Новости

Minfin of Russia finished public discussions of yet another two standards on auditing

The Ministry of Finance of the Russian Federation has finished public discussions of two draft auditing standards. The first one is on audit evidence (specific estimation of certain accounts). The other one deals with the opening balance subject in relation to preliminary audit tasks.

Duma acquired the “megaregulator” bill

Russia’s parliament today acquired the bill to transfer regulatory and supervisory functions on financial markets to the Central Bank. Until today those functions have been performed by the Federal Financial Markets Service (FFMS).

It’s taking too long to simplify access of foreign securities to Ukraine

It looks like the National Bank of Ukraine is not following the plan for financial reform for 2013. One of the key provisions hasn’t been met yet: it was earlier expected that during March there would be created favorable conditions for trading of foreign companies’ securities which have assets in Ukraine.

Transparency and flexibility are keys to audit reform

A reform of Europe’s audit rules must encourage greater transparency and openness as well as better quality of audit, a conference in the European Parliament heard last week.

FASB issues XBRL implementation guide on other comprehensive income

The Financial Accounting Standards Board (FASB) today issued the fifth in a series of eXtensible Business Reporting Language (XBRL) Implementation Guides intended to improve use of the U.S. GAAP Taxonomy. U.S. GAAP Financial Reporting Taxonomy Implementation Guide — Other Comprehensive Income (OCI) is available at the FASB website for a 60-day comment period.

FASB extends comment deadline on proposal for accounting for credit losses on financial assets

The Financial Accounting Standards Board (FASB) today voted to extend the comment deadline for its proposal to improve financial reporting about expected credit losses on loans and other financial assets held by banks, financial institutions, and other public and private organizations. The new comment deadline on Proposed Accounting Standards Update, Financial Instruments - Credit Losses (Subtopic 825-15) is May 31, 2013.

GAAP-IFRS.COM Digest: 25-29 March

Moscow Stock Exchange getting ready for a dollar REPO

This year's autumn participants of the money market may acquire direct access to “dollar” liquidity because the Moscow Stock Exchange is ready to approve a newer version of its rules to allow foreign currency REPOs.

U.K. Regulator Finalizes LIBOR Reform

Britain's Financial Services Authority finalized new rules this month that bring regulatory oversight of the London Interbank Offered Rate (LIBOR) - a benchmark used to set interest rates for trillions of dollars in securities—under the scope of the government.

The IFRS Foundation publishes the 2013 annual version of the IFRS Taxonomy

The IFRS Foundation has published the IFRS Taxonomy 2013. The IFRS Taxonomy is a translation of International Financial Reporting Standards (IFRSs) into eXtensible Business Reporting Language (XBRL). The 2013 taxonomy is consistent with Standards as issued by the International Accounting Standards Board (IASB) at 1 January 2013, and contains XBRL tags for disclosure requirements.