Новости

PCAOB finds problems with audits of internal controls

The Public Company Accounting Oversight Board released a report Monday in which it identified widespread problems at eight major accounting firms with their audits of internal control over financial reporting.

U.K. accountants call for an end to convergence

A new report from the Institute of Chartered Accountants in England and Wales urges the International Accounting Standards Board to “end the era of convergence,” and give all listed companies around the world the option of applying International Financial Reporting Standards.

Islamic finance reporting needs consistency, says report

Guidance is needed on applying international financial reporting standards (IFRS) when accounting for some Islamic financial products. Further help is needed to deal with the reporting to stakeholders of information on an entity's Sharia-compliant operations.

Russian regulators creating a “black list” of companies caught on financial fraud

Three Russian watchdogs – the Federal Tax Service, the Ministry of Internal Affairs and the Central Bank – will together work on creation of the “black list” of companies which are, in their opinion, involved in illegal financial operations. The list will be stored at the CB’s website, with access to it open to commercial banks. 

Moscow Stock Exchange plans listing on its own territory

IPO of the Moscow Stock Exchange (aka “MICEX-RTS”) is going to take place in Moscow. RBC-Daily was informed that the bourse’s shares would be offered to foreign investors for total value of 9 billion roubles. Market participants doubt that this placement will be successful because all of the recent largest IPOs of Russian companies took place abroad.

FRC to use firms’ revenues to calculate disciplinary fines

The FRC’s disciplinary arm has been given the green light to look at firm revenues and profits per partner when handing out disciplinary sanctions with no upper limit, from next year. The financial watchdog published a summary of the consultation responses, its reply to those responses and the updated Sanctions Guidance for Tribunals – due to take effect on 1 February.

REPO through Bloomberg

The Bank of Russia promises to launch auctions of OTC (over-the-counter) REPOs, allowing market participants to make transactions though the Bloomberg system. The banking regulator expects that this will allow to increase liquidity of securities in pledge.

PCAOB publishes Staff Audit Practice Alert on maintaining and applying professional skepticism in audits

The Public Company Accounting Oversight Board today published a Staff Audit Practice Alert to remind auditors of their requirement to exercise professional skepticism throughout their audits.

FEE roundtable on better financial reporting through audit committee improvements

The Federation of European Accountants (Fédération des Experts-comptables Européens, FEE) has announced a roundtable to further discuss improvements to the functioning of audit committees, which are considered essential for the quality of financial information provided by companies. The roundtable follows the publication of a discussion paper on the same topic in June 2012. It will be held in Brussels on 5 February 2013.

GAAP-IFRS.COM Digest: December 3-7

A “digest” of the most interesting, important or sometimes even funny that we added for the last week.