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GAAP-IFRS.COM Digest: 1-5 December 2014

Four new alternatives to IFRS in the US

In the announcement made by the SEC Chief Accountant Jim Schnurr this Wednesday he informed that they were thinking of possible alternatives to IFRS application by American public companies.

CAQ calling to get ready for a new auditing cycle

A new auditing “season” is approaching, and having the fact in mind the Center for Audit Quality (CAQ) published a new alert for its members (audit companies) hoping that this might help them to evaluate all audit risks properly - informs Accounting Today. The new publication reminds of most important subjects many of which were, by the way, discussed by representatives of the Securities and Exchange Commission and the Public Company Accounting Oversight Board (PCAOB) during the recent conference this Thursday.

KPMG is still the leader on the UK audit market

Among “Big Four” audit firms KPMG managed to maintain its leadership in respect of total number of clients among all listed companies – informs AccountancyAge. The audit company now has 399, followed by PwC with 360 clients, Deloitte (276) and Ernst & Young (260). The fifth largest company – although not the one in the “Big Four” group - is BDO with 213 clients.

VTB head threatens the West with war in case Russia gets disconnected from SWIFT

In his interview to German Handelsblatt this week head of VTB Andrei Kostin set an equation mark between disconnection from SWIFT and declaring a war, saying that in this case the American ambassador will probably have to leave Russia the same day that happens.

Russia plans to take response measures againts the “agressors”

Authors of a new draft law on “aggressor countries” (by which they mean all the ones adopting sanctions against Russia) are finished drafting it and are proposing the text for the State Duma’s consideration.

Complete set of responses conceningn evaluation of IFRS effectiviness in the EU

The European Commission recently published on its website all the responses it had received on evaluation of IFRS effectiveness in Europe since their adoption in 2005.

Central Bank of Russia sold 700 million dollars on 1 December

For the first time since 10 November the Bank of Russia decided to intervene in the FOREX market in an attempt to stabilize crumbling rouble. Normally, the CB informs on currency interventions two days later after they take place. Today’s December 3, and it is confirmed by the message at the regulator’s site that such intervention indeed took place.

«Building a credible Capital Markets Union»

IASB’s chairman Hans Hoogervorst discussed factors which may potentially decrease results of evaluation of IFRS effectiveness in Europe.

New electronic version of the Code of Ethics for professional accountants is available

The International Ethics Standards Board for Accountants (IESBA) wants to make access to its Code of Ethics as simple as possible. Recently it presented an electronic (internet-based) version of it with easy, intuitively understandable navigation.