Новости

Revised COSO Framework: improved but further adjustments warranted

On May 14, 2013, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued the revised version of its Internal Control-Integrated Framework (the Framework). The revised Framework will help improve implementation of internal control but further adjustments are warranted to align internal control across the globe and to help organizations better manage their risks and improve their overall performance.

Federal Antimonopoly Service of Russia wants to punish cartels differently

The Federal Antimonopoly Service of Russia is preparing amendments to the Criminal Code where it provides punishment for cartel agreements, which is cooperation between market participants to sell a certain good or service under a predefined non-market price. First, magnitude of offence will be judged upon differently by different (higher) thresholds of income received by violators as well as damage dealt to market participants and consumers. Besides, FAS wants to be able to commence legal proceedings against cartel members on its own.

Banking risks in open access, if demanded by the regulator

Requirements for information disclosure on risks are getting tougher in Russia. A separate act on financial information to be made publicly available is being developed by the Central Bank as it is getting ready for implementation of the “Pillar 3” of Basel II rules which is called “market discipline”.

FRC proposes updates to UK GAAP for insurance

The FRC has today issued a draft new UK accounting standard for insurance (FRED 49: Draft FRS 103 Insurance Contracts).The proposals rationalize existing UK accounting provisions for insurance rather than establishing new requirements... The FRC also issues updated guidance for audits of entities of all sizes that may be subject to the risks associated with using financial instruments

IFAC SMP Poll reflects increasing demand for sustainability services

The latest IFAC SMP Quick Poll showed that the vast majority (73%) of the nearly 4,000 small- and medium-sized accounting practices (SMPs) surveyed are either currently providing or have plans to provide sustainability services to their clients, suggesting that there’s a sizeable market for these services among the small businesses that SMPs typically serve.

Ukrainian enterprises won’t be punished for errors in financial accountancy during the next two years

Ukraine’s financial ministry proposed to free companies from paying administrative fines for errors made in financial accountancy if they present adjusted accounts within 3 months after initial presentation. This easing will be in effect during the next two years for it is aimed to simplify accountants’ work in the period of massive transition to IFRSs.

Business amnesty in Russia impeded by uncompensated financial damage

More than a month has passed since the beginning of the business amnesty in Russia. 29 former entrepreneurs previously imprisoned for various economic crimes are already at large.

Credit crunch threatens Russia

The Central Bank of Russia is now sure that consumer crediting is deep in the risk zone. Due to various reasons (among which is simple financial illiteracy) citizens just haven’t weighted their income against how much they borrow in banks. But to a great extent excessive borrowing was stimulated by banks themselves.

MEPs cast doubt on compatibility of IFRS with EU law

A group of MEPs has cast doubt on the future of IFRS by calling for a review of its compatibility with European company law. In a draft amendment to proposed regulation on the use of international accounting standards in the European Union, the MEP's demanded that the primacy of a "true and fair" view in accounts is explicitly recognized and that tougher liability standards for directors and auditors are considered.

Government watchdog reports low morale, lack of communication at SEC

The effectiveness of the Securities and Exchange Commission is undermined by low employee morale, poor internal communication, and the lack of proper systems to monitor employee performance and promotions, according to a new report issued by a federal watchdog.