Новости

FASB preps fix for credit risk reporting glitch

As part of the ongoing debate over how best to account for financial instruments, the Financial Accounting Standards Board is preparing to retreat on an aspect of a fair value rule it adopted in 2007 that allows a company's profit to rise when the value of its debt diminishes.

Russia frees non-residents from paying taxes on RDRs

Deputies of the State Duma decided to abrogate taxes paid by non-residents from dividends they receive on Russian depositary receipts (RDRs). The corresponding amendments to the Tax Code and the federal law “On financial securities market” were recommended for approval by the Duma’s committee on budget and taxes.

Largest American banks will hold stress tests again

The Federal Reserve System of the US plans new stress tests for the country’s largest banks. This is needed to make sure their financial systems are still stable. Stress tests will be organized in two stages: at the initial stage financial condition of banks will be analyzed by experts, after that banks will pass examination by the Fed’s scenario.

Small business in Russia won’t have “accounts receivable” on their balances

The Department of Justice has registered the Minfin’s new order on financial accounting forms for small entrepreneurship.

Large bank stress test final rule published by OCC, FDIC

A final rule outlining how stress testing required by the Dodd-Frank Act will be implemented was published by federal banking regulators on Tuesday.

Investors aware of issues before goodwill impairment announcements, study shows

By the time a company announces that goodwill is impaired, investors have been aware for months that the company is facing problems, a new study indicates.

ASB recommends scoping nonissuers out of “auditor commentary” requirements

An AICPA committee is weighing in on a recent International Auditing and Assurance Standards Board (IAASB) proposal that would require expanded commentary in auditors’ reports.

Trading without brokers

It is possible that Russian brokers will lose a large share of their profits. The amended version of the law on organized trading (which is coming into effect in 2013) allows management companies to work on stock exchanges directly – without brokers.

“Micro” accountancy: micro financial entities confuse millions with billions

The very first financial accountancy of micro financial entities in Russia (which are now under control of the Federal Financial Markets Service) turned out to be so unreliable that the regulator didn’t even dare to make it public. The FFMS now plans to once again check the data it collected from the market.

IOSCO to consider “larger role” in IFRS

The Board of the International Organization of Securities Commissions (IOSCO) has agreed to consider an IFRS Foundation request to play a larger role in global efforts to further the international adoption and implementation of International Financial Reporting Standards (IFRS).