Новости

G20 being asked to more actively contribute to IPSASs adoption

The Group of Twenty (G20) of the world’s leading economies has to do more to ensure adoption of International Public Sector Accounting Standards (IPSASs). This was the idea recently expressed by the International Federation of Accountants (IFAC) under auspices of which the International Public Sector Accounting Standards Board (IPSASB) develops those standards.

Russian government created an Agency of loan guarantees

The Agency’s capital will be 50 billion roubles. An order on creation of a new structure was recently signed by Dmitry Medvedev.

IASB clarified accounting for acquisition of interests in joint operations

The International Accounting Standards Boards issued amendments to IFRS 11 “Joint Arrangements” to clarify accounting for acquisition of interests in joint operations which constitute a separate business. Those will be effective for all annual accounting periods starting from 1 January 2016, with earlier application permitted.

FRC simplified accounting for micro-entitles

The Financial Reporting Council of Great Britain published an amended version of its guidance Financial Reporting Standard for Smaller Entities («FRSSE»). This may be found useful by small entities which are now able to apply even simpler accounting regimes.

FASB issues new guidance on push down accounting

The Financial Accounting Standards Board (FASB) recently presented a new ASU to its codified standards on business combinations. Those amendments deal with «push down accounting». This kind of method represents M&A accounting where costs of purchase are measured at purchase price rather than historical price. This method is required in US GAAP, although is not acceptable in IFRSs.

Law on financial ombudsman in Russia being amended

The law on financial ombudsman which should act as formal intermediary in settlement of conflicts between banks and their clients is being amended today. The finance ministry added important changes which should, as it says, be welcomed by professional participants of the financial market.

AICPA opposing Congress’s attempt to restrict cash-based accounting

The American Institute of Certified Public Accountants (AICPA) has wrote a letter to the tax-writing House Ways and Means Committee, voicing its disagreement with proposed restriction of cash-based accounting for pass-through entities and personal service corporations.

British regulators will hold further consultations on going concern

The Financial Reporting Council is holding consultations on the most problematic aspect of the Sharman Panel’s guidance on going concern. Simultaneously, the Council is interested in directors’ remuneration policies in companies.

Brokers in Russia will have to follow new capital requirements

The Central Bank disclosed new proposed normative standards for professional market participants’ capital adequacy. The draft new regulation hints on the CB’s plans to seriously differentiate capital requirements.

MasterCard stopped provision of services to two Russian banks

MasterCard is no longer providing access to its services to two banks (SMP Bank and InvestCapital) as a result of American sanctions being imposed on them.