Новости

PCC proposes changes to consolidation of variable interest entities

The Private Company Council (PCC) voted to expose a proposed alternative within U.S. Generally Accepted Accounting Principles (GAAP) for applying consolidation guidance for leasing entities under common control. The PCC and the Financial Accounting Standards Board (FASB) also voted to finalize the Private Company Decision-Making Framework.

Companies ready to play openly with taxmen

Russian business is ready to open its financial accountancy to the Federal Tax Service in return for absence of field checks (as you are probably aware, in Russia those always bring additional charges). The only condition is guarantee of keeping commercial secrecy in private. More than ten companies already expressed their desire to join the FTS’s “experiment”.

Detroit gone bankrupt

Municipal authorities of Detroit (state Michigan) informed that they were no long able to repay $18 billion of debts and had filed an application to consider the city as bankrupt.

Bank of Russia further struggles against withdrawal of assets

The Central Bank of Russia is further intensifying its struggle against illegal assets withdraw schemes with participation of foreign agents which are commonly used by Russian banks. Soon it will become too costy to open deposit accounts at suspicious terms abroad even in seemingly safe credit institutions because this will be classified similarly to direct investments in risky assets.

IASB publishes a Discussion Paper on the Conceptual Framework

The International Accounting Standards Board (IASB) today published for public comment a Discussion Paper exploring possible changes to the IASB’s Conceptual Framework for Financial Reporting. The Discussion Paper is the first step towards issuing a revised Conceptual Framework.

IASB completes Post-implementation Review of IFRS 8 “Operating Segments”

The International Accounting Standards Board (IASB) today announced the completion of its Post-implementation Review of IFRS 8 “Operating Segments”. This was the first Standard subjected to such a review by the IASB since the requirement to do so was added to its due process by the Trustees of the IFRS Foundation in 2007.

French report suggests measures aimed at strengthening Europe's voice in the development of IFRSs

A working group within two major industry representative organizations in France has issued a report ‘Strengthening the process for adopting International Accounting Standards: A strategic challenge for the European Union’ suggesting changes to the role of the conceptual framework in developing IFRSs and calling for some changes to the European regulation on IFRS as well as the European structures in place as a result of this regulation.

Bill on Russia’s transition to ISAs sent to Duma for consideration

The government of Russia approved and sent to the State Duma a draft law on transition to international standards on auditing which are developed by the International Federation of Accountants (IFAC).

Two brokers could also be involved in LIBOR manipulations

The LIBOR case is now being checked for possible involvement of other people. Two former employees from RP Martin Holdings Ltd. Terry Farr and James Gilmour are facing charges by the Serious Fraud Office (SFO). Farr is 41 years old, Gilmour is 48; both were born in Essex.

British directors will be made liable for bankruptcies

A large-scale reform of corporate regulation is being prepared in Great Britain – on that informed head of the Department for Business, Innovation & Skills (BIS) Vince Cable. Transparency of companies will be further increased with creation of a single register of companies where real ultimate owners of business will be indicated, even in case of companies registered in offshore jurisdictions. In certain cases top-managers will be forced to settle liabilities with creditors from their own pockets.