Новости

FASB issues FASB Statements

“The new standards represent the completion of the FASB’s first major joint project with the International Accounting Standards Board (IASB), as well as a significant convergence milestone,” states FASB member G. Michael Crooch. “These standards and the counterpart standards issued by the IASB will improve reporting while eliminating a source of some of the most significant and pervasive differences between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP)”.

Six new accounting standards in Russia

Starting from the very beginning of 2008, six new national accounting standards are expected to come into force in Russia. At the conference “IFRS in Russia”, which was organized by Ernst & Young and took place on November 26th, Leonid Shneidman, Director of the Russia’s Finance Ministry’s Financial Control, Audit and Book Accounting Regulation Department, announced most recent plans of the Ministry. According to him, “all amended standards which are publicly available at the Minfin’s official site, will most likely come into force on 1st of January, 2008”.

IFAC Global Survey Recognizes Profession’s Role in Contributing to Economic Growth and Highlights Need for More Accounting Talent

In recognition of “World Accountancy Week”, the International Federation of Accountants (IFAC) has released the results of its first annual Global Leadership Survey, which highlights issues the profession will be addressing in the coming year, national and regional perspectives on economic growth, and the profession’s role in contributing to that growth.

Minfin shortened the list of offshore zones, transactions with which are under special control

The plan’s former version was published in June and really surprised experts in many EU and other European countries. Belgium, Luxemburg, Ireland, Portugal and Sweden were excluded from the latest version. These countries have low dividend taxation rates - and high rates for profit taxes, explained a source from the Ministry of Finance.

FASB Issues Preliminary Views on Financial Instruments with Characteristics of Equity

The Financial Accounting Standards Board (FASB) today issued its Preliminary Views (PV), Financial Instruments with Characteristics of Equity, to obtain feedback on the Board’s proposal to simplify and improve financial reporting for financial instruments with characteristics of equity.

Mutual insurance in Russia

Last Friday Russia’ president Vladimir Putin signed a “new” law “About mutual insurance”, which was approved during its first reading in 2003. At the same time, market participants fear that so-called “grey” tax schemes, currently persisting on general “classical” market for insurance, will “infect” mutual insurance societies. Other experts refer to western experience and remain sure that bright future awaits MISs.

EU may have to accept US GAAP next year

“Now it will be Europe’s turn to accept accounts in US GAAP”, said McCreevy earlier today. “This decision will have to be taken next year. And it is certainly my intention to propose that no reconciliation to IFRS will be needed for companies filing their accounts under US GAAP. This is the only sensible way forward”.

Trade legislation will be approved soon

Long-discussed trade legislation, developed by the Ministry for Economic Development and Trade together with the Federal Antimonopoly Service, may be approved already in spring 2008. Today, retail market participants openly say why they don’t like it, promising deficit of good and return to Soviet Union times, figuratively speaking. They say that this new law is going to “kill” the market, destroy fair entrepreneurship and lead to long-forgotten deficit. MEDT says it won’t cancel any of the basic statements and will continue everyday discussions, if necessary, until its final approval.

Audit crackdown on value of banks’ holdings

Auditors will apply tough standards to banks’ assessments of their holdings, according to a draft paper being put together by the biggest auditing firms that aims to bring about a common approach to valuation.

FFMS added mortgage participation certificates for trading

Another type of financial securities was approved by the Federal Financial Monitoring Service (FFMS) for trading on stock exchanges - mortgage participation certificates for trading. This type is needed by the Agency for Home Mortgage Lending (AHML): in one year time, it is planning to leave debt market and to issue MPCTs instead of bonds, proposing these for western investment banks and the Bank for Development, which operates funds of the Pension Fund of the Russian Federation.