Новости

SEC is going to complete its review of disclosures

The US Securities and Exchange Commission wants to complete its fundamental review of disclosures because this task is still of very high priority. This was assured at the Annual Capital Markets Summit by Mary Jo White, the current SEC chairperson.

PCAOB asks to be careful with the term “audit failure”

A member of the Public Company Accounting Oversight Board (PCAOB) Jay Hanson proposed to stop using the term “audit failure” in inspection reports as confusing for investors. The suggestion was sounded during the recent CBI Pharma/Biotech financial accounting and reporting congress in Philadelphia.

CB of Russia searching for alternatives to Visa and MasterCard

This Monday chairperson of the Bank of Russia Elvira Nabiullina held a meeting among participants of the market for payments services to discuss future of the National Payments System (NPS). The most probable scenario of its further development is adoption of the so-called “Universal electronic card”.

GAAP-IFRS.COM Digest: 17-21 March

Profits of companies in offshores will be added to the tax base of their Russian founders

The Ministry of Finance recently developed an important set of amendments to the Tax Code of Russia. It is expected that a new notion of controlled foreign companies will be used, with a separate section of the Code dedicated specially to them.

Ukraine may adopt a new tax on deposits

Acting prime minister of Ukraine Arseniy Yatsenyuk thinks that “rich people should share with the society”, which is why he proposed a new tax on large deposits. On that he told during the government’s meeting this week.

US sanctions cause troubles to Russian clients

Virtually without any warning Visa and MasterСard stopped provision of payments services to clients of the commercial bank “Russia”. Transactions with plastic cards of Sobinbank and SMP Bank were also suspended.

FASB updated guidance on consolidation of VIEs

The Financial Accounting Standards Board today published new guidance to improve financial accounting practices of private companies. The document («Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements») specifies requirements for consolidation of lessors in common control leasing arrangements, and it is based on consensus previously reached with the Private Company Council (PCC).

British FRC developed new standards on insurance contracts

New guidance on accounting and financial reporting for British business entities which use insurance contracts were yesterday presented by the Financial Reporting Council. Those are temporary by nature because today companies in Great Britain and Ireland (applying UK GAAP and Irish GAAP, respectively) need consistency of accounting practice while the IASB is finishing its work on the corresponding international standard.

Offshore zones may be made open to Russian taxmen, although very unlikely

British Virgin Islands, the Isle of Man, Jersey, and Bermuda Islands addressed the Ministry of Finance, asking to sign an agreement on exchange of tax information.