Новости

Report from recent IFASS meeting released

A report has been issued summarizing the discussions at a meeting of the International Forum of Accounting Standard Setters (IFASS, formerly the NSS) held in Zurich on 22-23 October 2012. The meeting covered a broad range of topics, including the future relationships between the IASB and regional and national standard setters, topical issues in financial reporting, reports from regional groups and administrative matters.

IAASB consults on Audit Quality Framework

The International Auditing and Assurance Standards Board (IAASB) today released for public comment a new Consultation Paper addressing audit quality. A Framework for Audit Qualityseeks input from stakeholders internationally who have an interest in continually enhancing audit quality, including regulators, audit committees, investors, and audit firms.

Government servants in Russia under special control of banks

Starting from the beginning of the year banks in Russia have to check sources of funds in possession of government officials (including the president and the prime-minister) in all transactions exceeding 15 thousand roubles. Such operations are now seen as highly risky from the point of view of possible money laundering.

CFA Institute issues second study on user perspectives on IFRS 7 disclosures

The CFA Institute, a global association of investment professionals, has published a report entitled User Perspectives on Financial Instrument Risk Disclosures Under IFRS (Volume 2), providing user insights on the disclosures of derivatives and hedging activities under IFRS 7 “Financial Instruments: Disclosures”.

FASB proposes improvements to accounting for repurchase agreements

The Financial Accounting Standards Board (FASB) today issued for public comment its proposal to improve financial reporting about repurchase agreements and other transfers with forward agreements to repurchase transferred assets. Proposed Accounting Standards Update, Transfers and Servicing (Topic 860) - Effective Control for Transfers with Forward Agreements to Repurchase Assets and Accounting for Repurchase Financings, would clarify the guidance for distinguishing these transactions as either sales or secured borrowings and improve disclosures about them. Stakeholders are asked to review and provide comments on the proposal by March 29, 2013.

Duma rejects adoption of progressive taxation for private individuals

Today the State Duma of Russia rejected all three alternative projects to adopt progressive scale for the personal income tax. Deputies of the Duma’s taxes and budget committee think that abandoning proportionate taxation in favor of progressive taxation will only increase costs of tax administration.

Segment disclosure standard affirmed by FAF review team

A Financial Accounting Foundation (FAF) review released Monday has affirmed the general effectiveness of a FASB statement that establishes standards for the way public companies report information about operating segments in annual and interim financial statements.

British outraged by the fact that most LIBOR fines are paid to Americans

The Times informed on Monday that many British politicians and representatives of business associations don’t like the fact that most fines for LIBOR manipulations go to America. This makes them especially nervous with approaching deadline for the Swiss bank RBS to pay its fine.

Basel III being delayed

The Basel Committee on Banking Supervision has decided to postpone adoption of certain Basel III normative standards until 2019 (previously planned for implementation in 2015). The rules being delayed deal with regulation of size and quality of bank capital.

The Federal Antimonopoly Service of Russia plans to regulate the market for micro financing, although it doesn’t know how yet

The Federal Antimonopoly Service has prepared a preliminary document upon which it plans to make judgments whether microfinance entities occupy dominant position on the market or not. The main problem at the moment is that regulators don’t know the exact volume of business of most such entities in Russia.