Новости

E&Y will perform audit of the state corporation “Rostec” for 21.6% of the starting price

Another open tender for external auditors of the state corporation “Rostec” is complete. External audit of its consolidated financial accountancy under IFRS for the current annual period of 2013 (which is the first year of application), also for 2014, 2015 and 2016 and other (probably consulting) services will be provided by the Russian office of Ernst & Young.

ICAEW calls for immediate review of financial disclosures

The largest professional association in Great Britain - the Institute of Chartered Accountants in England and Wales (ICAEW) – has published a report (Financial Reporting Disclosures: Market and Regulatory Failures), calling for immediate reform of financial disclosures. According to their expert opinion, today, in absence of fundamental changes in the whole system, the situation is getting worse.

IAESB completes review of IAS 8

The preliminary version of the same standard was issued for comments in August 2012. Although respondents generally supported the IAESB’s work, they nevertheless required more clarity in respect of the standard’s scope and requirements for learning outcomes. The Board took those considerations into account and recently presented a corrected version of the international standard.

GAAP-IFRS.COM Digest: 9-13 December

IASB completed two previous cycles of annual improvements to IFRSs

First, we’d like to remind that yesterday the International Accounting Standards Board published preliminary amendments, proposed to four international standards. Those are attributed to the new annual cycle (denoted by “2012-2014”).

Deloitte analyzed first application of IFRS in pension funds

Jointly with the management company Pariba Investment Partners, Russian office of the audit company Deloitte recently held a seminar dedicated to the subject of transition of pension funds to international financial reporting standards. We remind that transition to IFRS by pension funds and other new types of entities is stipulated in the plan on development of financial accounting in 2012-2015, approved by the Ministry of Finance.

Russian business taken home from offshore jurisdictions

If follows from the latest Putin’s annual address to the Federal Assembly that the government is not going to support offshore companies. Those will also have to pay taxes by Russian laws.

IASB publishes traditional annual amendments

The International Accounting Standards Board published for public consideration a draft version of five traditional annual amendments to four accounting standards. We remind that all annual amendments adopted the by IASB are not really urgent, although spmetimes useful.

CB of Russia putting bankers’ bonuses under direct control

According to the Central Bank’s new instruction it follows that starting from 2014 the main financial regulator will take bonuses of Russian banks’ managers under direct control.

ISAs will be translated into Russian

The Russian Foundation “National Organization for Financial Accounting and Reporting Standards” – the same Foundation which was and still is in charge of official translation of international financial reporting standards – will also translate international standards on auditing. The corresponding agreement was recently signed with the International Federation of Accountants (IFAC).