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IIA presents new guidance on continuous auditing

Continuous auditing is a method of internal checking mostly common to larger entities. Its main feature is that checking of internal financial documentation is spread more equally across the whole financial year. It is also possible to say that continuous auditing is an automatic method to perform checks on more frequent basis, and that will also be true. Automation plays very important role her

Ukraine’s sovereign rating downgraded by Moody’s

In the middle of February Fitch assigned a new “trash-level” rating to Ukraine. Today the same was done by its close rival Moody’s, the agency which lowered the country’s sovereign rating to Ca from Caa3, outlook “negative”.

Overdue payment on foreign currency mortgages will not be fined in Russia

Russian holders of mortgage loans nominated in foreign currency who recently found themselves in a really desperate situation may acquire better protection soon. Apart from the prohibition for banks to take away their house dwellings banks won’t be able to accrue fines for overdue payments on loans. The corresponding draft law was recently introduced to the parliament for consideration.

CB of Russia will choose external auditors for banking entities on its own

The Central Bank of Russia has plans to start choosing external auditors for bank audits on its own. The corresponding directive was published already in the official edition “The Bulletin of the Bank of Russia” and is expected to come into effect in 10 days.

AOSSG’s new strategic plan

The Asian-Oceanian Standard-Setters Group (AOSSG) recently published its strategic plan for 2015-2019 which comprises strengths and weaknesses as well as risks and potential opportunities in development of standards for the next several years.

FRC’s new requirements for interim financial accountancy

At the end of last week the Financial Reporting Council (FRC) presented reviewed requirements for interim financial reporting, the FRS 104 standard which goes by the same name. The standard affects all companies in Great Britain and Ireland which report under UK GAAP and have to prepare interim reports.

EFRAG prepared draft commentary letter to the IASB’s recent proposals to IAS 1

We remind that at the end of February the International Accounting Standards Board proposed amendments to the standard IAS 1 “Presentation of Financial Statements” where related to classification of liabilities.

GAAP-IFRS.COM Digest: 16-20 March 2015

Internet banking in Russia will require identification of personal devices

For the sake of safety of internet transactions Russians will have to register their smartphones, notebooks and even PCs, thus linking themselves to appliances they use for that purpose. It won’t be possible to accomplish an internet transaction with another owner’ device.

An ideal practice of valuation of financial instruments

Ex-chairman of the IASB (today – chairman of the International Valuations Standards Committee) Sir David Tweedie recently raised concern on international practice of measurement of financial instruments. IAS Plus columnist Robert Bruce had a conversation with Sir Tweedie to know the details and IVSC’s current intentions.