Новости

IASB publishes proposals for amendments to IAS 39 Financial Instruments: Recognition and Measurement Novation of derivatives and continuation of hedge accounting

The International Accounting Standards Board (IASB) today published for public comment an Exposure Draft of proposed amendments to IAS 39 “Financial Instruments: Recognition and Measurement”. Corresponding requirements are proposed to be included in the forthcoming hedge accounting chapter in IFRS 9 “Financial Instruments”.

Russian government left certain control over the «megaregulator» to itself

With implementation of the reform the CB will get all the powers it needs, but the government will, nevertheless, leave certain activities (like obligatory insurance) under its own control.

Russia’s Audit Council reports on results of its work

The Audit Council of Russia has published a report on its work in 2012. It is informed there that one of the main questions of the Council’s operations last year was improving the situation on the Russian market for audit services. It is not specified, however, what exactly has been done in that respect up to the moment, but it is assured that this work will continue.

IVSC consults on improvements to International Valuation Standards

The International Valuation Standards Council (IVSC) is seeking views on proposed changes and improvements to the current International Valuation Standards (IVS).

PCAOB issues report on 2007-2010 inspections of domestic firms that audit 100 or fewer public companies

The Public Company Accounting Oversight Board today released a report summarizing inspection observations identified in the 2007 through 2010 inspections of U.S. firms that audited 100 or fewer public companies. Such firms must be inspected at least once every three years (triennially inspected firms).

Property prices will be corrected for adoption of the new property tax

The Ministry for Economic Development has prepared amendments to the law on valuation of real-estate property (hereafter referred to as “cadastral valuation”). The first reading of the bill may take place in March, told head of the ministry Andrei Belousov.

Russian companies aren’t worried by the new standard on leases

Thankfully, the IASB is at last finishing the new IFRS standard that will oblige everyone to reflect all leases on the balance sheet. The problem is that far not all companies in Russia (only 15% of them actually) are aware of it. Even less know how to apply the new rules in practice. Meanwhile, it is possible that the standard will be approved in 2013.

U.K. Panel Suggests Rotation to Improve Audit Quality

Audit firms and public companies in the United Kingdom are too interdependent, restricting the objectivity and skepticism that is meant to protect shareholder interests, according to the U.K. Competition Commission, which studied the audit market at the request of the U.K. Office of Fair Trade.

Australian analysis of the usefulness of IFRS financial statements

CPA Australia has posted to its website a paper by former IASB member Warren McGregor evaluating the criticisms that have been levelled at IFRS financial statements by CFOs and others in and outside of Australia and seeking to defend the usefulness of IFRS financial statements.

GAAP-IFRS.COM: Digest 18-22 February