Новости

Legislation for SMEs to be approved in Russia

Today deputies of the State Duma of the Russian Federation hold their first hearing of the legislation project for small and medium enterprises.

FRRP seeks voluntary disclosure of qualified accounts

The Financial Reporting Review Panel (FRRP) is consulting on a proposal for accountancy firms to voluntarily disclose when they have issued qualified audit reports.

Russian NASB sent a comment letter to IASB on its proposed amendments to IFRS 24

The National Accounting Standards Board of Russia (NASB) approved by vote and sent a comment letter to the International Accounting Standards Board (IASB) on its project of amendments to IFRS 24 “Related Party Disclosures: state-controlled entities, definition of a related party”.

Connecticut Poised to Battle GASB

A bill that is now before the Connecticut State Senate would give its state comptroller the legal authority to establish GAAP for the state’s financials, thereby sidestepping the Governmental Accounting Standards Board — the standard-setter for governments and municipalities.

S&P increased ratings of Russian banking system

The estimates based on the banking industry country risk assessment model (BICRA) indicated that Russia has moved from category 9 to more stable category 8.

EU adopts IFRIC 10 and IFRIC 11 for use in Europe

The European Union has published two Commission Regulations in the Official Journal of the EU.

Tax inspections for those who don’t pay by themselves

Russian Federal Tax Service (FTS) issued a new order, signed by its head Mikhail Mokretsov, introducing a new concept for tax inspections. Interestingly, companies will now be able to look for unfair tax practices by themselves.

South Africa, Australia proposing to adopt the IFRS for SMEs

Both South Africa and Australia have taken steps that would lead to adoption of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) in those jurisdictions. The IFRS for SMEs is currently an Exposure Draft. A final standard is expected in the second half of 2008.

FAS suspects Russian banks in cartel collusion

Under the most recent amendments to the Code of administrative violations of Russian Federation, punishment for participation in cartel collusions may amount to up to 15% of the accused side’s annual revenue amount. As for the managers, they may be prosecuted under criminal law.

Deloitte comments the IASB’s proposed amendments to IAS 24

The amendments relate to disclosures of relationships and transactions among state-controlled entities and to the definition of related parties.