Новости

Accounting for Islamic finance

The Malaysian Accounting Standards Board (MASB) has published a two-part staff-prepared paper discussing Islamic finance, accounting treatments for various Islamic finance instruments, and the reasons why the MASB chose to require Islamic financial institutions to follow Malaysian Financial Reporting Standards, which are equivalent to IFRS. The paper concludes with a call for the IASB to consider Islamic accounting issues.

IESBA Staff Release Additional Questions and Answers on Implementing Code of Ethics

The staff of the International Ethics Standards Board for Accountants (IESBA) today released additional questions and answers (Q&As) to support the adoption and implementation of the IESBA’s Code of Ethics for Professional Accountants (the Code). The new Q&As cover issues related to materiality, partner rotation, public interest entities, and network firms, among several other topic areas.

Simplified certification for Russian auditors may be prolonged until 1 January 2014

This comes naturally: the State Duma recently acquired a bill on new amendments to the federal law on auditing in Russia. This one provides prolongation of time limits to get over the “simplified” examination for already practicing auditors with “old” certificates.

Market participants in Russia fear the future “megaregulator”

Government agencies together with financiers discussed risks of unification of the Federal Financial Markets Service (FFMS) and the Central Bank, but the deputy prime-minister Igor Shuvalov can’t even imagine regulation in the sector worse than now, so he promises there will be a reform anyway.

G20 getting ready for a single standard for profit taxes

As suggested by Germany and Great Britain, in February 2013 G20 plans to consider adoption of a single standard for the corporate profit tax. Realization of the proposal will, according to opinion of its authors, decrease capital outflow to countries with preferential taxation regimes.

FRC publishes Lab reports on “Debt terms and maturity tables” and “Operating and investing cash flows”

The Financial Reporting Council (FRC) has today released two Financial Reporting Lab (Lab) project reports on “Debt terms and maturity tables” and “Operating and investing cash flows”. These reports relate to the Lab project report “Net debt reconciliations” published in September, and complete the Lab’s initial project on debt and cash flow disclosure.

Accounting standards, corporate transparency, and developing countries

Some 300 experts studied the challenges poor countries face in meeting international standards for transparent business operations and accounting rules. UNCTAD offered a “toolkit” to help.

Will small business in Russia get simplified accounting?

The date when the new federal law “On financial accounting” comes into effect is near. The problem is that no simplified accounting regime for small entities has been officially chosen yet. The Ministry of Finance proposes that each organization is to simplify it on its own. The State Duma’s deputies, however, think it is better to cancel this provision at all and to leave previously effective benefits which have been in place for the last 9 years.

S&P punished for “AAA”

An unprecedented decision by the Australian Federal Court may have far reaching consequences for the “Big Three” credit rating agencies. The court decided that by giving the highest possible rating to derivative instruments of ABN Amro S&P misled Australian investors.

Russian bankers will have to pay for overly inflated capital

The Bank of Russia continues its struggle against players of the banking market which artificially inflate their capital to look better than they are. The regulator wants to force the banks caught during inspections (by not being able to present assets stated in accounting documentation) to create additional reserves for exactly the same amount.