Новости

GAAR could be applied to wealthy tax avoiders

A general anti-avoidance rule could be applied to loopholes exploited by the country's wealthiest individuals to cut down their income tax bills.

AICPA seeks some changes to COSO’s updated framework proposal

The AICPA is suggesting changes to the proposed, updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In a comment letter, the AICPA wrote that the framework will be a valuable resource for practitioners. But the AICPA also described concerns, some of which are similar to those mentioned in the comment letter of the Center for Audit Quality (CAQ), which is affiliated with the AICPA.

FFMS wants compensation mechanisms for the insurance market

The Federal Financial Markets Service (FFMS) has introduced its new suggestions to the government that concern creation of compensation mechanisms on the insurance market. There is a strong necessity to do that – they say – especially on the market for auto insurance.

MICEX-RTS plans to poach clients from the LSE

Russian stock exchange MICEX-RTS wants stronger positions in London. For that, it plans to poach clients from London Stock Exchange. And for that, it will provide foreign investment banks with direct access to trading – directly from London.

EFRAG requests comments on its draft endorsement advice and draft effects study report on Government Loans (Amendments to IFRS 1)

EFRAG has issued an Invitation to Comment relating to the endorsement for use in the EU of Government Loans (Amendments to IFRS 1). It is consulting both on its assessment of the Amendments against the technical criteria for the endorsement in the EU and on its initial assessment of the costs and benefits that would arise from its implementation and application in the EU. Comments are requested by 7 May 2012.

SME Implementation Group publishes two final Q&As

The SME Implementation Group (SMEIG) today published two question and answer documents (Q&As) on the IFRS for SMEs.

FASB to issue proposals on three EITF issues

FASB decided Monday to expose for public comment three proposed Accounting Standards Updates (ASUs) based on consensuses reached at the March 15 meeting of the Emerging Issues Task Force (EITF), according to its summary of board decisions.

Auditors in Russia proposed their own way to reform the audit system

The law on audit was eagerly awaited by almost everybody – auditors, audit companies’ clients, and even regulators. Three years have passed, and now it is quite obvious that the opposite is true: what was promised by the Ministry of Finance wasn’t implemented.

China will help create Big Six

The growth of accounting services in China and Asia could in turn help break the oligopoly of the Big Four firms.

Russian banks may be freed from consolidated accountancy under national standards

Head of the VTB group (Russia) Andrey Kostin proposed to cancel the requirement for banks to present consolidated financial accounts under national accounting standards (RASs), if they already present financial accountancy under IFRSs.