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PCAOB reproposes auditing standard on communications with audit committees; amendments to other PCAOB standards

The PCAOB yesterday reproposed for comment an auditing standard on Communications with Audit Committees, and other amendments to PCAOB standards. The standard was initially proposed on March 29, 2010.

IASB proposes to clarify the transition guidance in IFRS 10

The International Accounting Standards Board (IASB) today published for public comment proposed amendments to IFRS 10 “Consolidated Financial Statements”.

IESBA proposes changes to the Code of Ethics for Professional Accountants to address conflicts of interest

The International Ethics Standards Board for Accountants (IESBA) is proposing changes to its Code of Ethics for Professional Accountants (the IESBA Code) to provide additional guidance to professional accountants in business and in public practice concerning conflicts of interest, and to make revisions to provide more comprehensive guidance in identifying, evaluating, and managing conflicts of interest.

Russian translation of IFRSs “almost” published

The Minfin’s order with a list of IFRSs and Interpretations officially endorsed in Russia was published on 25 November, and some might have thought “that’s it, finally over!” Well, it is almost over, as they’ll have to wait for just a little bit longer.

IASB defers IFRS 9 mandatory effective date to 2015

The International Accounting Standards Board (IASB) issued today amendments to IFRS 9 “Financial Instruments” that defer the mandatory effective date from 1 January 2013 to 1 January 2015.

Malaysian Accounting Standards Board releases discussion papers on Islamic finance

In view of Malaysia’s convergence with International Financial Reporting Standards (IFRS) on 1 January 2012, these DPs have been issued to discuss the application of IFRS to takaful, sukuk and Shariah compliant profit-sharing contracts, and to seek comments on the tentative conclusions.

RTS-MICEX started with an epic fail

During the evening session a major market failure took place. Unauthorized transactions were detected after the evening clearing session. Losses were incurred by thousands of private investors.

Kim Chen Ir’s death shakes Asian markets

Death of Kim Chen Ir (also written as Kim Jong Il), Northern Korean unchangeable leader for many years, had an effect on Asian markets pretty much similar to a “good earthquake”.

Finally done: RTS and MICEX now working as a whole

Starting from today Russian Trade Systems (RTS) and the Moscow Interbank Currency Exchange are officially one the same thing. That’s what many have been waiting for since 2008.

EFRAG requests the IASB to consider comment deadlines on the Exposure Draft Revenue from Contracts with Customers and the Review Draft on General Hedge Accounting

Today EFRAG has written to the IASB to request that the comment period on the Exposure Draft Revenue from Contracts with Customers be extended by 60 days and that the comment period on the Review Draft on General Hedge Accounting is set such that constituents have three months, outside their year-end closing period, to respond and participate in field-testing activities.