Новости

California Society of CPAs to Educate about IFRS

The California Society of CPAs said it would begin an educational initiative to help its 31,000 members cope with International Financial Reporting Standards.

Foreigners allowed investing in Russia’s heat- and energy distribution networks

Due to ongoing official discussions, the legislation project on allowing foreign investors into Russia’s strategic industries passes through step-by-step changes. For its second reading, a number of industries will be excluded from the “strategic industries” list, and among those are natural monopolies like heat- and energy distribution networks, electronic communications, post services and internet providers.

IFAC’S IPSASB Launches Project on Long-Term Fiscal Sustainability

For many governments and public sector entities, social benefit programs - such as social security, the provision of healthcare and unemployment benefits - comprise a highly significant part of their operations. The International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting board within the International Federation of Accountants (IFAC), has launched a project on the long-term fiscal sustainability of these programs. The IPSASB is also seeking comments on proposed new requirements designed to improve consistency and transparency in the reporting of certain government social benefits and has issued a consultation paper on related issues, particularly liability recognition.

There may soon be an agency to operate governmental assets

Investments of national funds’ resources and gold-value reserves for the Central Bank of the Russian Federation may soon be carried by a new agency for management of governmental assets – says the CB’s first deputy Alexei Ulyukaev.

VAT may be lowered to 12 or 13%

Among most discussed current issues in Russia is the proposal for lowering of value added tax from the current 18% to 13% (or even lower – to 10%). The Ministry of Finance strongly opposes, saying that, if that happens, this will be a tough kick for Russia’s budget. Last Friday, the Ministry for Economic Development and Trade sent an official letter signed by its head Elvira Nabiullina and addressed to the Minister of Finance Alexei Kudrin, where a number of proposals, found worthy of interest by Russian business society, were formulated.

Policymakers Propose Broad Revamp of Credit Markets

The nation’s economic policy heads outlined sweeping recommendations to strengthen the nation’s credit markets - calling for stronger licensing standards for mortgage brokers, more duel diligence from credit-rating agencies and stronger trading systems for complex instruments in an effort to avoid another credit meltdown.

Three Trustees appointed

The International Accounting Standards Committee (IASC) Foundation announced the appointment of three Trustees.

Russian banks kindly asked to disclose who their real owners are

In order to enter deposit insurance system, banks had to disclose their real owners, but regulators keep that information in secret. According to Mikhail Sukhov, chairman of the Central Bank’s department for licensing and financial recovery of credit institutions, this information should be available to everybody.

Retailers put under anti-monopoly control

The legislation project on trade “About basics of governmental regulation of trade business in Russian Federation” prepared by the Ministry for Economic Development and Trade together with the Federal Antimonopoly Service (FAS), may be approved already in spring. It is assumed to analyze and introduce amendments to a whole bunch of rules (about 600 in total) directly or indirectly regulating Russia’s trade business (most of them obviously contradict each other). If that happens, number of regulations that put Russian retail under control will be decreased, which will be considered as the first-even lowering of administrative pressure on retail in modern history of Russia. At least, this is what FAS representatives say.

SEC, CFTC Sign Agreement to Enhance Coordination, Facilitate Review of New Derivative Products

Securities and Exchange Commission Chairman Christopher Cox and Commodity Futures Trading Commission Acting Chairman Walter L. Lukken today signed a ground-breaking mutual cooperation agreement to establish a closer working relationship between their agencies. The agencies also announced their immediate plans to consider two new derivative products under the agreement.