Новости

EC sets out plans for audit body

The European Commission has set out in detail its plan for external quality assurance for statutory audits.

Direct branches of foreign insurers in Russia delayed

Sadly – or gladly, depends on who’s asking – the project was withdrawn from the State Duma’s agenda. This was officially announced recently by Alexander Koval, deputy and chairman of the All-Russia Union of Insurers and the one who introduced the project. According to him, it will be re-introduced after the “new” government* is finally formed.

Commissioner Atkins Announces Intention to Leave SEC

Securities and Exchange Commissioner Paul Atkins announced today that he intends to leave the SEC following the end of his term. Appointed by President Bush, Commissioner Atkins began the first of two terms in August 2002. He plans to stay until his successor is appointed and takes office.

Board Solicits Nominations for Standing Advisory Group

The Public Company Accounting Oversight Board is soliciting nominations for members of its Standing Advisory Group.

Foreign experts vote for rubles

World’s leading investment banks named ruble the most stable and promising currency and positively advised their client on its purchases. Russian experts say this is a sign that a ruble is step-by-step turning into world’s reserve currency.

European partnership mergers may not be swift enough for E&Y

Ernst & Young (R&Y) faces many difficulties when embarking on its plan to merge all its European partnerships at the same time, according to the co-head of KPMG Europe, the only accountancy firm to have integrated firms.

FASB to Get Tougher on Subprime Loan Sell-offs

The Financial Accounting Standards Board may change some accounting rules to make it more difficult for banks to get subprime loans off their books.

Internal audit ineffective

More than 90% of all Russian companies have already employed internal audit departments (more than a half of those were created during the last five years while almost one quarter - during 2007) - shows a report based on joined research by KPMG and the Institute of Internal Auditors.

Russian bankers want changes

The Association of Russian Banks (ARB) has prepared a set of proposals concerning possible amendments to the Internal Revenue Code of the Russian Federation, sending an official letter to the Minister of Finance Alexei Kudrin. Some of those amendments were proposed earlier, but were not taken into account. For instance, one should remember most frequent complaints of bankers concerning double taxation of dividends paid for shares purchased for bank-managed mutual funds (BMMF). These dividends are currently taxed twice: first, at 9% paid at the source, and after that – at 24% (or 13% for individual persons) for profits from being a member of a bank-managed mutual fund.  

XBRL Group Finalizes U.S. GAAP Taxonomies

XBRL US, the nonprofit group working to develop the Extensible Business Reporting Language in the U.S., said it has finished codifying collections of financial and business terms for U.S. generally accepted accounting principles in XBRL format, along with an accompanying preparers guide.