Новости

Russian financial market welcomed the news on Khodorkovsky’s amnesty

Quite unexpectedly to many, after the all-national press-conference yesterday Vladimir Putin informed that Mikhail Khodorkovsky had written a request for amnesty and that he – Putin – was going to put his signature under it, thus setting him free.

EFRAG, ANC, and FRC studied business model’s role in financial accounting

The European Financial Reporting Advisory Group (EFRAG), the French regulator Autorité des Normes Comptables (ANC), and of course the Financial Reporting Council (FRC) of Great Britain published a report on their joint study “The role of business model in financial statements”.

Europe approved mandatory auditor rotation

The European Parliament and the EU member states finally came to agreement in respect of the audit reform which will set 10 years as official limit for an audit company’s tenure as external auditor for one and the same client. Although it will be possible to be reelected for another term, but only once. That’s basically what Sajjad Karim (the British MP) used to inform on not long ago.

FASB presented US GAAP Taxonomy 2014

The Financial Accounting Standards Board informed on readiness of the latest version of electronic data tags for financial accountancy under US GAAP. Taxonomy 2014 still awaits final approval of the Securities and Exchange Commission, but only because that’s a standard procedure, and in all other senses it may be seen as ready.

Private investors in Russia will receive tax preferences

RBC-Daily informs that today the State Duma of Russia is considering amendments to the law “On the market for financial securities” and the Tax Code which may potentially make bonds much more attractive for investors as compared to bank deposits.

Already 25 banks lost their licenses since Elvira Nabiullina took position of the Central Bank’s chairperson

Last Friday the Bank of Russia again liquidated - not even one, but simultaneously three Russian banks, Investbank, the Bank for project financing, and the Smolensky bank. RBC-Daily informs that as a result of it the deposit insurance fund has shrunk almost two times since the beginning of fall when the main financial regulator of Russia started to actively “clean” the banking market. Since 24 June – the date when Elvira Nabiullina officially took the new position – already 25 banks lost their licenses.

IESBA will further improve its Code of Ethics

Yesterday the International Ethics Standards Board for Accountants (IESBA) presented a strategy plan of its work in 2014-2018. At appears that all further actions to be taken by the Board are based on one and the same, although a solid basis – the Code of Ethics for Professional Accountants which was issued in 2009 and made clear many very important aspects of professional accountants’ work. It also significantly improved auditors’ independence.

Six most problematic issues of audit in 2013

The AICPA’s Center for Audit Quality (CAQ) has published a report, indicating six most problematic aspects of today’s external audit. It appears the Public Company Accounting Oversight Board (PCAOB) has long been paying attention to audit of internal control over financial reporting. It is a problematic subject, but not only that.

Credit histories of Russians will be disclosed without notice

Head of the Central Bank of Russia Elvira Nabiullina was asked by the Association of Russian Banks to clarify the new regulation related to credit histories which had been added to the law of the same name. The changes were approved recently by Russian parliamentarians when they finished discussing the law “On consumer lending” in its second reading.

American experts know how to adopt integrated accountancy

The Institute of Management Accountants (IMA) proposed possible actions on how it is better to transform corporate accountancy into the “integrated” one to make it closer users’ need.