Новости

External audit of Russian natural monopolies will be made public

External audits of natural state monopolies will be open to public – informs “Izvestia”. The decision was made in the course of the latest meeting of the Open government on 11 February.

GAAP-IFRS.COM Digest: 10-14 February

How many banks will survive in Russia by 2015?

Yesterday the Central Bank held its traditional annual meeting* with bankers which this time was crowded probably to the greatest extent for the whole 15-year history of holding such meetings. The reason for that is probably quite obvious. There are several ones, actually: the situation with the Russian banking sector is tense; there’s not enough confidence among banks, and licenses are being revoked if not every week then at least very close to that, which means very, very often.

“Golden parachutes”, again

“Golden parachutes” is today a hot subject in Russia. Not long ago we wrote about several suggestions for restricion of compensatory payments for managers in state companies which are either dismissed, or their governance is changed.

GASB launched its regular newsletter in plain English

The Governmental Accounting Standards Board (GASB) has launched publication of its quarterly electronic newsletter («GASB Outlook») with key information on its current projects. Despite the fact that the Board develops accounting standards mostly for federal and municipal government bodies, the new publication will be easily understandable because it uses simple “plain English” style.

Companies in Russia will be offered a new Code

Russian government is ready to offer companies a reviewed Code of governance which was prepared by the Central Bank together with a group of experts from the International Finance Center. This one should replace the Code which has been in place since 2002.

ESMA wants to make alternative performance measures more formal

The European Securities and Markets Authority (ESMA) launched consultations on its new guidance on application of alternative performance measures (APMs). The main goal is to increase transparency and comparability of financial information, to decrease information asymmetry among users of financial statements, to ensure more consistent application of APMs, and finally and probably most importantly – to restore public confidence in financial accountancy.

Moscow Stock Exchange now without a president

During the recent meeting of shareholders of the Moscow Stock Exchange (which was not general annual meeting) it was decided to cancel the president’s position. The main reason is probably because it has no use. The position has stayed empty since fall of 2012 after Ruben Aganbekyan left it.

Transition to IFRS will possibly be delayed for non-government pension funds as well

Not long ago we informed that clearing organizations and management companies would possibly be granted a delay on mandatory transition to IFRSs because otherwise they would have to start applying international standards for preparation of their consolidated financial accountancy. A couple of days ago it was found out that non-government pension funds of Russia had asked the Central Bank for a similar permission. They refer to huge amount of transformations they have to pass to finish preparations.

At least 100 Russian banks already follow Basel III

Largest credit institutions in Russia which are supposed to follow Basel III rules starting from 1 January are ready to publish their indicators despite the fact that the Bank of Russia’s recommendations in that respect followed only yesterday.