Новости

FRC responds to Competition Commission's provisional decision on remedies

The FRC welcomes the withdrawal of some earlier proposals such as mandatory rotation of audit firms, compulsory joint audit, and a role for the FRC in the appointment of auditors; it is however concerned that five yearly audit tendering will not achieve the stated aim of promoting competition in the audit market.

How hired CEOs drive their companies and shareholders to bankruptcy

Forging financial accountancy, bribing auditors, making acquisitions without any sense – because of the new generation of hired “rogue” managers all of that is now associated with the modern corporate culture. Economists from the University of Tennessee discovered all major secrets of such “werewolves in business suits”.

Banks will have to tell more on their “suspicious” clients

Russian banks will have to inform the Federal Financial Monitoring Service (“Rosfinmonitoring”) of the Russian Federation on each case when they terminate a deposit contract with their clients. On that is said in the Central Bank’s new order, signed by its chairperson Elvira Nabiullina. The order was recently sent across Russian credit institutions.

Not all Russian employers want to see responsible accountants and communicative auditors

It is not necessary that successful candidates for certain job titles should well correspond to personal characteristics they indicate in their CVs. At least that follows from investigation by Superjob.ru which studied more than 144 vacancies and 5 million resumes.

Minfin proposed a new tighter law against Ponzi schemes

New, more severe legislation against creation of Ponzi schemes (or “financial pyramids”, as they are typically referred to) is being prepared in Russia: the ministry of finance recently presented its proposals to the government. Not only the document provides punishment for tricking others and making profits on it – punishment is provided for mere creation of a “pyramid” even if it hasn’t done any harm to anyone yet.

PCAOB to consider a new auditing standard to enhance the auditor's reporting model

Also to consider a related new auditing standard on the auditor's responsibilities for other information in an annual report.

CFA Institute says the disclosure reform should not aim at reducing quantity but at improving quality

The CFA Institute, a global association of investment professionals, has published a report entitled “Financial Reporting Disclosures: Investor Perspectives on Transparency, Trust and Volume” providing investor views on disclosure reform priorities.

New report on non-financial materiality

AccountAbility, the global not-for-profit organisation promoting accountability, sustainable business practices and corporate responsibility, has released a new report “Redefining Materiality II: Why It Matters, Who’s Involved and What it Means for Corporate Leaders and Boards” providing a framework for corporate leaders and boards to enhance the definition and management of non-financial materiality.

GAAP-IFRS.COM Digest: 5-9 August

A new real estate tax may be adopted in Russia in 2014

The tax which has long been discussed will likely be adopted in Russia next year as all the main ministries have reconciled it successfully.