Новости

EFRAG reports on the findings of the field-test on the IASB ED Financial Instruments: Expected Credit Losses

EFRAG has issued a field-test report that summarizes the findings received from participants in its field-test on the IASB Exposure Draft Financial Instruments: Expected Credit Losses. The field-test was undertaken by EFRAG and the National Standard Setters from France, Germany, Italy and the UK to help them formulate their views on the application of the proposed impairment requirements in IFRS 9 and to serve as input to the European Commission’s endorsement process.

Honest creditors don’t have to suffer from bankruptcy of their counteragents

The Supreme Arbitration Court of Russia is getting ready to review current practices of pre-bankruptcy disputes because of which everybody suffers equally – companies, banks, and the government. “Fair” creditors will survive bankruptcy of their counteragents much easily.

Russia switching to ISAs no later than 2016

A new bill on transition to international standards on auditing was recently introduced to the State Duma and sent to its financial markets committee for consideration. The order for setting audit standards in Russia should be agreed upon by 1 August 2014, and two years later ISAs themselves (in a form they are going to be used by local auditors) will be endorsed.

G20 in Moscow approved a restructuring plan for global financial centers

Financial ministers of the “Group of Twenty” met in Moscow this weekend and discussed a set of measures to increase transparency and general predictability of the global financial system. For the first time a plan against tax evasion by transnational companies was approved, so was the regime of automatic exchange of information on taxpayers between all G20 and OECD jurisdictions. Higher priority was put to regulation of national financial markets, accounting for derivatives and redistribution of quotas within the IMF.

The “Global Player Segment” – a new approach to global reporting convergence

Although International Financial Reporting Standards (IFRSs) are being adopted in more and more jurisdictions there still seems to persist a feeling that there are different “flavors” of IFRSs around the world and the promised capital-market effects seem not to have materialized in every case and to the extent expected. Professor Christian Leuz of the Booth School of Business of the University of Chicago has done extensive research into the issue and allows us kindly to present his most recent research papers outlining a suggested new approach or 'thought experiment' in relation to convergence.

ESMA consults on accounting enforcement guidelines

The European Securities and Markets Authority (ESMA) has launched a consultation on Guidelines on the enforcement of financial information published by listed entities in the European Union (EU).

IASB rejects plea to ease discount rate

Almost two dozen European businesses unsuccessfully lobbied the International Accounting Standards Board to loosen pension accounting rules in a bid to gain more flexibility in calculating what they owe pensioners.

GAAP-IFRS.COM Digest: 14-19 June

PCAOB mulls deregistering hundreds of accounting firms

The Public Company Accounting Oversight Board is taking a close look at the nearly 1,000 accounting firms that have registered with the PCAOB although they do not audit public companies or broker-dealers, and may decide to drop many of them.

FASB settles differences in unrecognized tax benefits

Companies have a new accounting rule to follow explaining how they should present unrecognized tax benefits when they also have a net operating loss or a tax credit to carry forward.