Новости

FASB clarifications include plans for qualitative disclosures for financial instruments

FASB on Wednesday clarified its plans regarding requirements for specific qualitative disclosures and the definition of “financial institution” that will be included in the liquidity disclosures section of its proposed Accounting Standards Update (ASU) on accounting for financial instruments.

Formation of the Enhanced Disclosure Task Force

The importance to market confidence of useful disclosure by financial institutions of their risk exposures and risk management practices has been underscored in recent years, and the FSB mentioned, in its press release on 20 March 2012, that it will facilitate the formation of a private-sector task force to develop principles for improved disclosures.

EFRAG reports on input received in European Outreach event held on 16 April in London

The objective of this outreach event was to obtain input from constituents. EFRAG, the OIC and the UK ASB were keen to hear what practitioners and others thought about the topics considered in these discussion papers.

New president of Russia simplifies accounting for certain types of business entities in Russia

The new Russian president’s order from 07/05/2012 on long-term economic policy of the government has been made public. According to it, by 1 November the government is obliged to take steps to simplify financial accounting for certain types of business entities.

Transfer pricing in Russia will be controlled by a separate FTS’ interregional inspection

By its order from 05 April 2012 the Ministry of Finance approved creation of a special Interregional inspection under auspices of the Federal Tax Service to regulate pricing for taxation purposes.

MICEX-RTS inviting new currencies

MICEX-RTS, Russia’s biggest stock exchange, is working further to develop new instruments for the FOREX market: it is now thinking of how to add new currency futures there, for Japanese yens, Canadian dollars and Swiss francs. The stock exchange’s press service confirmed the ambitious plans, at the same time saying nothing about terms for their completions.

Private companies in Russia may be freed from national standards

At the very end of April Dmitry Medvedev ordered the government to develop suggestions on how to free private (non-public) companies in Russia from mandatory presentation of financial accountancy under national standards.

United States and China reaffirm commitment to global standards

U.S. Treasury Secretary Timothy Geithner and Chinese Vice Premier Wang Qishan held a meeting of the Economic Track of the Fourth U.S.-China Strategic and Economic Dialogue in Beijing on 4 May 2012. The Fact Sheet issued as a result of the meeting reaffirms a commitment to global accounting standards.

Auditors face new rules in China

Auditors wake up to new era in China. Overnight, China’s Finance Ministry unveiled rules requiring foreign accounting firms to put Chinese citizens in charge of their local operations and to ensure their ranks are dominated by accountants holding Chinese qualifications. The conversions must start in August, but firms have until 2017 to complete the changes.

Watchdog calls for “significant improvements” in Mazars' audit; CCW needs improvements says AIU report

Significant improvemens are required following an audit review of Mazars' work by accounting's watchdog. Crowe Clark Whitehill needs improvement according to an Audit Inspection Unit report.