Новости

FASB Issues Accounting Standards Update No. 2011-10 - Property, Plant, and Equipment

The amendments in this Update affect entities that cease to have a controlling financial interest (as described in Subtopic 810-10) in a subsidiary that is in substance real estate as a result of default on the subsidiary’s nonrecourse debt.

Minfin of Russia doesn’t want progressive taxation of private income

The Ministry of Finance doesn’t think it’s reasonable to change the effective system of tax rates for the personal income tax.

Russia’s FFMS and CB unify their supervision requirements

The Federal Financial Markets Service and the Central Bank of Russia are working on unification of their supervision requirements.

Banks’ derivatives reporting - partial clearing of the fog

Moody’s examines revised disclosure requirements for banks’ capital markets activities anticipated to come into effect in 2013.

Insurance group asks FASB and IASB to withdraw accounting guidance

The HUB Global Insurance Group, Chicago, has asked International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) to withdraw staff papers on accounting for short-duration insurance contracts and to discuss the group’s issues in a formal and open dialogue.

Leading global CRAs displeased with results of the EU summit

Largest international credit rating agencies (Fitch, Standard & Poor’s and Moody’s) were left disappointed by results of the European Union’s summit which took place last week.

Recognize the impact of revenue changes

Revised proposals on revenue recognition may accelerate or defer revenue recognition for some companies. However, all companies should consider the effect the proposals will have on their systems and processes - and on the information they provide to the market.

FASB extends timeline on consolidations, related proposals

The Financial Accounting Standards Board has decided to allow a little more time for folks to study and comment on three proposals, primarily because they contain complicated issues that may interact with one another.

Russian accounting standards will be replaced by IFRSs?

According to “Izvestia”, at the end of November the finance ministry issued a new order on endorsement of IFRSs which significantly changed the way they would be adopted. Among other things, the finance ministry decided that Russian accounting forms would be abandoned.

Michel Prada appointed as Chairman of the IFRS Foundation Trustees

The Trustees of the IFRS Foundation announced today the appointment of Michel Prada as Chairman of the Trustees. Mr Prada, a former Chairman of the Executive and Technical Committees of the International Organization of Securities Commissions (IOSCO), is a highly respected advocate of investor protection and independent standard-setting. He brings significant experience of leading investor-focused international organizations.