Новости

South Africa standard-setting arrangements change, “SA GAAP” to be discontinued

Standard setting arrangements in South Africa are undergoing change, with the South African Accounting Practices Board (APB) to be wound up and its functions effectively transferred to the recently created Financial Reporting Standards Council (FRSC). As part of the changes, the use of South African Statements of Generally Accepted Accounting Practice (SA GAAP) is to be discontinued.

Banking system “at the edge” – S&P

The banking system in Russia is still underdeveloped and exposed to plenty of risks - think analysts of Standard & Poor’s. Government banks are in the way of private banks’ further development while the “credit culture” of borrowers is still too low.

Insurers in Russia admit: tighter control on the market is needed

Insurance companies are the main investors on the financial securities market. However, their actions should be put under serious qualified supervision. Representatives of the market are not even opposing tightening of control, but they remind that they need the government’s support for development of business.

Forbes named safest banks in Russia

According to Forbes, Top-5 largest banks in Russia are Sberbank, VTB, Gazprombank, Rosselkhozbank, and the Bank of Moscow.

FASB responds to Financial Accounting Foundation’s Post-Implementation Review Report on FIN 48

The Financial Accounting Standards Board (FASB) today issued its response to the Financial Accounting Foundation’s (FAF) Post-Implementation Review (PIR) Report on FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48).

IFAC releases Policy Position Paper Four, calling for enhanced public sector financial management transparency and accountability

The paper sets out IFAC’s view that governments around the world must provide clear and comprehensive information regarding the financial consequences of economic, political, and social decisions, in order to protect the public as well as investors in government bonds.

The audit reform’s failure worries not only audit companies, but also their clients

The Moscow Audit Chamber informed that the Russian Union of Industrialists and Entrepreneurs was trying to speed up at least the second project out of two under consideration today.

MICEX-RTS plans massive search for insiders

Russia’s largest stock exchange wants to adopt a new system which will allow it to evaluate any of its clients’ influence on the trade process. The new system is called SAFM (The System of Analysis of Financial Markets).

GASB proposal addresses government combinations and disposals of government operations

The Governmental Accounting Standards Board (GASB) today issued for public comment a proposed Statement that would provide U.S. state and local governments with standards for financial reporting regarding government combinations (mergers, acquisitions, and transfers of operations) and disposals (sales and transfers) of government operations. The GASB is seeking public comment on its proposals, which are contained in its Exposure Draft, Government Combinations and Disposals of Government Operations.

IAASB Enhances Compilations Standard; Addresses SME Needs

Countless entities around the globe - especially small- and medium-sized entities (SMEs) - look to professional accountants in public practice to assist in the preparation and presentation of their financial information.