Новости

“IFRS Conceptual Framework” gets official translation into Russian

The Ministry of Finance has published an official translation of “IFRS Conceptual Framework” into Russian. The document was once developed by the International Accounting Standards Board.

Russian banks have time till the end of July to protect themselves against Visa and MasterCard

The Central Bank of Russia has sent a reminder to its regional branches on necessity to put ongoing preparations against further possible demarches by Visa and MasterCard under control. To remind you, in March two main international payment systems refused to service plastic cards of banks which had fallen under sanctions.

Central Bank of Russia will have more of its employees fight with money laundering

Head of Russia’s Central Bank Elvira Nabiullina thinks that at the moment they are experiencing shortage of specialists with anti-money laundering specialization. The criminal activity is called “legalization of criminal income and financing of terrorism”.

Bank of Russia will name credit institutions accused of accounting manipulations

Deputy chairman of the Bank of Russia Mikhail Sukhov told that starting from the next week they would probably disclose names of banks suspected in manipulations with financial accounts

EU formally adopts IFRIC 21 «Levies»

By a European Commission’s Regulation from 13 June IFRIC 21 «Levies» is formally adopted into the European accounting practice. The Interpretation was issued by the International Accounting Standards Board in May 2013.

GAAP-IFRS.COM Digest: 9-13 June

Management companies asking the CB not to take foreign ratings into account

Russian management companies wrote a letter to the Central Bank, asking it not to take foreign ratings into account in order to still be able to manage pension funds. They see foreign credit rating agencies’ estimations as too “politicized”.

FRC stopped investigation of PwC’s auditor independence issue

The Financial Reporting Council (FRC) has suspended investigation of PwC’s activity as an external auditor of Berkeley Group Holdings. The reason why it was initiated at all became possible violation of auditor independence.

IASB member Philippe Danjou says long-term investments are important

On 4 June the Organisation for Economic Co-operation and Development together with the Ministry of Finance of Singapore head a roundtable. At the event the IASB member Philippe Danjou shared his views on importance of long-term investments, sometimes false perception of fair value, and two new international standards on financial instruments and insurance contracts.

FASB revised its standard on REPO agreements

The new guidance successfully aligns accounting for repurchase-to-maturity transactions and agreements signed as “repurchase financing” with all other types of REPOs. They will all be seen as secured borrowings.