Новости

US won’t adopt IFRS for at least five years, says AICPA chairman

IFRS adoption by the US is not coming any time soon, according to AICPA chairman of the board of directors Gregory Anton. Speaking at the institute's EDGE Conference in Orlando, Florida, Anton told delegates not to expect any movement until after the US presidential elections at the earliest.

Owners of Russian banks won’t hide from regulators

Very soon all shareholders of banks – including holders of depository receipts – will be known to the Central Bank and known publicly in general. The corresponding amendments to legislation are today being proposed by the Ministry of Finance. Representatives of the banking sector reply that this approach should be applied to all Russian companies, not only banks.

CFA Institute critiques SEC IFRS report

The Chartered Financial Analysts Institute (CFA Institute) has published a brief summary of issues arising from the staff report of the United States Securities and Exchange Commission (SEC) on the possible incorporation of IFRS into the U.S. financial reporting system. The summary provides a critique of the report, pointing out a number of areas where the CFA Institute believes more analysis and evaluation is required.

FASB agrees to tightens sale accounting criteria

In its continuing quest to sort out when a financial asset transaction is a sale vs. a repurchase agreement or a secured borrowing, the Financial Accounting Standards Board tentatively agreed to a slightly narrower definition of when a transaction qualifies for sale treatment, which enables an asset to be removed from the balance sheet.

American regulators advised largest banks to be ready for bankruptcy

In May 2010 the Federal Reserve addressed five largest banks – The Bank of America, Goldman Sachs, Citigroup, Morgan Stanley, and J.P. Morgan Chase – asking them to prepare countermeasures against bankruptcy which may be provoked by decrease of the global economy’s growth rates. More importantly, this time they won’t be able to count on the government’s support.

Ukraine’s financial market doesn’t want IFRSs: credit unions ask to leave them alone

Credit unions in Ukraine have asked the government to free them from obligation to switch to IFRSs starting from 1 January 2013. The professional association thinks that some of their members may not have high economic/accounting education – thus, they won’t be able to sort out international accountancy.

Minfin of Russia adopts eight new IFRSs

By it recent order from 18 July the Ministry of Finance of the Russian Federation has endorsed eight new international financial reporting standards to replace the former ones, now suspended.

IAESB Proposes Revised Standard on Professional Development of the Audit Engagement Partner

The International Accounting Education Standards Board (IAESB) today released for public exposure a proposed revision of International Education Standard (IES) 8, Professional Development for Engagement Partners Responsible for Audits of Financial Statements.

Indian minister suggests IFRS adoption from 2013

In a speech given in New Delhi at a seminar organized by The Associated Chambers of Commerce and Industry of India (ASSOCHAM), the Indian Minister for Corporate Affairs and Power, Dr. M. Verappa Moily, has indicated that the implementation of Indian Accounting Standards that are compatible with International Financial Reporting Standards (IFRS) may occur by April 1, 2013.

Deposit Insurance Agency “reinsures” risks

The Deposit Insurance Agency (DIA) has reviewed its approach to financial rehabilitation of problematic banks. The point is that choosing potential “sanators” for banks will take place before there the need for financial rehabilitation actually arises.