Новости

Ukraine remains one of the most corrupted counties according to the Transparency International’s new CPI

According to the new Transparency International’s Corruption Perception Index for 2014 which was published today, Ukraine remains one of the most corrupted counties of the world with only 26 points out of 100 possible. It stands in the same row as counties like Uganda or Bangladesh. This year’s 142nd position is a minor improvement as compared to the last year’s standing (144th).

Many Russian banks don’t want to cooperate with the IRS (as it is provided by FATCA)

Russian banks keep insisting on an option to refrain from cooperation with the Internal Revenue Service and follow requirements of the Foreign Account Tax Compliance Act (FATCA). A proposal to amend the Russian legislation correspondingly came from the National Financial Markets Council (NFMC) representatives of which recently sent a letter to the deputy minister of finance Alexei Moiseev. Experts from the Council argue that many large credit organizations (mostly of the Top-100 group) would rather prefer not to cooperate with American taxmen at all.

IFRS Trustees welcomed the first report by the Effects Analysis Consultative Group

The EACG was created by Trustees in 2013 as a result of a preliminary held strategy review. The main task for this group of experts is to provide recommendations to the International Accounting Standards Board on how it should estimate resulting effects from changes it adapts to IFRSs.

A new draft law on ISAs approved in Russia

As expected, a new draft law on adoption of changes to certain laws of Russia (where related to adoption of international standards on auditing) recently passed all the remaining stages of its approval, and it didn’t take long. On 18 November it was approved by the State Duma (the lower chamber) in the second reading, on 21 November – in the final third reading, and after that, on 26 November – by the Federation Council (the upper chamber), later sent to the president for signature.

British financial regulators hold consultations on enforcement measures

The Financial Reporting Council (FRC) consults on its new guidelines on how it should respond to non-compliance with the Companies Act 2006 by audit recognized supervisory bodies and recognized qualifying bodies such as the Institute of Chartered Accountants in England and Wales (ICAEW) or the Association of Chartered Certified Accountants (ACCA). The main financial regulator of the UK truly believes – and in that we would agree – that maintaining high-quality standards in audit regulation ensures trust to the audit profession and provides enough confidence to investors to invest on UK capital markets.

IASB launching an important program “Investors in Financial Reporting”

The International Accounting Standards Board announced launching of a new very important program “Investors in Financial Reporting”. It follows quite transparently from its name that the new program is aimed to ensure better participation of the global investors’ society in development of IFRSs.

PCAOB getting ready to officially demand disclosing names of engagement partners

It is a long story, but it is nearing its logical conclusion. The new rules on identification of engagement partners and third-party participants of an audit inspection now look imminent. This follows from the recent announcements of the PCAOB’s chairman James Doty who last week expressed certainty that in the very beginning of the next year they should surely be able to present a new auditing standard.

GAAP-IFRS.COM Digest: 24-28 November

Wolters Kluwer gives recommendations on stress testing

The international publishing house Wolters Kluwer presented its new publication this week with recommendations for financial organizations on how to perform stress testing properly.

Fair value left for longevity swaps by the Interpretations Committee

The IFRS Foundation’s Interpretations Committee held a meeting on 11 November and concluded that so-called “longevity swaps” should be accounted for as an instrument among other pension plan assets and thus recognized at fair value.