Новости

E&Y is again the best international consultant working in Russia

Yesterday, the Russia Private Equity Awards ceremony was held at the V Russia Private Equity Congress during which Ernst & Young was again – for the second year in a row – recognized by experts as the best international consultant working in Russia.

Relatives and affiliated parties won’t be able to participate in public procurement

According to an independent expert opinion, the problem of “family relations” in public procurement in Russia is very urgent because this has long become one of the most widely used methods to withdraw budgetary funds to the private sector.

Japan allows wider voluntary application of IFRSs

The Financial Services Agency of Japan (FSA) presented its new ordinance, allowing wider application of international financial reporting standards on voluntary basis. By IFRSs they mean the ones endorsed by the FSA for application in Japan, although those are very close to original ones issued by the IASB.

PCAOB will concentrate on revenue audits

At the recent conference of Brigham Young University alumni in Provo (Utah) Jay Hanson from the Public Company Accounting Oversight Board promised that auditing standards on revenue recognition would be paid most attention very soon (although they are currently not on the PCAOB’s agenda yet).

Ukraine breaking a record in “Doing Business” progress

This year’s Doing Business rating has a new leader in respect of total progress made, and this leader is Ukraine. It was able to climb up by 25 positions from its 137th place in 2012 to the 112th (out of 189 possible).

Russian actuaries may receive official regulation soon

Today the Federation Council (the upper chamber of the parliament in Russia) is discussing the draft federal law “On actuarial activity”. Potentially, this one is a new reason for insurers and non-government pension funds to worry about because the government may make a new regulatory force out of experts of actuarial work.

Approval of the law on bankruptcy of natural persons again being delayed

The long-discussed draft law on bankruptcy of natural persons in Russia is again being delayed and will unlikely be approved sooner than in one year.

“Hindu” IFRS – still a big challenge ahead

Undoubtedly, until not long ago international financial reporting standards in India remained very popular. The developing country’s government made a loud announcement on its intention to adopt Indian GAAP fully aligned with IFRSs.

EFRAG against cancellation of fair value, identified two new business models

In March the European Commission published its paper on business models of long-term investing in Europe («Long-term financing of the European economy»). As probably the main pan-European adviser in the field of accounting standards the European Financial Reporting Advisory Group (EFRAG) published its comments on the “Green paper” last week.

Minfin prohibits audit relations between close relatives

The Ministry of Finance proposed new amendments to the federal law “On auditing activity” for public discussion. Those are proposed for the 8th section which is related to ensuring independence of audit organizations or individual auditors in the course of inspection of credit entities or insurance companies.