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GAAP-IFRS.COM Digest: 14-18 April

Michel Prada discussed globalization

During his keynote speech at the conference in Sidney (organized by the IFRS Foundation, CPA Australia, and the Institute of Chartered Accountants Australia) head of IFRS Foundation Trustees Michel Prada discussed globalization in the context of global accounting standards.

Russian banks closing their foreign accounts in fear of sanctions

The Central Bank’s statistics shows that in March Russian credit institutions closed their accounts in foreign banks and returned money to Russia. Inflow of funds reached a record number of 813.8 billion roubles.

Small companies in Russia will be better protected from antimonopoly regulators

The Federal Antimonopoly Service’s influence over small business in Russia will be restricted. The Ministry for Economic Development has prepared a document to grant small companies “immunity”: they won’t be punished even for abuse of dominant market position and creation of cartels.

MEPs approved a Directive on non-financial disclosures

The European Parliament voted for approval of changes in accounting legislation to require additional non-financial disclosures from certain categories of large business. The information to be disclosed deals with environmental matters, social policy, human rights protection, corruption and bribery issues, diversity of boards of directors, etc.

Russia aligns financial and tax accounting

The Federation Council approved a draft law yesterday which is aimed to bring tax accounting closer to financial accounting (or vice versa).

IASB amends rules for macro hedging

Very soon global investors will get a clearer picture of how banks manage their risks. This week the International Accounting Standards Board published proposed amendments which may possibly change presentation of that matter.

Russia’s law on natural persons’ bankruptcy will come into effect before the end of 2014

It is expected that during the spring session the State Duma of Russia will eventually approve the law on natural persons’ bankruptcy which has been discussed for so long. It is possible that in the mid 2014 the law will already be applied in practice. The new came from Anatoly Aksakov, chairman of the Association of Regional Banks.

GASB presented concepts on measurement of assets and liabilities

The Governmental Accounting Standards Board (GASB) presented its new Concepts Statement No. 6 “Measurement of Elements of Financial Statements” which will be used further as a basis for development of financial accounting and reporting standards for federal and municipal entities where they are related to measurement of assets and liabilities.

EFRAG and European standard setters publish results of a limited survey on leases

The European Financial Reporting Advisory Group (EFRAG) and national standard setters of France (ANC), Italy (OIC), and Great Britain (FRC) published results of their limited survey concerning simplifications to lease accounting which had been proposed by the IASB as ED/2013/6.