Новости

Foreign audit firms will not be able to provide their services to Russian state companies

It looks like Russia is working on measures in response to economic sanctions, trying to put pressure on auditors first of all from those countries which approved sanctions against it.

Foreign taxmen may be allowed to perform inspections in Russia

The government of Russia is preparing a mechanism to discover international tax minimization schemes. The Ministry of Finance is today working on a legal basis for inspection of transnational groups abroad which will be performed in cooperation with foreign tax services.

IASB clarified amortization and depreciation accounting under IAS 16 and IAS 38

The International Accounting Standards Board published amendments to IAS 16 “Property, Plant and Equipment” and IAS 38 “Intangible Assets”, explaining acceptable methods to account for amortization and depreciation.

Central Bank of Russia will search for information on public servants’ accounts abroad

Vladimir Putin ordered the Cabinet of Ministers and the Central Bank to develop a reliable mechanism for cooperation with banks and other financial organizations abroad to be able to receive information on government servants’ accounts (also financial securities and real estate property) abroad.

Auditors will be forced to “blow whistles” in Russia

A new mechanism against corruption and economic crimes is being prepared in Russia. It looks like the government wants to make “whistleblowers” out of auditors and force them to inform police about their clients.

PCAOB launched an online demonstration of how its standards will look like after reorganization

The Public Company Accounting Oversight Board (PCAOB) is proposing a draft version of how its auditing standards will look like upon completion of reorganization and is now soliciting comments. An online demonstration was launched on Friday.

International IT companies may be forced to pay VAT in Russia

Changes potentially unpleasant for international IT companies are now being prepared for adoption to the Tax Code of Russia. Those may affect international, even large companies like Microsoft, Google, or Apple.

Visa and MasterCard may leave Russia

Visa and MasterCard are now considering a possibility to leave Russia as a result of new recently approved legislation. Amendments to the law “On the national payment system” were approved last week by the State Duma.

IASB together with several European associations will discuss investors’ role in high-quality financial reporting

The European Financial Reporting Advisory Group (EFRAG), the European Federation of Financial Analysts Societies (EFFAS), the Association Belge des Analystes Financiers (ABAF), the Association of Certified International Investment Analysts (ACIIA), and of course the International Accounting Standards Board will hold a joint outreach event on 25 June on the subject of investors’ and financial consultants’ role in ensuring quality of financial reporting.

Russia officially denied access to FATCA

The refusal basically means a denial for Russian banks to join the Foreign Account Tax Compliance Act because according to Russian legislation, it is prohibited for banks to share bank secrecy with foreign regulators.