Новости

Russian public sector entities will start working by professional standards

Russian lawmakers approved a bill which was recently develped by the Ministry of Labor. According to it, the law will provide professional standards for public sector entities and state companies with the government’s participation of at least 50%.

GASB to improve standards on OPEB

This week the Governmental Accounting Standards Board (GASB) voted and unanimously approved a decision to issued two draft standards which will soon improve accounting practice of federal and municipal government where it is related to pension benefits other than pensions – for example, health insurance.

“Counter-FATCA” measures: Russian banks may choose not to work with foreign clients

Russian legislation may acquire a new provision which will serve as a response to the American FATCA – precisely, the current impossibility for Russian banks to work with the IRS and share information on their American clients.

Central Bank takes steps to ensure auditor independence

The Bank of Russia has plans to increase independence of auditors who provide their services to banks and insurance companies. The regulator wants to put an end to “comfortable” relations when auditors aim for a certain positive conclusion from the very beginning.

A new revenue recognition standard is finally available

Just as it was promised, the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) today issued a converged standard on revenue recognition (meaning revenue from contracts with customers).

GRI will hold a reform to improve its efficiency

The Global Reporting Initiative (GRI) announced a series of reforms aimed to increase its role in development of sustainable standards and its perception in that role by the global business society.

Ernst & Young, CIPFA and IASeminars will jointly teach IPSASs

The International audit company Ernst & Young, the Chartered Institute of Public Finance and Accountancy (CIPFA), and IASeminars agreed to hold joint teaching courses in several global countries – informs Business Day. Attendants of those courses will learn nuances of application of International Public Sector Accounting Standards (IPSAS).

Tax consultants made official in Russia

Russia is creating a new institute of tax consultants. They will bear material responsibility for quality of services they provide.

Russian business lost the fight for offshores

Companies in Russia failed to persuade the Ministry of Finance to change the main concept of the law on controlled foreign entities. This document is of key importance for the Russia’s “crusade” against offshore jurisdictions.

Russian entrepreneurs will have to pay almost four times more to the Pension Fund

Because of an awkward mistake in the new formula for calculation of insurance payments to the Pension Fund, Russian entrepreneurs will have to pay almost four times more. The problem with it is that the new formula accounts for revenues, not profits.