Новости

Banks in Russia will be forced to disclose even “hidden” fees

The amount of fees for banking services hopefully won’t be an unpleasant surprise in so many cases of Russian banks’ practice. According to amendments to the law “On banks and banking”, clients will have a right for complete information on the amount of fees which will be displayed on screen before a transaction is made.

Golden parachutes may be restricted to top-managers of problematic banks

Russia’s Ministry for Economic Development proposed to impose restrictions on so-called “golden parachutes” for top-managers of banks under close supervision of the Deposit Insurance Agency.

Exchange of tax information between the USA and Switzerland sometimes interrupted

The Swiss Federal Administrative Court disallowed disclosure of confidential information on one of Julius Baer’s clients to the Internal Revenue Service of the USA.

“Carrots and sticks” for Russian offshore companies

“Carrots and sticks” are what the Ministry of Finance and the Ministry for Economic Development plan for companies on offshore schemes, although in case with the first ministry those are mostly “sticks” while with the second one those are “carrots”, in other words - stimuli.

Japan allows new international standards for voluntary application

The Financial Services Agency (FSA) informed on the decision to allow three additional international financial reporting standards for application by companies applying IFRSs on voluntary basis.

In 2012 the Audit Council of Russia will examine consolidation of the audit market and will analyze pricing strategies

The Ministry of Finance published a plan of its Audit Council’s work for 2014. For example, in February the Audit Council will hold a roundtable on the subject of consolidation of professional audit.

EFRAG and ICAS reviewed accounting literature

The European Financial Reporting Advisory Group (EFRAG) and the Institute of Chartered Accountants of Scotland (ICAS) both launched research projects to get an answer to one important question: how exactly investors (capital providers) use financial accountancy in their decisions? Of course, to get an answer to that question, a thorough review of all existing accounting literature – thousands of tomes – would be required.

France approves a new tax on rich

About a year ago the president of France François Hollande proposed to adopt an increased tax on reach people (natural persons). 75% is ¾ of received income, and that’s really too much for too many.

GAAP-IFRS.COM Digest: 23-27 December

Audit regulation in Russia should improve

At the recent December meeting the Minfin’s Audit Council approved a whole bunch of initiatives aimed at improvement of audit regulation in Russia