Новости

Europe will pay closer attention to tax haven

European regulators will investigate tax systems of such counties as Ireland, Netherlands, and Luxemburg. The European Commission is mostly interested in tax payments by large international companies like Apple, Google, Amazon, and Starbucks.

Hans Hoogervorst doesn’t think it’s all over with IFRS in the USA

Head of the International Accounting Standards Board Hans Hoogervorst replied to sort of pessimistic statement by ex-chairman of the Securities and Exchange Commission Christopher Cox at the SEC conference in California. Christopher Cox said that all opportunities for IFRS adoption in the USA had been lost because enthusiasm for that had declined.

IASB issues amendments to IFRS 10 and IAS 28

Those proposed amendments deal with consolidation exceptions for investment companies.

International payment systems will have to deposit required reserves before 31 October

International payment systems (we first of all have Visa and MasterCard in mind) are again under pressure in Russia. Before the end of October they will have to deposit their guarantee reserves to the Central Bank.

False information in financial accountancy will be punished more severely

Russia is adopting criminal liability for adding knowingly false or incomplete information to accounting records. This is provided by amendments to the new law which will guarantee rights of people insured by the system of obligatory pension insurance; they were proposed by the government.

FASB improved accounting for development state entities

Just as was promised earlier, the Financial Accounting Standards Board issued a new guidance for companies at the stage of development to simplify financial accounting without decreasing quality of disclosed information.

FASB launching initiative to simplify financial accounting

A new initiative by the US Financial Accounting Standards Board (FASB) is aimed to simplify financial accounting. As part of it, the American standard setter will work on two short-term projects.

“True and fair” above everything

The Financial Reporting Council (FRC) sees the key accounting concept of «true and fair» presentation of information as having the highest priority even in cases when compliance with accounting standards is concerned. Such cases should not be very common, but in exceptional cases «true and fair» should always remain a fundamental requirement to financial accountancy.

State Duma adopting higher requirements for auditors’ SRO

Another distinctive amendment proposed for adoption to the effective legislation deals with requirements for quantitative composition of non-commercial organizations wishing to acquire a status of a self-regulatory organization of auditors.

It will be possible to appeal against too high cadastral value

The State Duma of Russia recently acquired a set of amendments to laws on valuation according to which it will be possible to appeal against cadastral value of land and real estate property. If the set is approved, it will be possible to appeal even this year.