Новости

GAAP-IFRS.COM Digest: 8-12 December 2014

“Big Four” in the center of the Luxembourg tax scandal

A tax scandal involving a number of multinational companies which use Luxembourg as a tax haven for tax minimization purposes is growing bigger and now involves all members of the “Big Four”.

Audit fails because firms don’t follow firm methodologies – PCAOB member Jay Hanson

According to the Public Company Accounting Oversight Board member Jay Hanson, in many cases audit failures happen not because an audit company’s process is fundamentally flawed, but because individual auditors and engagement teams fail to stick to firm methodologies. He shared his thoughts at the recent accounting conference in the USA which was dedicated to regulatory issues.

Keeping personal data on Russian clients in Russia postponed for 8 months

An 8-months delay will be provided on the new law which obliges international companies to keep personal data on Russian citizens on Russian servers. The State Duma’s committee on information policy promised to return the bill to its second reading next week (although it was already approved) and to add a provision there to change the effective date to 1 September 2015, although until now it has been “1 January”.

NCPS won’t save from sanctions

Even when launched, the National card payment system (NCPS) won’t be able to protect sanctioned banks from their cards being blocked by international payment systems – “Vedomosti” informed today. At least it is possible to make such conclusions upon results of the recent meeting of the NCPS’s top governance with bankers and representatives of electronic payment systems this Monday.

Revenue recognition standard may be postponed in the USA because of remaining ambiguities

Standard setters are today discussing a possibility to postpone the effective date for the new revenues recognition standard – well, at least in the USA. We remind that it is still 15 December 2016 in case of American public companies and 1 January 2017 for IFRS preparers.

Ian Mackintosh participated in a discussion panel at the AICPA’s conference

At the recent conference of the American Institute of Chartered Certified Accountants this Tuesday vice-chairman of the International Accounting Standards Board Ian Mackintosh took part in a panel discussion and shared some of his prepared remarks with the attendants. He also commented on James Schnurr’s recent promises that IFRSs would possibly be used in the USA to make additional “non-GAAP” financial disclosures which the SEC’s Chief Accountant made at the same conference a bit earlier.

FASB chairman Russel Golden identifies further priorities

Chairman of the US Financial Accounting Standards Board Russell Golden delivered a speech at the AICPA’s conference this week which was dedicated to recent developments of the Securities and Exchange Commission and the Private Company Accounting Oversight Board.

Most recent editorial corrections to IFRSs published

The IASB’s editorial corrections group presented a set of most recent results of its work this week.

Global Preparers Forum held in London

The Global Preparers Forum (GPF) took place on 6 November in London. Although with a one-month delay, the IASB managed to publish a report on the subjects which had been discussed there.