Новости

FEE comments on the IASB’s Request for Information before the IFRS 3 post-implementation review

The Federation of European Accountants (Fédération des Experts-comptables Européens, FEE) became one of the first ones to respond to the IASB’s Request for Information which it had published in January 2014 and asked stakeholders to provide comments on problematic areas of the standard IFRS 3 “Business Combinations” before launching its post-implementation review.

European companies losing confidence in Russia

Business entities from Europe are reducing their investments in Russia. This follows from the survey which was performed jointly by the European Business Association together with GfK Rus. Most of European companies don’t think Russia has investment perspectives in the short-run, but if longer term perspectives are considered, forecasts change.

Minfin of Russia declined recent proposals on auditor’s independence

The Ministry of Finance informed on results of the recent meeting of its Audit Council during which they considered proposals on audit companies’ independence which the Bank of Russia had earlier proposed to the law on auditing.

Credit Suisse accused of assisting tax evaders

American government found Credit Suisse guilty of assisting wealthy American citizens with tax evasion. The bank will be punished, although the punishment will not affect its chairman of the board Urs Rohner and CEO Brady Dougan.

Business doesn’t want to part with offshore profits that easily

Russian companies presented their objections to the draft law on controlled foreign companies (CFCs) which had been developed by Ministry of Finance not so long ago. Most actively they oppose the proposed stake in possession of a natural person or a legal entity (10%) starting from which he or she will be seen as an owner of a controlled entity abroad.

Paul Beswick leaving SEC for the private sector

Chief accountant of the Securities and Exchange Commission Paul Beswick is stepping down. He’s been on the post since 2012, but recently informed that he was going to leave the public sector and get back to the private one.

GASB issued a new guidance on fair value measurement

The Governmental Accounting Standards Board (GASB) presented a new draft standard on fair value accounting and reporting. The exposure draft (Fair Value Measurement and Application) provides a clue on fair value measurements, specifies assets and liabilities to be measured at fair value, and information on fair value to be disclosed in notes to financial statements.

PCAOB will take economic consequences into account

The Public Company Accounting Oversight Board (PCAOB) developed and recently published a new staff guidance which it dedicated to economic consequences of standards development.

GAAP-IFRS.COM Digest: 12-16 May

It is now easier for Visa and MasterCard to just leave Russia rather than to stay - Morgan Stanley

Morgan Stanley performed an analysis and concluded that taking the recent amendments to the Russian legislation into account it would be cheaper for Visa and MasterCard to leave the market, forfeiting their profits rather than to stay and lose even more.