IIA issues updated standards for internal auditors

To help internal auditors stay on track with the most timely and most significant risks, internal auditors have some new professional practice standards to follow beginning Jan. 1, 2013.

FASB maps out impairment disclosure plans

As it develops its own accounting approach apart for the International Accounting Standards Board for financial instrument impairments, or mark downs, the Financial Accounting Standards Board has reached some new tentative decisions about disclosure requirements it wants to propose.

Building up reserves for consumer credits

Starting from 2013 the Central Bank of Russia intends to double required reserves for consumer credits. That’s the banking regulator’s attempt to prevent “overheating” of the market which is growing by annual 40%, at the same time demonstrating unsatisfactory results of stress testing.

Minfin of Russia informed on development of a new standard on auditing

This Tuesday the Ministry of Finance of Russia informed on development of a new federal standard on auditing “Specifics of auditing of accounting estimates”. The developer of the new standard is a self-regulatory organization of auditors “The Moscow audit chamber”.

Russian banks get more accounting job

With the beginning of October new accounting requirements for Russian credit institutions came into force. Those predominantly affect large banks that open accounts for other Russian banks and work directly with non-residential banking organizations.

FASB, IASB keep time value of money in revenue recognition standard

Adjustments for the time value of money, which have generated some opposition from stakeholders, are likely to remain a part of the converged revenue recognition standard that is being jointly developed by FASB and the International Accounting Standards Board (IASB).

FRC consults on updated guidance for the audit of financial instruments

The FRC has today issued a consultation on the proposed update of the guidance to auditors on the audit of financial instruments; an update to Practice Note 23 (Revised).

FRC issues Exposure Draft of limited scope amendments to FRED 48 (draft FRS 102) “The Financial Reporting Standard applicable in the UK and Republic of Ireland”

The FRC has today issued an Exposure Draft of limited scope amendments to the proposed accounting standard draft FRS 102. The FRC anticipates finalizing the draft FRS in early 2013 and for it to be effective for accounting periods beginning on or after 1 January 2015. The FRC also hopes to finalize its draft FRSs 100 and 101 later this year, enabling subsidiaries and parent entities to take advantage of the reduced disclosure framework for 31 December 2012 year ends should they choose to do so.

SASB aims to set sustainability accounting standards

The Sustainability Accounting Standards Board has been founded to fill what it sees as a current void in corporate reporting by quantifying the value of corporate non-financial information. The SASB said Thursday that it intends to develop and publicly distribute industry-specific sustainability accounting standards for the benefit of companies, investors and the public.

Reinsurance in Ukraine will be freed from taxation

Deputies of the Verkhovna Rada (Ukraine’s parliament) proposed amendments to the Tax Code, thus keeping the effective system of insurers’ taxation. Despite the fact that many market participants were ready to switch to uniform taxation by the rate 21%, the parliament decided keep 3% from total premiums. The difference is that those 3% won’t be collected from reinsurers, which means a high risk of funds being withdrawn through insurance companies.

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