Новости

Debts on housing services and utilities will be added to credit histories

Russian lawmakers are trying to make credit histories even clearer. The State Duma’s committee on financial markets recently proposed more detailed information to be included there. It is possible that very soon information on overdue debts for communication and housing services will be reflected in credit histories.

Foreign auditors may be denied access to strategic companies

The State Duma’s financial markets committee recommended the lower chamber of the parliament to approve in the second reading the draft law on transition to auditing activity in accordance with international standards.

GAAP-IFRS.COM Digest: 2-6 June

Publication of the revenue recognition standard is just the beginning - KPMG

Several days ago the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) presented their joint long-awaited standard which replaced sometimes very detailed and prescriptive rules of US GAAP – and, on the contrary, too ambiguous IFRS guidance which used to leave too many questions unanswered.

ACCA asking the IASB to review certain fundamental aspects of IFRS 3 for goodwill accounting

The Association of Chartered Certified Accountants (ACCA) asked the International Accounting Standards Board (IASB) to rethink accounting for goodwill and intangible assets in business acquisitions.

ICAEW acquires a new chairman

Probably the largest and the most influential accounting association of Great Britain - the Institute of Chartered Accountants in England and Wales (ICAEW) – is now led by a new president. Arthur Bailey used to work as a consultant in the group of companies Begbies Traynor Group. He is to replace Martyn Jones.

Visa and MasterCard experiencing troubles with processing in Russia

To continue their work in Russia, two main international payment systems, Visa and MasterCard, will have to organize processing in Russia. In fact, they are not eager to build their own processing center yet, hoping to find a local partner. The problem is that among Russian organizations there are no such that are already technically ready for that.

Minfin redrafted legislation for FATCA

The Ministry of Finance amended the former law to allow direct exchange of information with American regulators. Precisely this was not possible earlier. The key condition, however, is approval of a client: he or she has to agree. If not, then a bank may choose not to provide further services to that client.

More than 50% of Russian problematic banks’ accountancy is not “true and fair”

Too active “clean-up” of the banking market which the Central Bank has performed under its new governance not only cleared it from unstable and suspicious players, but also discovered a depressing picture. The extent to which financial accountancy of problematic banks (we mean the ones which lost their licenses) can not be trusted is really huge – it is close to 60%!

Minfin’s Audit Council: all troubles with audit are due to the economic situation in the country and globally

The Ministry of Finance has recently informed on the latest meeting of its Audit Council’s work group which took place yesterday. Audit experts from the finance ministry analyzed the current situation with the audit market in Russia and results of self-regulatory organizations’ work in 2013.