Новости

Barclays will be the first one to answer for LIBOR manipulation in court

Barclays becomes the first bank representatives of which will have to stand a trial in court for manipulations with the LIBOR rate. This Monday the Supreme Court of London issued a decision, according to which Barclays would have to answer for selling financial products after its alleged manipulations with the rate.

Minfin supports cancellation of tax accounting in Russia

The Ministry of Finance and the Federal Tax Service both acknowledge the need to cancel tax accounting, on what they told during the meeting with representatives of the professional public association “Business Russia”.

PCAOB's caseload focused on 19 auditors, firms

The Public Company Accounting Oversight Board is pursuing disciplinary actions against 19 audit firms and individual auditors and is thinking about deregistering hundreds of firms that don't provide audit services falling within the board's regulatory authority.

Enhancing the risk disclosure of banks

The Enhanced Disclosure Task Force (EDTF) has presented a report to the Financial Stability Board (FSB) recommending key enhancements to the risk disclosures made by banks. The report identifies seven fundamental principles for enhancing risk disclosure which underpin the recommendations made and are considered to provide a framework for future work on risk disclosures and a benchmark by which banks can judge the quality of their current and future disclosures.

ECB and the Bank of Russia sign a MoU

The Central Bank of the Russian Federation and the European Central Bank signed a 3-year Memorandum of Understanding. On that informed the Bank of Russia’s press service.

Auditors of budgetary institutions will be able to fine violators

The Accounts Chamber of the Russian Federation and the Federal Service of Financial and Budgetary Oversight (aka “Rosfinnadzor”) will acquire a new tool to enforce compliance with budgetary legislation. Soon they will be able to charge fines and even disqualify government servants for violations.

COSO releases ERM thought paper dealing with latest thinking on risk assessment approaches and techniques

Recognizing the evolving nature of enterprise risk management (ERM) in recent years, COSO has released a new thought paper authored by representatives from Deloitte titled Risk Assessment in Practice.

Representatives of the IASB and SOCPA meet to discuss progress towards IFRS adoption

Representatives of the International Accounting Standards Board (IASB) and the Saudi Organization of Certified Public Accountants (SOCPA) met on 24th October in London to discuss progress towards the adoption of International Financial Reporting Standards (IFRSs) in the Kingdom of Saudi Arabia.

Minfin of Russia making tax litigation a bit easier

The Ministry for Economic Development has published a draft set of amendments to the Tax Code of Russia which was originally developed by the Ministry of Finance. Those amendments are aimed to improve the way pre-trial considerations of tax disputes are organized.

Firms vie over FTSE 350 audit market definition

Big Four and mid-tier auditors are at odds over how the market for FTSE 350 audits should be defined. In a series of responses to the Competition Commission's working paper around defining the market, the likes of BDO and KPMG have clashed over the terms of reference.