Новости

GAAP-IFRS.COM Digest: 30 September – 4 October

Minfin told on forthcoming adoption of ISAs in Russia

In his recent interview to “Russian Newspaper” Leonid Shneidman, the director of the Minfin’s department for state financial control, auditing activity, accounting and reporting regulation, emphasized the necessity to improve reputation of Russian auditors. Those should provide their services in competitive conditions and receive a fair fee to what they do.

Gazprom accused in violation of European antitrust laws

European antimonopoly regulators are ready to bring charges against Gazprom, accusing the Russia gas giant in abuse of its monopolistic position in the Central and Eastern Europe. If so, the Russian company may pay a fine of up to $15 billion, informs Reuters with a reference to Joaquin Almunia, the European commissioner in charge of competition issues.

US Treasury warns on possible consequences of default

The US Treasury has publish a report, warning on consequences of possible default which may occur if the White House fails to find an agreement with the Congress on how to raise the state debt ceiling. Dollar will fall, interest rates rocket high, and credit markets get frozen.

British financial regulators see IFRSs as compliant with their legislation

Department for Business Innovation and Skills (BIS) concludes that all British companies’ financial accounts prepared under either IFRSs or UK GAAP correspond well to the European and British legislation. In its turn, Financial Reporting Council (FRC) officially confirms those conclusions.

IFRS for SMEs finally amended for the first time ever

Despite the fact that international financial reporting standards for small and medium entities are expected to be reviewed every three years, more than four years have passed since the moment of their first publication in July 2009. Nevetheless, because many jurisdictions adopted them in 2010, only last year the International Accounting Standards Board commenced their very first review, asking constituents where, in their opinion, changes should be applied first of all.

PCC finished finalizing two alternative approaches in US GAAP

Private Company Council, the consulting body within the Financial Accounting Standards Board of the USA, has finished its work on two alternative approaches to accounting of certain interest rate swaps and goodwill arising from merger of non-public entities

World Bank presents a new program to held developing counties of the Eastern Europe with accountancy

Yesterday a new program was launched in Vienna (Austria) by the World Bank to help counties of the Eastern Partnership (Armenia, Azerbaijan, Belarus, Georgia, Moldova, and Ukraine) with improving their corporate reporting. The program is called “STAREP”, an acronym which stands for “Strengthening Auditing and Reporting”.

Russian Duma proposed a new “patriotic” tax on foreign brand names

A deputy from the political party “United Russia” Eugeniy Fedorov proposed a draft law which, if approved, will oblige producers of goods and services branded under foreign titles to pay additional tax to the budget.

IFRS Foundation publishes the last but one training module on IFRS for SMEs

The 34th out of 35 planned training modules has been published by the international accounting standards developer. This one deals with the 26th section which is “Share-based Payments”.