Newsline

22 February 2012

Restrictions on foreigners’ participation in small business may be lifted

Restrictions on participation of foreign investors in capital of small Russian companies may be lifted. The Ministry for Economic Development is working on such possibility today.

22 February 2012

Russian lawmakers are trying to solve the auditors problem with two laws

Apparently, Russian lawmakers failed to solve the problem of uniform certificates on hands of auditors (too many failed the exam and just don’t have them to be able to provide their services further!) – as a result, they are now considering different ways to solve it.

22 February 2012

Bank bonuses in Russian banks will be put under strict control

Efficiency and transparency of bonuses in banks will directly affect resulting economic position of a bank, intensity of supervision and, in certain cases – even access to refinancing in the Central Bank.

22 February 2012

SEC seen mulling weaker role for FASB

A subtle shift in word usage yesterday by James Kroeker, the Securities and Exchange Commission’s chief accountant, may signal the SEC’s acceptance of the possibility of an end to the “special relationship” between the U.S. Financial Accounting Standards Board and the International Accounting Standards Board, according to a New York–based adviser of the IASB.

21 February 2012

GASB Issues Newly Expanded, Revised User Guide on Local Government Finances

How does your state or local government pay for the services it provides? What is the cost to taxpayers to provide those services? How much does your government owe, and to whom? Does your government have enough money to meet its long-term obligations to bondholders and retired public employees? Is your government’s fiscal health improving or declining?

21 February 2012

Eurostat consultation on the suitability of IPSAS for the EU Member States

The Statistical Office of the European Union (Eurostat) has issued a public consultation on the assessment of suitability of the International Public Sector Accounting Standards (IPSAS) for the Member States of the EU.

20 February 2012

Tax avoidance will be seen as money laundering

The Financial Action Task Force (FATF) announced a very important step to include tax evasion to the “predicate offence” list of crimes in respect to money laundering.

20 February 2012

This year Russia’s Eurobonds issuers won’t be taxed, but they will be in 2013

The finance ministry decided to temporary stay away from refilling the budget at the expense of coupon yield of Eurobonds issuers, but only temporary – next year it will all be slightly different.

20 February 2012

IASB and FASB to host a series of outreach meetings on revised revenue recognition proposals

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) will host a series of outreach meetings in March, April and May 2012 on their revised joint proposals for the recognition of revenue that were published in November 2011.

20 February 2012

Current status of accounting and audit reforms in Turkmenistan

In July, 2010, the President of Turkmenistan issued a Decree approving the National Accounting and Audit Reform Program (NAARP). The Program aims to bring the national accounting and audit system in compliance with international standards and requirements of a market economy.