Новости

FASB to participate in new IASB accounting standards group

The U.S. Financial Accounting Standards Board will be one of the standard-setters participating in a multilateral group that will be advising the International Accounting Standards Board, but it will be among at least a dozen standard-setters from around the world participating in the group.

Russian citizens will go bankrupt by the new rules

Tomorrow the State Duma of Russia will discuss the law on bankruptcy for private individuals. This will be the first (although the very first) reading of the law from which most of Russian citizens expect a new simplified order for bankruptcy.

EU business wants diverse audit, claims GT

A clear majority of businesses across the EU believe there needs to be a more diverse audit market, a survey has found.

Minfin discusses financial ombudsmen

On November 8 the Ministry of Finance of Russia held a meeting with representatives of the financial market where they discussed creation of a new institute of financial ombudsmen. Those (or this) will be a new organization representing interests of private citizens in their disputes with banks, insurers and other representatives of the market.

PCAOB gains first view of Chinese audit work

The Public Company Accounting Oversight Board is starting to get its first view of audit activity in China and expects soon to have serious dialogue about gaining access to audit documentation. Meanwhile the board is getting weary of resistance to its inspection mandate overseas and is preparing to take a tougher stand.

GAAP-IFRS.COM Digest: November 5-9

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

Minfin wants to control all transactions above 600 thousand roubles

The Ministry of Finance of the Russian Federation is not stopping attempts to persuade the Central Bank of Russia to restrict cash-settled transactions by the upper limit of 600 thousand roubles. This means that all payments above 600 thousands should – according to the financial ministry’s opinion – be settled by means other than plain cash, for example, with plastic cards.

Minfin informed on a new standard on auditing

The Ministry of Finance of the Russian Federation published an announcement on its official website, informing on completion of development of a new standard on auditing – «Application of the going concern concept in respect to the audited party».

IPSASB Publishes Public Sector Conceptual Framework Exposure Drafts

The International Public Sector Accounting Standards Board (IPSASB) today released for comment two Exposure Drafts related to its project to develop a Conceptual Framework for the general purpose financial reporting of public sector entities. The Conceptual Framework continues to be the IPSASB’s key strategic objective and is of fundamental importance to the future of global public sector standard setting.

New Zealand follows Australia on investment entities

The New Zealand Accounting Standards Board (NZASB) has tentatively decided to adopt the same strategy as the Australian Accounting Standards Board (AASB), and delay adoption of the IASB's investment entities amendments in the New Zealand context until an exposure draft can be issued proposing additional disclosures.