Новости

Minfin approved a list of new entities to apply IFRSs in Russia

By its official directive issued on 30 November 2011 the Ministry of Finance introduced amendments to the Plan for development of IFRS-based financial accounting and reporting in Russia. According to its reviewed version the financial ministry today has plans to prepare a bill of amendments for the Federal law №208 “On consolidated financial accountancy”.

American bankers will be checked under Basel III upon G20’s request

The Financial Stability Board, which reports to the “Group of Twenty”, has insistently recommended American financial regulators to prove that all largest banks in the USA are indeed “following the path” of the Basel Committee and indeed have enough capital. The appeal was made after American authorities had suggested that their banks wouldn’t be able to meet all of the Basel III rules on time.

New Zealand issues third package of exposure drafts towards enacting its new differential reporting regime

The New Zealand External Reporting Board (XRB) and the New Zealand Accounting Standards Board (NZASB) have published a third package of exposure drafts designed to implement the revised New Zealand Accounting Standards Framework. This package of proposals would result in the optional use of “simple format reporting standards” for not-for-profit entities based on accrual accounting (linked to the proposed adoption of IPSAS), or cash accounting, depending on meeting particular criteria.

Congressman Frank makes one last pitch to merge CFTC and SEC

A longtime proponent of merging the Securities and Exchange Commission and Commodity Futures Trading Commission, U.S. Rep. Barney Frank (D-Mass.) is making one last push for the idea before he retires at the end of his term next month.

IVSC consults on valuation of investment property and public sector assets

The International Valuation Standards Council (IVSC) has issued two due process documents seeking feedback on valuation topics. A discussion paper has been released on the valuation of investment property (particularly in meeting the requirements of IAS 40 “Investment Property”), and an exposure draft on the valuation of specialized assets used by public sector entities for service delivery.

GAAP-IFRS.COM Digest: November 26-30

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

Moscow Stock Exchange may possibly start to work 24 hours

Certain Russian media sources informed yesterday that it was possible for the Moscow Stock Exchange to switch to the around the clock regime. This may be done to synchronize trading processes here with American markets.

Analysts predict that the “Greek decision” will cause a chain reaction of crises around Europe

The European Union and the IMF have been overly generous with their financial support to Greece. Analysts of investment banks are worried that the current program may fail any moment while there are no other options left to lower the country’s debt.

Russian Minfin will free from taxation investment income of up to 1 million

An unnatural generosity from the side of the Ministry of Finance which is explained by its desire to stimulate Russian citizens to invest on the financial market: the main financial regulator in Russia is ready to free from taxation income on dividends and coupon yield on bonds if total amount of it is less than 1 million a year. 

IFAC Welcomes IMF Paper on Fiscal Transparency, Accountability, and Risk

The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 129 countries and jurisdictions, today welcomed the recent release of the International Monetary Fund (IMF)’s paper, Fiscal Transparency, Accountability, and Risk. The paper highlights the seriousness and extent of the current inadequacies in governments’ fiscal reporting and accountability. It also underscores the immense risks associated with these shortcomings.