Новости

UBS now pursued over HIBOR

Financial regulators of Hong Kong initiated investigation against the Swiss bank UBS for possible manipulations with the HIBOR interbank exchange rate. The announcement by the Hong Kong Monetary Authority (HKMA) came the next day after the bank agreed to pay $1.6 billion to American and British regulators for LIBOR manipulations.

Russian banks will be obliged to tell who the accounts belong to

The Federal Financial Monitoring Service of the Russian Federation (aka “Rosfinmonitoring”) introduced a long awaited bill to the government. If approved, the new law will provide a clear mechanism for disclosure of final owners of companies’ bank accounts.

AASB issues ED 233

The Australian Accounting Standards Board (AASB) has issued Exposure Draft ED 233 Australian Additional Disclosures - Investment Entities as a further step in its due process on dealing with the International Accounting Standards Board’s (IASB’s) recently issued exception to consolidation requirements for investment entities. The exception to consolidation requires an entity that meets the investment entity criteria to account for controlled investees at fair value through profit or loss, rather than consolidate those investees.

FASB proposes improvements to accounting for credit losses on financial assets

The Financial Accounting Standards Board (FASB) today issued for public comment 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. Proposed Accounting Standards Update, Financial Instruments - Credit Losses (Subtopic 825-15), proposes a new accounting model intended to require more timely recognition of credit losses, while also providing additional transparency about credit risk. Stakeholders are asked to review and provide comments on the proposal by April 30, 2013.

SEC approves PCAOB standard on communication with audit committees

The SEC has approved PCAOB Auditing Standard No. 16, Communications with Audit Committees, and related amendments to PCAOB standards that were designed to help external auditors communicate effectively with audit committees during public company audits.

IASB and EFRAG meet to review ongoing projects and other topics

The International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) met on 18 December 2012 to discuss a number of topics.

Minfin adopted 5 more IFRS documents for accounting in Russia

By its official order the Ministry of Finance adopted five new IFRS documents for financial accounting on the territory of the Russian Federation.

Owners of securities who conceal information will have to pay largest taxes

Owners of Russian financial securities who hide information on themselves will have to pay taxes at the maximum rate of 30%. Such amendments to the current legislation are being discussed by the State Duma today. The reason for that is fighting with offshore companies. However, effectiveness of this idea is not straightforward: some experts remind that tax evasion is not the only reason for doing business in offshore zones.

IFIAR releases first global survey of audit inspection findings

IFIAR, the International Forum of Independent Audit Regulators, today releases the first global survey of audit inspection findings bringing together issues identified by IFIAR Members located around the world. The survey was designed to identify the level of inspection activity among IFIAR Members and common findings for Members’ inspections of audits of public companies. The survey also responds to a request from the Financial Stability Board to provide details of findings from the inspections of audits of major financial institutions.

Emerging Economies Group meeting focuses on common control transactions

The IASB has publicly released a communiqué from a meeting of the Emerging Economies Group (EEG) held in Sao Paulo, Brazil on 4-5 December 2012. The main topic discussed at the meeting was transactions under common control, and the meeting also included brief discussions on hybrid financial instruments and impairment of financial assets.