Новости

IAASB’s very important final step to improve auditor reports

At the end of last week the International Auditing and Assurance Standards Board (IAASB) presented new and amended international standards on auditing on which it has been working for the last several years to improve international practice of auditor reporting.

GAAP-IFRS.COM Digest: 12-26 January 2015

It is more or less clear who will get 1 trillion as recapitalization

According to the decision made by the Russian government at the end of December, Russian banks will get 1 trillion roubles as financial support. This time, however, this will be very different from the way this was done in times of the financial crisis of 2008-2009.

Auditors of government sector entities will have to speak Russian

According to another recent initiative of the State Duma’s deputies, Russian auditors will have to keep all business documentation strictly in Russian if it is audit of government sector entities. The idea came from a deputy of the Communist party of Russia Vladimir Soloviev.

Russia’s Central Bank won’t leave holders of mortgage loans completely unattended

During some of the presentations in the course of the Gaidar economic forum Russian holders of mortgage loans (especially of foreign currency mortgage loans) could hear not very reassuring news. For example, yesterday the Central Bank’s deputy chairperson Ksenya Yudaeva almost openly admitted that it wasn’t in the CB’s competence to save “foreign currency borrowers” (let’s use this shorter notion for now – it is obviously more convenient than “holders of mortgage loans which are nominated in foreign currency”).

Deloitte commented on the IASB’s DP on rate regulation

In the middle of September 2014 the International Accounting Standards Board presented its new discussion paper DP/2014/2 «Reporting the Financial Effects of Rate Regulation». Since then some of the global accounting bodies already submitted their views on it to the developer – for example, the European Financial Reporting Advisory Group (EFRAG). Today Deloitte experts also shared a copy of their new commentary letter.

Russia will unlikely become IOSCO’s new member in 2015 because of the tension with Western economies

The International Organization of Securities Commissions (IOSCO) is an international association uniting financial markets regulators from more than 120 counties. Altogether, they regulate approximately 95% of all financial markets of the worlds. The body is also responsible for development of international unified standards of regulation. Understandably, in order to be there, any national regulator will have to meet certain criteria. It appears that this year Russia’s Central Bank – its financial “megaregulator”, as it is sometimes called unofficially – will not join the “band” soon.

Accounting deconsolidation peculiarities in hyperinflationary economies

Since 2010 Venezuela has been seen as an economy with traditionally very high inflation. The country’s government even had to try several mechanisms of exchange rate control, including multiple exchange rates and capital control.

Russian banks failed with self-rehabilitation plans

The Central Bank’s recommendations (but not requirements) to banks to prepare self-rehabilitations plans “just in case” were followed by only 27 credit institutions. “Kommersant” informs that today - two years after the Bank of Russia came up with its new initiative and asked banks to comply – only one bank managed to complete its plan in full. All other submitted plans didn’t satisfy the regulator and were returned back for improvement.

Trustees of IFRS Foundation inviting to submit applications to the Interpretations Committee

Trustees of IFRS Foundation invite all potential candidates to submit their applications for up to four positions in the Interpretations Committee which are now being freed.