Новости

FASB, IASB tentatively change revenue recognition constraint

The cumulative amount of revenue entities recognize under a new converged standard should not be subject to a significant revenue reversal or downward adjustment under guidance tentatively approved this week by FASB and the International Accounting Standards Board (IASB).

France again being pushed from its top position

The international credit rating agency Moody’s downgraded France’s long-term rating by one position, leaving the country without its top standing. The outlook is “negative”: Moody’s expects problems in the economy because of increasing taxes and overregulation of the labor market.

Eurogroup again postpones its decision in respect to Greece

Once again the Eurozone’s financial ministers failed to reach an agreement on assigning additional credit tranche to Greece. Discussion of the issue was postponed until 26 November.

ESMA comment letter on the IFRS Foundation Due Process Handbook

The European Securities and Markets Authority (ESMA) has published to its website a comment letter to the IFRS Foundation regarding its draft “Due Process Handbook”. The comment letter is dated 23 October 2012, but was only made available by ESMA now.

FRC and ICAS commission review of auditors’ competencies

The Financial Reporting Council (FRC) and The Institute of Chartered Accountants of Scotland (ICAS) are to commission jointly a major project that will investigate the competencies and professional skills of auditors.

AASB expresses concern on revenue recognition

The Australian Accounting Standards Board (AASB) has written a letter to the International Accounting Standards Board (IASB) expressing concerns about the direction of some of the IASB’s recent discussions on the revenue recognition project, including the possible re-introduction of a “collectibility threshold” for revenue.

EC lines up tougher stance on corporate tax avoidance

After a number of stories involving high-profile businesses and their corporate tax affairs, culminating in appearances in front of the Public Accounts Committee, the EC wants member states to work together and take a tougher line on tax havens.

IOSCO report calls for further work on securitizations vehicles

The International Organization of Securities Commissions (IOSCO) has released a report “Global Developments in Securitization Regulation”, which includes in its recommendations that the Financial Stability Board, International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) should work toward further harmonization of approaches to consolidation of securitization special purpose vehicles (SPVs).

IASB publishes proposals for amendments under its annual improvements project

The International Accounting Standards Board (IASB) today published for public comment an Exposure Draft of proposed amendments to four International Financial Reporting Standards (IFRSs) under its annual improvements project. The project provides a streamlined process for dealing efficiently with a collection of narrow scope amendments to IFRSs.

Simpler issuing for Russian banks

New amendments are being made to the Russian law “On the market for financial securities” to simplify procedures of securities issuing by banks. However, brokers will have to watch closely over information in registration documents because for confirming false information it will be very easy to lose one’s license.