Новости

SEC eventually fined all “Big 4” companies in China, forcing them to hand over the documents

The long stand-off between the Securities and Exchange Commission and Chinese offices of “Big Four” companies is finally over: the American financial regulator fined all audit organizations for $500.000 each for their previous unwillingness to submit audit documentation (using Chinese legislation as an excuse), although the SEC later acknowledged that firms had started to do that eventually.

GAAP-IFRS.COM Digest: 2-6 February 2015

EFRAG, OIC, and ASBJ conclude consultations on goodwill impairment

“Should Goodwill Still Not Be Amortised?” – that’s the name of the consolation document three independent organizations – the European Financial Reporting Advisory Group (EFRAG), Organismo Italiano Contabilita (OIC) of Italy, and the Accounting Standards Board of Japan (ASBJ) – jointly issued in summer 2014. This week they concluded their consultations by presenting a report on all commentary letters they received so far.

GRI’s G4 Guidelines in the context of the new European Directive

International experts in sustainable reporting Global Reporting Initiative (GRI) presented their new publication this week - “Making headway in Europe”. It is an explanation of how European company may apply their guidance (G4 Guidelines) in the context of the new Directive.

Ind AS: a bit step forward for India, although not a final one

At the conference organized by IFRS Foundation (in cooperation with the Indian office of KMPG) this week head of the International Accounting Standards Board Hans Hoogervorst praised progress with IFRSs adoption completed by India until now. After traditionally starting with benefits which international standards bring to local companies in terms of easier access to capital markets and at lower costs, he then called forthcoming adoption of Ind AS a “stepping stone” to true IFRSs adoption.

EFRAG endorses Annual Improvements Cycle 2012-2014

The European Financial Reporting Advisory Group (EFRAG) which is responsible for (among other things) provision of recommendations to the European Commission on endorsement of IFRS standards, yesterday submitted its final recommendations on “Annual Improvements to IFRSs 2012-2014 Cycle”.

Central Bank of Russia “deeply concerned” by dishonest auditors

The situation with “comfortable” auditors isn’t getting any better in Russia. Despite the fact that 53 banks lost their licenses in 2014, 47 of them used to get an unconditionally positive auditor’s report on financial accountancy. In 2013, the situation was similar although much fewer banks went bankrupt (22 in total, 16 had positive reports). Looks like no one really bothered.

PCAOB doing its best to increase effectiveness of the standards setting process

It looks like the Public Company Accounting Oversight Board (PCAOB) is searching for ways to improve effectiveness of its work. This follows from what James Doty said in the course of the open meeting with the SEC’s governance this Wednesday on the occasion of official approval of the PCAOB’s budget ($250.9 million).

Some Russian banks already commenced processing of transactions on MasterCard plastic through the national payment system

Starting from 30 January Russian banks started to process part of their internal Russian transaction on plastic cards of MasterCard through the National Card Payment System (NCPS). Among the first one were Gazprombank, the bank “Russia”, SMP Bank, “Alexandrovski”, and “MDM Bank”. As one can see, some of the names are familiar because those banks were among the first ones to be hit bank sanctions in spring 2014.

New IFRS translations into French, Spanish, Russian, Chinese and Kazakh

Today the IFRS Foundation informed on readiness of a set of new IFRS translations.