Новости

KPMG Establishes IFRS Institute to Foster Smooth Adoption in the United States of International Financial Reporting Standards

KPMG LLP, the audit, tax and advisory firm, today announced the establishment of the KPMG IFRS Institute to raise awareness and address the information needs of companies, investors, academics and others who may be affected by a transition by U.S. companies to International Financial Reporting Standards (IFRS).

FFMS is fighting again

The Federal Financial Markets Service (FFMS) has amended the project on “Illegal use of insider information and market manipulations” and sent it for further consideration by other ministries of the Russian Federation. Examining the project may take up to two weeks more, and after that it will be presented to the government for its possible approval. Finally, if approved, it will punish not only employees using their companies’ insider information, but their employers as well.

Strategic and Operational Plan Issued by IFAC’s International Ethics Standards Board for Accountants

The IESBA’s strategy focuses on new projects and activities it will undertake following the completion of its current projects on independence and on improving the clarity of the IFAC “Code of Ethics for Professional Accountants”.

PCAOB and Singapore Accounting and Corporate Regulatory Authority Confirm Cooperative Regulatory Arrangements

The Public Company Accounting Oversight Board is pleased to announce that the PCAOB and the Accounting and Corporate Regulatory Authority in Singapore (“ACRA”) have, through an exchange of letters, mutually confirmed their intention to cooperate in the oversight of audit firms that fall within the jurisdiction of both the PCAOB and the ACRA.

Minfin wants total control over transfer pricing

According to the ministry’s deputy chairman Sergei Shatalov, they are going to keep the same old approach which will allow them to control both upcountry and foreign trade transactions of companies. To remind you, the same old project was supposed to be discussed in November 2007, but there came the Russian Union of Industrialists and Entrepreneurs with alternative project prepared by the Finance Academy under the Government of the Russian Federation and delayed the whole process.

Minfin simplifies taxation of holdings in Russia

The Ministry of Finance of the Russian Federation is done developing its new legislation project which, if approved, will introduce amendments to the Internal Revenue Code concerning taxation of holdings (consolidated taxpayers). These amendments were developed to stimulate business activity of holdings in Russia. The point is that, while determining the amount of profit tax, a group of affiliated structures may now add (sum up) their financial results. Minfin thinks this will allow money transfers within a single group without taxation and, according to the explanatory note, will also free holding companies from frequent argues with the Federal Taxpayers Service (FTS) concerning rules of transfer pricing (because it will now be a group’s own business).

APB issues four Bulletins to provide guidance on certain aspects of the Companies Act 2006 that affect auditors

The majority of the accounting and auditing requirements of the Companies Act 2006 came into force for periods commencing on or after 6 April 2008. These requirements include various Regulations which specify the detailed requirements of auditors with respect to Summary Financial Statements, Abbreviated Accounts and Revised Accounts and Reports.

Key IASB project is “not under-staffed”

The board accidentally published an “observer note” on one of its meetings recently. The note, written by technical experts at the IASB, made candid admissions about how the project to overhaul current off-balance sheet rules lost momentum because of staff turnover and “relative inexperience”.

FFMS proposed new ways to calculate capital

The Federal Financial Markets Service (FFMS) is about to introduce unique rules to calculate equity capital for professional financial market participants and management companies as well. Currently, there exist two normative standards, but the authority wants only one. This was officially confirmed by the FFMS’s chief deputy Sergei Kharlamov.

Banking: Commission consults on amendments to the Banking Directives

The European Commission has launched a public consultation on possible changes to the Capital Requirements Directive (2006/48/EC and 2006/49/EC). The purpose of this consultation is to collect comments of the industry and other stakeholders on these modifications. The Commission is also conducting an impact assessment related to the modification of certain provisions. Stakeholders are invited to give the Commission their views on the issues by 16 June 2008.