune 1000 index.

IFAC Seeks Evaluator to Review the International Public Sector Accounting Standards Board

The International Federation of Accountants (IFAC), in partnership with the World Bank, is seeking expressions of interest from professional accountants to carry out an evaluation of the activities of the International Public Sector Accounting Standards Board (IPSASB).

LIBOR recalculated

Yesterday the British Bankers’ Association announced changes in procedures to calculate the London Interbank Offered Rate, one of the most influential rates on the world’s markets. However, experts did not disclose any details, saying this would happen on May 30th.

Minfin will find large companies pretending to be small

It’s not a secret that many larger businesses sometimes split in order to enjoy all tax privileges for smaller companies. The Ministry of Finance of the Russian Federation prepared a set of amendments to the Internal Revenue Code that won’t allow splitting of business for tax evasion purposes.

FASB Issues Statement No. 162

The Financial Accounting Standards Board (FASB) today issued FASB Statement No. 162 “The Hierarchy of Generally Accepted Accounting Principles”. The new standard is intended to improve financial reporting by identifying a consistent framework, or hierarchy, for selecting accounting principles to be used in preparing financial statements that are presented in conformity with U.S. generally accepted accounting principles (GAAP) for nongovernmental entities.