Новости

“Deoffshorization” delayed until autumn

Probably the most important draft law which has to be approved in the course of implementation of the “deoffshorization” program is the one on controlled foreign companies (CFCs), and after the recent meeting of the Russian government it was decided to postpone it until fall.

GASB presented standards for OPEB accounting

In full accordance with its previous decision the Governmental Accounting Standards Board (GASB) issued a batch of draft standards this week to improve accounting for other post-employment benefits (OPEB) in public sector entities of the USA.

Guarantee reserves may be decreased for Visa

At the yesterday’s meeting between Dmitry Medvedev and the first vice-prime minister Igor Shuvalov it was decided that the volume of guarantee reserves would be decreased in case of international payment systems like Visa and MasterCard.

Russian entrepreneurs asking to postpone “deoffshorization”

A new draft law against offshores (or for “deoffshorization”, if you like) may possibly cause a “mirror” response from the side of foreign jurisdictions in relation to Russia’s own special economic zones.

Faster registration of new business in Russia

According to the World Bank’s calculations, registration of a new business in Russia today takes approximately 15 days. Next year it is expected to take only 10. At least that was promised by Vitaly Kolesnikov, head of taxpayers’ registration and processing at the Federal Tax Service.

Violations with reporting of foreign currency will become “individual”

Financial reporting of transactions with foreign currency has probably become very severely regulated in Russia. The party responsible for enforcement is the Central Bank – or, as it is sometimes referred to, the “megaregulator”. As the “megaregulator” it is responsible for punishment of professional market participants (brokers, dealers, depository institutions, etc.) and companies.

IIRC initiating Corporate Reporting Dialogue

The International Integrated Reporting Council (IIRC) launched a new initiative - Corporate Reporting Dialogue (CRD). This “dialogue” will unite national and international regulators with biggest influence on corporate reporting – first of all the International Accounting Standards Board (IASB) and the American FASB.

Russian banks will be allowed to share bank secrecy with foreign tax services

Today the State Duma approved in the first reading a new draft law to create legal basis for exchange of information (comprising bank secrecy) with tax services of the USA. Earlier we told that sharing that information would be possible only upon a client’s permission.

Visa may leave the Russian market eventually

Soon after Russian lawmakers approved amendments to the law on electronic payment systems, requiring huge guarantee reserves to be held by international payment systems at the CB’s accounts, Visa became the first one to declare its very probable exit from the Russian market. Unlike MasterCard which was (and still is) more cautious with its declarations, Visa still has escape plans because it sees the demand on guarantee reserves as unacceptable.

ESMA’s report on IFRS 3 application in Europe

The European Securities and Markets Authority (ESMA) has published a report “Review on the application of accounting requirements for business combinations in IFRS financial statements”. The document says that despite generally positive quality of disclosures there are still certain areas which need to be improved.