Новости

GAAP-IFRS.COM Digest: 14-18 October

In 2014 all auditors in Russia will be chosen upon tendering

A draft law by the Minfin on changes to the federal law now in effect (“On auditing activity”) is almost approved (the consulting period is nearing its end), which means that changes will affect the law’s 14 clause as well.

FASB publishes implementation guide on US GAAP Taxonomy

A week ago the US Financial Accounting Standards Board published in open access its new guide “Notional Amount Disclosures” (UGT version 2013).

IFRS Foundation chairman Michel Prada called to protect IFRS accomplishment in Europe

In his speech “The bumpy path towards global accounting standards” in Frankfurt chairman of the IFRS Foundation Michel Prada admitted that IASB’s work had always been seen as controversial, but despite that all gains of IFRS in Europe should be protected. 

No default for the USA now or ever?

Nobel laureate in economics Robert Shiller did not expect default for the United States this Monday (when nothing was clear yet), neither he expect it in the future.

Australian regulators discuss accounting for liabilities

The Australian Accounting Standards Board has presented its own “conceptual-like” analysis of issues surrounding financial accounting of liabilities.

IASB’s “worried” responses to the new EU’s funding strategy

No surprise then that the IASB had to react on the European Parliament’s recent proposals, although the reaction is currently more of words than actions. During the meeting with members of the advisory council this Monday Hans Hoogervost called it all “highly worrisome”.

No mandatory auditor rotation planned for adoption in Russia

During the September’s meeting of the Audit Council of Russia it was decided not to adopt mandatory auditor rotation yet. Instead, other presumably effective measures will be introduced.

American middle-class directors oppose changes in the auditor’s report

According to a small research which was perform by BDO US among 27 directors of middle-class companies (with revenues between 250 and 750 thousand roubles), most of them don’t like the PCAOB’s proposals on how to reform the auditor’s report.

Minfin delays restriction of non-cash settlement

The Ministry of Finance of the Russian Federation still has plans to adopt the upper limit for transactions which may be settled in cash down to 300 000 roubles, but not in 2015 as it was previously expected, but in 2016.