Новости

European Commission has plans on capital markets “megaregualtor”

Despite certain opposition, especially presented by largest economies of the EU, the European Commission today mulls its plans to create a “super-regulator” for capital markets.

Basel Committee issues draft guidance on assessment of expected credit risks

This week the Basel Committee on Banking Supervision published its new guidance for banks which is dedicated to credit risk management. This one is principles-based: it has 11 underlying principles, such as: “A bank’s board of directors and senior management are responsible for ensuring appropriate credit risk practices”, “A bank should have policies and procedures in place to appropriately validate its internal credit risk assessment models”, “Banking supervisors should periodically evaluate the effectiveness of a bank’s credit risk practices”, and others.

IPSASB develops five new standards to replace older ones

At the end of last week the International Public Sector Accounting Standards Board (IPSASB) issued five new standards to account for interest in joint and associated entities which will replace three former IPSASs.

First-time adoption of the accruals method in IPSASs

The International Public Sector Accounting Standards Board (IPSASB) recently presented its new standard IPSAS 33 «First-time Adoption of Accrual Basis IPSASs». It’s like first-time adoption of IFRSs, only in IPSASs and only concerning the accruals basis.

“Rosneft” changed the way of accounting for foreign currency risks under IFRSs

Russia’s largest oil producer “Rosneft” recently changed the way of accounting for foreign currency risks under IFRSs – informs Intefax with a reference to the company’s press service.

“Switzerland and IFRS”

“Switzerland and IFRS” is the name of the recent speech which the IASB chairman Hans Hoogervorst delivered a couple of days ago is Zurich (Switzerland). Quite traditionally, he started with an overview of the current progress with global adoption of IFRSs and in Switzerland in particular, and then went on to their “Disclosure Initiative” – a project to eliminate excess complexity of standards and divergences in their practical application.

GAAP-IFRS.COM Digest: 26-30 January 2015

“Japanese aspect”

The IASB board member Takatsugu Ochi recently published an article in the accounting journal KeiriJouhou. He starts with the Accounting Standards Advisory Forum (ASAF) as a new form of international cooperation that replaced the “bipartisan” IASB-FASB format, then switches to Japan’s participation in IFRS 3 PIR, then to adoption of IFRS in Japan itself.

Foreign currency mortgages will be forbidden to Russians

Anyway, taking into account the fact the rouble has already lost in value and the tendency still holds people who previously took mortgage loans in foreign currency now have to return more. The State Duma of Russia recently acquired a new draft law which aims to decrease risks for mortgage borrowers.

FAF issued a revised printed version of its Codification®

The Financial Accounting Fund of the USA yesterday issued a revised printed version of the FASB Accounting Standards Codification® - the only authoritative source of standards for American private, public, and non-profit companies.