Новости

Central Bank of Russia calculated maximum interest rates on loans

The Bank of Russia has calculated maximum interest rates allowed on different types of loans. Those will have to be followed by banks starting from 2015.

Non-government pension funds of Russia will now report under IFRSs

The State Duma of Russia made a decision to force non-government pension funds, also clearing organizations, management companies which service to investment funds, and mutual investment funds to use IFRSs for preparation of consolidated financial accounts starting from 2015.

GAAP-IFRS.COM Digest: 21-25 April

Russian business rebels against “deoffshorization”

Representatives of large Russian companies are actively opposing certain norms of the draft law aimed against offshores. Among other things, business is protesting against the requirement to inform the government on any property located in offshore districts.

S&P downgraded Russia’s credit ratings

Russia abandons the idea of its own national payment system

IPSASB doesn’t want to work under the IFRS Foundation

The International Public Sector Accounting Standards Board (IPSASB) published an official response to consultations of its Governance Review Group on the IPSASB’s future governance reform. All members of the Board are unanimous that a separate monitoring body is required in their case, although they can’t agree with extension of monitoring rights of the IFRS Foundation’s Monitoring Board to public sector accounting standards.

FASB cancelling special accounting regime for development stage companies

In February the US Financial Accounting Standards Board ordered its work group to prepare a final version of amendments to accounting standards to eliminate special accounting treatment for development stage companies. Those are expected in Q2 2014.

CAQ issued a set of audit quality indicators

The Center for Audit Quality (CAQ) yesterday proposed a set of indicators to be used for evaluation of quality of auditors’ work. This may be seen as an informal culmination of its two-year work aimed to create a useful tool for audit companies to communicate information on quality of audits they perform.

FASB may issue revenue recognition standard before the end of the next month

American companies are eagerly awaiting publication of the long-standing standard on revenue recognition which the American Financial Accounting Standards Board will try to present at the end of May.

Tax holidays for small business in Russia

On its website the Ministry of Finance of Russia has published its draft Directions for tax policy for the periods 2015, 2016-017. Among other things the document explains rules for “tax holidays” in case of small business entities.