Новости

Minfin supports criminal liability for tax avoidance

The Ministry of Finance of the Russian Federation (the Minfin) expressed support for the project developed by the Deposit Insurance Agency (DIA) which sets criminal liability for transferring assets, book cooking and use of “fly-by-night” (short-living) companies. Approval of this project will affect Russia’s largest companies, so experts predict not only reorganization of business, but even change of structure of the whole economy.

SEC Makes Analyzing Corporate Performance Easier for Investors

Securities and Exchange Commission Chairman Christopher Cox today announced the launch of the “Financial Explorer” on the SEC Web site to help investors quickly and easily analyze the financial results of public companies. Financial Explorer paints the picture of corporate financial performance with diagrams and charts, using financial information provided to the SEC as “interactive data” in eXtensible Business Reporting Language (XBRL).

Special bankruptcy procedures for insurers

Insurance companies in Russian Federation await their own rules for bankruptcy, like the ones credit institutions have, for instance. This was announced by Ivan Oskolkov, head of the Ministry’s for Economic Development and Trade department of corporate management, at yesterday’s conference held by the Russian Union of Autoinsurers.

IASB issues amendments to improve the financial reporting of particular financial instruments

The International Accounting Standards Board (IASB) today issued amendments to improve the accounting for particular types of financial instruments that have characteristics similar to ordinary shares but are at present classified as financial liabilities.

SEC Votes to Propose All-Electronic Disclosure for Foreign Issuers

The Securities and Exchange Commission unanimously voted to propose amendments to modernize its disclosure requirements for foreign companies, including eliminating all requirements for paper submissions. Many of the proposed SEC rule changes are designed to update the Commission’s rules, reflect advancements in technology, and respond to the increasing globalization of the capital markets.

FAS to define “acceptable” anti-competitive agreements

The Federal Antimonopoly Service of the Russian Federation will define which anti-competitive agreements do not violate law. According to official press-release, the authority has started to prepare a project to allow certain types of agreements, currently prohibited under general antimonopoly legislation.

IAASB Issues New Auditing Standard on Accounting Estimates and Fair Values

New requirements designed to enhance the rigor applied to auditing accounting estimates, including fair value accounting estimates, were released today by the International Auditing and Assurance Standards Board, an independent standard-setting board under the auspices of the International Federation of Accountants.

Duma prohibits holding too much of exchange market’s shares

The State Duma of the Russian Federation has approved during its first reading a new legislation project prepared by the Ministry for Economic Development and Trade. This one is called “About exchange markets and organized trading” and was introduced to Duma by deputy of the “United Russia” party Vladislav Reznik.

ACCA puts ethics into global accounting

The Association of Chartered Certified Accountants (ACCA) claims introducing an ethics module in its training programme is helping to lift professional standards in the industry.

Auditors become “whistler-blowers”, banks loose their licenses

The Ministry of Finance of the Russian Federation and the Central Bank are working on amendments to legislation, that deal with interconnection between banks and auditing companies. As a result, the main notion of “audit secrets” will be no more, because auditors will be forced to disclose information on their clients to the CB, the Federal Financial Markets Service and the Federal Insurance Supervision Service. Clients won’t be able to prevent disclosure of information anyhow.