Новости

Russian banks advised to prepare plans for their own salvation

The Central Bank of Russia thinks it is time for banks to prepare plans for their own financial rehabilitations - “just in case”. In December the banking regulator sent methodological recommendations on how those should look like and now awaits first results before the end of the year.

Investors getting foggy cash data, study concludes

Companies may be mingling operating cash flow that arises from a controlling interest in a consolidated company with cash that is produced by non-controlling interests, giving investors an inflated impression about cash that might be available to pay dividends.

IASB plans to give FASB leeway to join new accounting standards forum

International Accounting Standards Board chairman Hans Hoogervorst said the U.S. Financial Accounting Standards Board is not likely to face obstacles in joining the new multinational Accounting Standards Advisory Forum that is being set up to provide input to the IASB on setting future accounting standards, even though the Securities and Exchange Commission has not formally committed to supporting International Financial Reporting Standards.

IPSASB publishes first chapters of Public Sector Conceptual Framework

The International Public Sector Accounting Standards Board (IPSASB) has issued the first four chapters of its Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (the Conceptual Framework).

GAAP-IFRS.COM Digest: January 9-11

Although there wasn’t too much news in the first few days of the new 2013, we were still able to find something worthy your attention and shared this with you. Have a look.

Why foreign companies are running scared out of Ukraine

...And a short explanation - one of the main reasons why Ukraine is only the 161st in the Index of Economic Freedom 2013. In 2012 Ukrainian companies experienced an unprecedented pressure from the side of law enforcement and fiscal authorities. Numerous inspections by tax and customs services have many times pushed companies virtually to the very edge of survival.

Hong Kong is still the most economically free state in the world

According to the latest 2013 Index of Economic Freedom by Heritage Foundation and experts of The Wall Street Journal, for the 19th(!) year in a row Hong Kong is again the world’s absolute leader.

New mechanisms eyed by FASB, IASB in long march toward global comparability

The mechanisms for continuing to facilitate global comparability in accounting standards will change over the next few years. But the leaders of two major standard-setting boards said Thursday during a meeting in New York City that the commitment to global comparability remains. With their joint board meetings and convergence projects nearing an end, FASB and the International Accounting Standards Board (IASB) plan to engage each other in new ways.

Enforcement Director Robert Khuzami to Leave SEC

The Securities and Exchange Commission today announced that Enforcement Director Robert Khuzami will leave the agency after nearly four years of leadership. During Mr. Khuzami’s tenure, the Enforcement Division filed scores of significant actions connected to the financial crisis and brought record numbers of cases involving insider trading and misconduct by investment advisers and investment companies.

Leading European national standard-setters submit joint comment letter on the proposed ASAF

The IFRS Foundation has posted to its website a joint letter received late last year from the national standard-setters of Germany (DRSC e.V), France (Autorité des normes comptables), the United Kingdom (Financial Reporting Council) and Italy (Organismo Italiano di Contabilitá) commenting on the proposed creation of an Accounting Standards Advisory Forum (ASAF).