IFRS Foundation plans to publish a new guidance on financial instruments

The IFRS Foundation informed yesterday that “Financial Instruments 2015 Guide” would soon be ready. It will comprise all standards related to the subject, cross-references provided.

SWIFT remains in Russia

The USA and Europe decided not to cut access to SWIFT to Russia yet, informed Bloomberg today. The main official reason (or rather excuse) is too large collateral damage: if that happens, the Russian financial system will be stalled, affecting almost everybody.

EFRAG advises endorsement of IFRS 15 without deferral of its effective date

The European Financial Reporting Advisory Group (EFRAG) presented its official recommendation to the European Commission this week concerning endorsement of the new revenue recognition standard. Possible deferral of the effective date was required anyway because, for instance, American regulators are more or less certain that in their case it will decided that way (although hasn’t been decided yet).

British FCA explained rules for promotion of companies through social media

The Financial Conduct Authority (FCA) recently presented its new official guidance on commercial promotion of companies through social media (Twitter, Facebook, etc.). The guidance is to a certain extent based on results of consultations which took place last year.

Evolving role of internal auditors – PwC’s report

Internal auditors are gradually moving away from their traditional role of accounting assurers and more actively do their job as proactive consultants to the whole business – this was identified by the recent research by PwC.

Three Russian candidates to the SWIFT board of directors

Today “Kommersant” informed that Russia would be represented in the board of directors of SWIFT by one of the tree most probable candidates. Among those are two advisors to the president of Sberbank and one representative of the National Payments Council.

IASB explained effects of returning leases to the balance

Yet another important publication of the International Accounting Standards Board which is now finishing its work on the lease accounting standard. We remind that all lease transactions will be returned to the balance. Honestly speaking, international accounting experts have long been waiting for the standard (according to the same work plan of the Board, it should be expected no sooner that in Q3 2015). However, just like with the insurance standard, the international standard setter is not in a big hurry: in another of its most recent two publications it only clarified practical effects of the new forthcoming standard, at the same time describing similarities and differences between it and an analogous standard in US GAAP.

IASB concluded other-than-participating insurance contracts

Relatively not long ago the International Accounting Standards Board promised to clarify probably one of the most important aspects of the whole insurance accounting project – so-called participating contracts which, apart from insurance payments, also entitle their holders to a certain share of an insurance company’s profit. However, yesterday’s publication of the international standard setter comprises conclusions made up to the moment on all insurance contracts – all but participating.

GAAP-IFRS.COM Digest: 9-13 March 2015

So it is all about oil? For what do Russians blame their economic hardships

The All-Russian Public Opinion Research Center has shown that 39% of Russians see falling oil prices as the main reason for the economic crisis – far not the Western economic sanctions! According to that survey, only 19% blame sanctions for the current economic condition. 18% think it is general weakness of the Russian economy, and only 14% (how interesting, 100%-86%) blame the government.

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