Новости

Russian auditors developed plans for the next two years

The National Union of Auditing Associations which comprises most of today’s self-regulatory organizations of auditors (four out of five actually – the Russian Collegium of Auditors, the Moscow Audit Chamber, the Institute of Professional Auditors, and the Audit Association “Sodruzhestvo”) held a meeting on 16 July in Moscow.

New GASB chairman foresees new pension standards influencing government budgeting decisions

David A. Vaudt, the new chairman of the Governmental Accounting Standards Board, plans to closely monitor the impact of GASB’s new pension accounting standards on the finances of state and local governments.

Financial Accounting Foundation names James L. Kroeker vice chairman of Financial Accounting Standards Board

James L. Kroeker, former chief accountant for the U.S. Securities and Exchange Commission (SEC), has been appointed a member and vice chairman of the Financial Accounting Standards Board (FASB).

FASB and IASB to form joint transition resource group for revenue recognition

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today formally announced plans to create a joint transition resource group focused on the upcoming final converged standard on revenue recognition.

Bloomberg being checked for possible confidentiality breach

The story isn’t very new, although it has certain negative consequences Bloomberg still has to deal with. In May, a loud scandal broke out when it was discovered that numerous Bloomberg journalists could have had access to private information through the info terminals. Today New York General Attorneys are examining the extent to which journalists accessed business information of the company’s clients. There’s no ongoing official investigation yet, though.

Only one out of three banks successfully passed stress testing in Russia

The Bank of Russia has presented results of the latest stress testing of the banking sector. During the experiment regulators were estimating the degree of negative influence of possible economic recession under two scenarios.

GAAP-IFRS.COM Digest: 22-26 July

Bank of Russia vows to protect citizens from excessive indebtedness

Bank of Russia under its new governance pays more attention to social aspects of business life. Various amendments to the banking legislation are already being proposed, from setting limits to maximum debt burden per one person to even introduction of criminal liability for too high, “usurious” rates of interest.

Russian bankers will possibly be put to prison for mocking financial accountancy

The Ministry of Finance of the Russian Federation had developed a new draft law on introduction of criminal liability for falsification of banks’ accountancy. The reason for such harsh actions is urgent necessity: it appears that in 64 credit institutions which recently went bankrupt there were discovered signs of purposeful falsification of financial results. That’s 86% of banks which were liquidated in 2010-2012.

FFMS is now history

Vladimir Putin has signed an order on winding-up the Federal Financial Markets Service and passing its functions and property to the Central Bank (aka “The Bank of Russia”, the new financial “megaregulator”). The day before Putin also signed another law on creation of the financial markets “megaregulator” which is to come into effect on September 1.