Новости

Flaws of the new certification system will negatively affect Russia’s audit market

The Certification committee of the Audit council published reports on results of the simplified exam and their negative audit influence on the audit market as a whole. We remind that simplified exams for already practicing auditors are not carried in Russia anymore, so anyone who wishes to prolong his/her license has to take general exams together with the ones new in the auditing industry.

Denmark replaces existing accountings standards for SMEs with one single standard

In an effort to modernize accounting for small and medium-sized entities (SMEs) and to inspire the preparation of informative and relevant financial statements, the Accounting Technical Committee of FSR – Danske Revisorer (FSR – Danish Auditors) has published a new accounting standard replacing existing guidelines scattered so far through a number of standards.

IASB issues reporting back documents on insurance contracts (ED)

The International Accounting Standards Board (IASB) has issued two “reporting back” documents relating to its exposure draft on insurance contracts. The documents are working drafts prepared by the IASB staff which contains modifications from tentative decisions reached by the IASB during its meetings on insurance contracts.

Ukraine and Ireland cancel double taxation

Ireland is now in the list of countries which may be of interest to numerous Ukrainian companies registered in problematic Cyprus. This became possible after signing the double taxation treaty, and experts say that interest today is pretty high.

CB of Russia will force banks to report on prepaid cards

Prepaid cards are convenient payment instruments which bear certain risks. They are just like normal plastic cards, where the main difference is that anonymity of their holders is not guaranteed. Were “normal” credit cards require opening a bank account (which implies provision of personal data), prepaid cards may be purchased within minutes.

Focus on “macroprudential” supervision

Supervision over systemically important financial groups will become one of the main tasks for the “megaregulator” – which, we remind, will soon be formed at the base of the Central Bank of Russia, while the latter’s new chairperson was already named and officially approved.

Another tax amnesty in Russia?

The government of Russia is ready to consider the possibility of the second tax amnesty – on that informed the first vice-prime minister Igor Shuvalov. “If the banking society comes up with the corresponding initiative, we in the government and in the State Duma are ready to discuss it”, - he said.

Great Britain losses its top rating, again

Once again Great Britain is left without its top AAA rating: what Moody’s started in February, is now being continued by Fitch Ratings.

Accountancy chief reveals concerns on audit reports

The president of the Institute of Chartered Accountants of Scotland (ICAS) has warned audit reports are "hopeless", writes Greig Cameron.

Audit market “flirting with stagnation”, says PCAOB chair

The audit market is "flirting with stagnation" because it is considered as an obligatory compliance function, best obtained at the lowest cost, the chairman of the US accounting watchdog has warned.