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FASB Issues Proposed Accounting Standards Update - Technical Corrections and Improvements Related to Glossary Terms

This proposed Update contains amendments that affect a wide variety of Topics in the Codification. The summary tables in paragraphs 1, 5, 55, and 354 summarize the amendments included in each section of this proposed Update.

Almost no more “tax havens” left in the world

Largest offshore jurisdictions in the world – Cayman Islands, Bermuda Islands, British Virgin Islands, Gibraltar, Man, Guernsey – are all adopting a system of automatic exchange of financial information with Great Britain, Germany, France, Italy, and Spain.

PCAOB’s Hanson concerned about auditor hours

Public Company Accounting Oversight Board member Jay Hanson spoke about some of the challenges faced by auditors, including the excessive number of hours they are forced to work, and how the PCAOB is trying to address them.

FASB proposes deferral of certain disclosures from nonpublic employee benefit plans

The Financial Accounting Standards Board (FASB) today issued a proposal to defer indefinitely the effective date for certain disclosures about investments held by a nonpublic employee benefit plan in the plan sponsor’s own equity securities.

US SEC Chair discusses regulation in a global context

In a speech given recently to the Investment Company Institute (ICI) in Washington, US Securities and Exchange Commission (SEC) Chair, Mary Jo White, has given a broad analysis of the impact of globalization on regulation. In relation to accounting standards, Ms White highlights the need to "accommodate different but equally legitimate financial reporting standards".

Cost of doing business in Russia can be prison

Back in Soviet days, trading for a profit was considered a crime. If government prosecutors have their way in the case of opposition activist Alexei Navalny, Russia -- purportedly a market economy -- could be imprisoning someone for such “speculation” again.

One less: Luxemburg discloses accounts

European struggle against “tax havens” continues: after Cyprus, regulators switched their attention to Luxemburg, a small country with strong reputation of a “monetary resort”.

EFRAG's Draft Comment Letter on the IASB's ED/2013/4 Defined Benefit Plans: Employee Contributions

EFRAG has issued its draft comment letter on the IASB's ED/2013/4 Defined Benefit Plans: Employee Contributions. Comments on the letter are invited by 5 July 2013.

Bank of Russia wants to know everything about top-managers

The banking regulator of Russia demanded that credit institutions should inform on all managers coming to them from banks which earlier lost their licenses.

ICAEW & Big Four seek updated avoidance guidelines

ICAEW and the Big Four firms have acknowledged the need for enhanced professional guidance covering tax avoidance in the wake of the recent highly critical Public Accounts Committee (PAC) report on the role of the large accountancy firms.