Новости

Russian companies will be able to merge easily

This week deputies of the State Duma of the Russian Federation introduced new amendments to the limited liability companies’ and joint stock companies’ legislation. If approved, companies with different forms of ownership (JSC, CJSC, Ltd., etc.) will be allowed to merge without change in their status.

Mazars calls for improved audit choice proposals

Mazars has called for the Market Participants Group’s (MPG) recommendations on improving choice in the audit market to be improved.

Latest NASB of Russia meeting: brief results

At its latest meeting held on June 28, the National Accounting Standards Board of Russia (NASB) discussed issues related to the main content of AS 39 “Financial Instruments: measurement and recognition”.

PCAOB Critical of GT Audits

The Public Company Accounting Oversight Board has faulted eight audits performed by global audit firm Grant Thornton, citing departures from generally accepted accounting principals as well as problems with evaluating financing costs and rental income.

Russian banks still do not disclose effective rates

July 1st was the first day of work under new regulatory scheme. Russian business media editions were particularly interested in how banks abide the rules, and many Russian banks were surveyed. Most banks agreed that they indeed were now disclosing the effective rates on consumer credits. However, most borrowers hear it at that stage where a request for credit has already been approved, and a contract is signed – most surveyed banks use similar tactics.

IFRIC issues guidance on customer loyalty programmes

The Interpretation addresses accounting by entities that grant loyalty award credits (such as “points” or travel miles) to customers who buy other goods or services. Specifically, it explains how such entities should account for their obligations to provide free or discounted goods or services (“awards”) to customers who redeem award credits.

SEC Forms “User-Friendly” Financial Reporting Committee

Securities and Exchange Commission Chairman Christopher Cox has established an advisory committee to help make financial reporting more “user-friendly”.

New regulation of reserves formation will hit Russian retail banks pretty hard

Russian rating agency “Expert RA” expressed its thoughts of how retail banks in Russian Federation may be negatively affected by amendments, soon to be introduced into the Bank of Russia’s Statement №254. It addresses the requirements for formation of reserves on individual credits – experts say that it is going to eat either their capital or their profits.

Deloitte CEO applauds SEC’s IFRS proposal

Deloitte global CEO James H Quigley, speaking at the firm’s annual World Meeting in Berlin, said that governments and regulators must continue with genuine efforts to achieve consistency in the development and application of global financial reporting standards and a global reporting infrastructure in order to enhance protection for investors.

Possible changes in Russian insurance legislation

Yesterday the Russian State Duma banking committee advised deputies to approve new amendments to the “Organization of insurance business in Russian Federation” legislation during their forthcoming first reading, that will allow insurance companies to form self-regulatory organizations (SRO), and not only that. The amendments will also allow companies to form compensation funds to settle accounts with clients of insurance companies already out of the market.