Новости

IASB and FASB creating a joint transition group

Although we mentioned this fact already in connection to the recent publication of one of the most important accounting standards on revenue recognition, nevertheless we’d like to remind that the American and the international standard setters announced creation of the Joint Transition Resource Group for Revenue Recognition (TRG).

Minfin’s new “megaliquidator”

There is already a financial “megaregulator” in Russia (the Central Bank, after its merger with the Federal Financial Markets Service several years ago). Soon there will be a “megaliquidator”. The Deposit Insurance Agency will be granted additional powers to conduct bankruptcy procedures for insurance companies.

It will be even less profitable for Russian banks to set high interest in deposits

Russian regulators are further fighting against practices when banks propose very high interest on deposits. Soon from all deposits with rates exceeding an average for more than 3% banks will have to pay 5 times more to the Deposit Insurance Fund.

Leonid Shneidman on the current situation with the Russian audit market

In his interview to “Izvestia” Leonid Shneidman, the director of state control regulations, auditing and accounting department at the Finance Ministry, shared his thoughts on today’s situation with the market for audit services in Russia and its perspectives for the future.

Russia and China creating a joint rating agency

Moscow and Beijing want a new agency “outside politics” – explained head of the Ministry of Finance Anton Siluanov. “There will be created a Russian-Chinese rating agency which will, in fact, use the same instruments and criteria for estimation of national and regional investment projects as the ones used by acting rating agencies today”.

Central Bank of Russia resumes its fight with insider trading

Market manipulations with insider information will be put to the Central Bank high-priority tasks, and this will be for the first time in its new status of “megaregulator”.

Singapore will completely align its standards with IFRS by 2018

The Singapore Accounting Standards Council (ASC) promised that companies listed on the Singapore Exchange (SGX) would apply standards identical to IFRSs starting from 2018. The stock exchange will cooperate closely with the Council in order to ensure safe transition of companies to the new accounting framework.

GAAP-IFRS.COM Digest: 26-30 May

Hans Hoogervorst on their further plans

After yesterday’s very important publication it would be reasonable to ask what international standard setters are going to do next.

Russia’s state companies and corporations won’t have commercial secrecy

Deputies of the State Duma of Russia are proposing regulatory amendments. The idea is to abolish the notion of commercial secrecy in case of state companies and corporations where it is related to international contracts.