Новости

FASB issues Accounting Standards Update on proposed clarification to fair value disclosure exemption affecting private companies and not-for-profit organizations

The Financial Accounting Standards Board (FASB) today issued Accounting Standards Update No. 2013-03, Financial Instruments (Topic 825): Clarifying the Scope and Applicability of a Particular Disclosure to Nonpublic Entities, which clarifies the scope and applicability of a disclosure exemption that is specific to private companies and not-for-profit organizations that resulted from the issuance of Accounting Standards Update No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.

EFRAG and the FRC issue the Feedback Statement on the Discussion Paper “Improving the Financial Reporting of Income Tax”

The European Financial Reporting Advisory Group (EFRAG) and the Financial Reporting Council (the FRC) have published today their Feedback Statement “Improving the Financial Reporting of Income Tax”. The Feedback Statement on their discussion paper provides an analysis of comment letters received on this consultation together with their responses to the main issues raised by respondents. Statement “Improving the Financial Reporting of Income Tax”. The Feedback Statement has been prepared for constituents to consider the analysis of comment letters received, together with EFRAG’s and FRC’s responses to the main issues raised by respondents.

GAAP-IFRS.COM Digest: February 4-8

A “digest” of most important updates for the last week.

Auditors in Russia made responsible for anti-money laundering and terrorist financing

This week the Ministry of Finance of the Russian Federation published a draft set of amendments to the law on anti-money laundering and terrorist financing and section 17 of the federal law “On auditing activity”. From the explanatory note it follows that those amendments are aimed to bring Russian legislation in accordance with recommendations of standards on Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) which are developed by the Financial Action Task Force (FATF).

Russian banks’ bonuses may become subject to taxation

In theory, it is possible that various bonuses provided by banks (like goods and services with significant discounts or even for free) will become subject to taxation. As a result, banks’ clients may eventually lose even more than the benefit’s amount, banks will incur losses, and the budget – even in this case it won’t receive really much as a result of this possible innovation.

Euroclear already works with Russian federal bonds

Euroclear Bank has started OTC (over-the-counter) servicing of Russia’s federal loan bonds – says the announcement by the National Settlement Depositor (NSD), which is today the central depository on the Russian financial market. This means that largest international companies which work with federal loan bonds are now able to work with federal bonds using their Euroclear Bank accounts in the NSD.

IAESB releases revised IES 1 “Entry Requirements to Professional Accounting Education Programs”

The International Accounting Education Standards Board (IAESB) today released the revised International Education Standard (IES) 1 “Entry Requirements to Professional Accounting Education Programs”. IES 1 is effective from July 1, 2014.

IASB and IIRC formalize cooperation on work to develop integrated corporate reporting framework

The International Accounting Standards Board (IASB) and International Integrated Reporting Council (IIRC) today announced an agreement that will see the two organizations deepen their cooperation on the IIRC’s work to develop an integrated corporate reporting framework.

IFRS Foundation seeks candidates to fill Trustees vacancies

The International Financial Reporting Standards (IFRS) Foundation is the private sector independent body responsible for the development and promulgation of a single set of high quality global accounting standards. Twenty-two Trustees — six from Asia-Oceania, six from Europe, six from North America, one from Africa, one from South America and two from any area of the world - oversee the Foundation and the International Accounting Standards Board (IASB). The Trustees themselves are publicly accountable to a Monitoring Board of capital market authorities. The IASB is the 16-member body responsible for the development of International Financial Reporting Standards (IFRSs).

NASDAQ may be forced to pay $5 million for the technical failure during the IPO of Facebook

It is possible that NASDAQ will have to pay a $5 million fine for technical failures during last year’s IPO of Facebook which led to $500 million losses. Previously, only compensation to suffered brokers was promised for total amount of $62 million. With that brokers couldn’t agree, claiming that they had incurred much larger losses.