Новости

GAAP-IFRS.COM Digest: 23-27 June

Ian Mackintosh warns against “turning back the clock”, but FASB will likely play its own cards

This week two accounting conferences with two very distinct speeches took place. Although they are not just about that, of course, “between the lines” they may serve as indication of today’s relations between the IASB and the FASB. Depends on who’s listening, of course, because someone would disagree with our conclusions.

IASB launched a new newsletter for investors

Today the International Accounting Standards Board is launching a new newsletter, «IASB Investor Update». It is a brief overview of most relevant current issues of financial accounting and reporting.

A new PCAOB’s staff guidance for audits of brokers and dealers ready

The Public Company Accounting Oversight Board (PCAOB) has presented a new guidance for auditors of SEC-registered brokers and dealers for the transition period when those professional financial market participants complete transition to PCAOB’s audit standards from the rules they used to follow earlier.

Minfin promises there will be no restrictions for state companies to hold accounts in foreign banks

The government of Russia generally supports new restrictions for state companies to have accounts in certain banks. The decision was made yesterday in the course of discussion of amendments to the law “On banks and banking” which would set requirements for banks in which strategic entities have a right to hold accounts

Restricted tax amnesty for Russian offshore owners

The Ministry of Finance and the Ministry for Economic Development are proposing a new mechanism of sort of “restricted” tax amnesty for owners of offshore companies who wish to get assets back to Russia.

Russian government officially defined an order for depositing of guarantee reserves

The Federation Council of Russia recently approved an order for international payment systems (IPS) to pay so-called guarantee reserves – the ones which almost scared Visa out of the market completely.

Minfin doesn’t want strategically important companies to open accounts in foreign banks

It is possible that Russian companies and corporations with strategic importance (communications, mining, etc.), also retail networks will be restricted in their choice of banking entities to open deposit accounts at.

Government officials will be left without foreign accounts

As part of the ongoing struggle against corruption, Russia’s president Vladimir Putin proposed a new draft law for the government’s consideration which would forbid opening an account in foreign banks to certain government officials

Russian banks may refuse to service clients at least once caught on money laundering

Today the Bank of Russia insists that banks should not work with suspicious clients. In fact, it is less about tighter regulation for banks and more about tighter regulation (or rather struggle) against money launders, the ones who are in the illegal “legalization” business.