Новости

Not a “Bad bank”, but a “Bad agency”

The idea of a “bad” bank has been discussed for a while as one of anti-crisis countermeasures to deal with the bad assets problem. Yesterday representatives of the Russian financial ministry shared some of the details.

Visa taking all internal Russian transitions to the NCPS

The last main international payment system Visa eventually followed MasterCard’s example and decided to take all internal Russian transactions to processing by the National Card Payment System. This was announced yesterday in the Central Bank’s press service.

IAASB holds a survey on quality control

The International Auditing and Assurance Standards Board (IAASB) yesterday launched an information gathering survey on the subject of quality control which perfectly reflects its Strategy for 2015-2019 and the Work Plan for 2015-2016.

Delay of the new revenue recognition standard “inevitable” - IASB

This Wednesday IASB and FASB held an important joint meeting. A decision to postpone the revenue recognition standard was first of all expected from the American standard setter, but it looks like the International Accounting Standards Board is even more resolute. At least it may be concluded from the “insider” message which came from the IASB board member Patrick Finnegan who said that the delay of the effective date was inevitable.

Russians may be restricted in their ability to invest in foreign capital

Russian lawmakers have plans to control capital outflow by measures which apparently have nothing to deal with market economy’s basics. A member of the State Duma’s Constitutional Law and State Building Vadim Soloviev proposed to restrict demand for foreign companies’ financial instruments (total volume of shares which may be purchased). The restriction, if approved, will affect natural persons as well as companies.

“The Red Book” of IFRS coming up soon

Traditional annual publication of the red tome of IFRS standards is approaching. We remind that three main tomes are distinguished – “The Green Book”, “The Blue Book” – and “The Red Book” is normally published in March. This time it is not an exception.

Russian bankers asking the government not to fine them when it is crisis

Banks in Russia can’t afford additional expenses today, which is why they are asking the government to consider the idea of restricting the Central Bank’s regulatory role for a while, until the crisis is over. For instance, they insist on cancellation of administrative fines until Russia gets back to its former financial condition. “Izvestia” informs that a letter was sent to the first vice-prime minister Igor Shuvalov by the head of the National Financial Market Council Andrei Emelin.

IFRS 15 endorsed in Russia

IFRS 15 “Revenue from Contracts with Customers” was recently endorsed by the corresponding Minfin’s order from 21 January 2015. The standard may be early applied voluntarily starting from the moment of its official publication and on mandatory basis – starting from the date indicated in the document.

PCC “deeply concerned’ with new classification of debt on balances

The Private Company Council (PCC) which provides consultative support to the FASB with accounting standards for private entities expressed “deep concern” in relation to the new project of the American standard setter on classification of debt obligations on balances.

IASB and FASB staff members call for a review of the revenue recognition standard

Staff member of the IASB and the FASB recommended resuming international cooperation in further development of the new standard on revenue recognition which was issued in May 2014. Despite the fact that it was final and to a certain extent converged, it appears that the current version presents difficulties to preparers when certain accounting aspects (like licenses, for example) are concerned. In case of American preparers the situation is even more complicated because they will have to prepare three sets of comparative accountancy and should have started preparations already.