Новости

Minfin of Russia opposes progressive tax scale

The Ministry of Finance expressed its disapproval of the proposal to abandon flat tax scale in favor of progressive one. The regulator explained its arguments in the letter from 29 January.

USA will exempt small public companies from presentation of XBRL accountancy

The US House Financial Services Committee voted to propose exemption for small public companies from mandatory presentation of electronic accountancy to the Securities and Exchange Commission in the XBRL format. The corresponding Act will be proposed to the Parliament for consideration.

Canada reports on intermediate financial reporting

CPA Canada and the Canadian Investor Relations Institute (CIRI) have jointly published a discussion paper on strategies in intermediate financial reporting. In the paper they analyzed preparation of quarterly reporting not from the point of view of how well managers and directors follow requirements of IAS 34, but from the point of view of how strategic decisions they make increase usefulness of financial information they present to its users.

Russian banks don’t wish to improve their ATMs

Bankers in Russia have recently criticized the Central Bank’s plans to adopt new requirements which will force credit institutions to perform thorough modernization of their ATMs. The regulator wants them to “teach” cash machines to distinguish at least four characteristics of a banknote.

IFRS Foundation may stop being the global accounting watchdog

Last week the European Parliament approved funding schemes for the IFRS Foundation, EFRAG and PIOB. Although MEPs made their decision, they still have serious concerns about the Foundation’s lack of transparency, efficiency of its governance structure, and too close links to the accounting industry (which is a source of conflict of interests, of course).

Minfin of Russia adopting 10% as a control threshold for offshore companies

The Ministry of Finance has developed a very tight version of a new law to regulate taxation of foreign subsidiaries in offshore territories. If approved, this new law on so-called “controlled foreign corporations” (CFCs) will set 10% as a control threshold for foreign organizations in possession of Russian residents.

GAAP-IFRS.COM Digest: 10-14 March

Capital is flowing out of Russia in connection to the situation in Ukraine

The natural reaction of the market to Russia’s aggressive behavior in Ukraine may have far worse consequences even as compared to what the EU and the USA threaten Russia with. More and more experts agree that capital outflow (which, by the way, was significant even without today’s geopolitical crisis) imposes risks to the economy of Russia even higher than economic embargos to be possibly levied by counties which support the new government of Ukraine.

100 more bankers are now in the Central Bank’s “black list”

Deputy Chairman of the Central Bank Mikhail Sukhov informed journalists on quantitative changes in the so-called “bankers’ black list”.

European Parliament backs financing for EFRAG, PIOB and the IFRS Foundation

During its latest plenary session in Strasburg the European Parliament voted for approval of the financing scheme for the European Financial Reporting Standards Board, the IFRS Foundation, and the Public Interest Oversight Board which had been agreed upon in December.