Новости

Duma approved a law on natural persons’ bankruptcy

Yesterday the State Duma of Russia approved a law on natural person’s bankruptcy. Russian lawmakers have been working really fast recently, especially since introduction of the latest to the text at the very end of November. Yesterday they were already approved in the second reading.

EFRAG comments on the latest amendments to IFRS 2

It didn’t take too long for the European Financial Reporting Advisory Group to presents its comments on the new ED/2014/5 – their letter is not final yet, although it represents their views and is ready for commenting.

IAESB finished redrafting the last of its education standards

This Monday the International Accounting Education Standards Board (IAESB) published a redrafted version of the last of its eight standards of professional education for accountants - IES 8 «Professional Competence for Engagement Partners Responsible for Audits of Financial Statements».

Russia may be excluded from MSCI Emerging Markets if adopts restrictions on capital movement

After the “Black Tuesday” and rouble collapse Russia’s government hasn’t decided to adopt restrictions on capital movement yet, although many experts see that as quite probable in today’s critical conditions. If that happens, MSCI may exclude Russia from its MSCI Emerging Markets index.

Russian FOREX market in panic

Another “Black Tuesday” for the Russian foreign exchange market: today it was hit by a real panic which crushed rouble, pulling it down to new historical minimums which even a couple of days ago would be seen as not so likely even if someone told that was coming. If yesterday’s jump above 60 roubles per dollar (and higher to 65) was already seen very impressive, today’s >80 R/$ and >100 R/€ is something unprecedented and even unbelievable.

CB of Russia will give loans even to banks with “doubtful” assets

The banking regulator of Russia is taking somewhat radical steps to prevent the approaching collapse of the banking system. The banking system is now experiencing quite a serious shortage of liquidity – especially understandable considering the fact that refinancing on foreign capital markets is unavailable. Taking the fact into account, the Bank of Russia recently decided to help even banks with “doubtful” assets through the REPO mechanism.

PCAOB criticized by the SEC over “dragging feet” with new standards and rules

The Public Company Accounting Oversight Board (PCAOB), which is the main regulator of the audit profession in the USA, is a non-commercial organization which was created by the Sarbanes-Oxley Act after a series of loud corporate scandals which had culminated in the Enron’s case in 2002. The Board responds to the Securities and Exchange Commission for only it has an ultimate right to approve candidates for each of the five positions in the PCAOB’s board of directors, including the chairman’s position. It also approves all new standards and rules before they come into effect.

A small survey on changes in financial accounting

The Italian standard setter - Organismo Italiano di Contabilità (OIC) – is helping the International Accounting Standards Board to understand how changes in financial accounting of separate issuers are seen by investors. For that they are holding a small survey.

IFRSs translations into Russian, Spanish and Japanese ready

Last Friday the IFRS Foundation informed on readiness of the following translations into global languages.

CB of Russia increases its basic rate to 17%

The Bank of Russia took an unprecedented step to keep rouble at least partially stable after yesterday’s impressive collapse: after hitting the psychological minimum of 60 (roubles per one dollar) the exchange rate then continued to climb up almost vertically. At this very moment rouble costs 1/65 of a dollar.