Новости

China pushes back in accounting row

Beijing’s request for the “Big four” audit firms to urgently review their work on U.S.-listed Chinese companies speaks to growing tensions between Chinese regulators and their U.S. counterparts, according to analysts.

IPSASB Issues Exposure Draft 46 - Recommended Practice Guideline, Reporting on the Long-Term Sustainability of a Public Sector Entity’s Finances

This ED builds on a consultation paper issued in late 2009. ED 46 provides good practice guidelines on reporting on the long-term fiscal sustainability of a public sector entity, and particularly emphasizes that entities may be able to draw on projections that are already being made by other bodies, thereby ensuring a cost-effective approach.

IASB proposes an amendment to the accounting for government loans in IFRS 1; clarifies accounting for costs associated with waste removal in surface mining

The International Accounting Standards Board (IASB) today published for public comment a proposed amendment to IFRS 1 “First-time Adoption of International Financial Reporting Standards” / The IASB issued today an Interpretation clarifying the requirements for accounting for stripping costs in the production phase of a surface mine. The Interpretation was developed by the IFRS Interpretations Committee, the interpretative body of the IASB.

Real estate tax will unlikely be adopted in Russia before 2013

The new real estate tax which has been expected for many years already, will unlikely be introduced in Russia sooner than 2013. The finance ministry doesn’t believe it is possible to make it in 2012. And even more than that, there will more likely be staged adoption of the tax – one region after another.

Sberbank’s SPO delayed until the next year

Privatization of Sberbank’s 7.6% of capital won’t take place in 2011 – told the bank’s deputy chairman of the board Bella Zlatkis. “Alas, today’s situation with the global economy is such that Sberbank’s privatization will unlikely succeed this year”.

Valuation malpractices may be punished by criminal law in Russia

The Investigation Committee of the Russian Federation thinks that unfair valuators and auditors should share their responsibility of the crisis. For that, they should bear criminal responsibility for unfair business valuation and falsification of public companies’ accounts.

Groups urge GASB to slow down

In an Oct. 14 letter to the Governmental Accounting Standards Board, 21 organizations — including AARP, the National Conference of State Legislatures and multiple public employer groups — expressed their concern that GASB’s timeline for finalizing its proposal “may be too compressed to properly assess the impact” of the proposed changes and the transition time needed for the new rules.

AICPA Issues Ultimatum on Private Company Accounting Standards

The American Institute of CPAs passed a resolution Tuesday at its Fall Meeting of Council that would give its board of directors the ability to consider the option of creating a separate committee or board to develop accounting standards for private companies.

Consultation on the future role of the Financial Reporting Council Published

A consultation proposing the refocusing and streamlining of the Financial Reporting Council (FRC) is being launched by the Department for Business, Innovation and Skills (BIS) and the FRC today.

10% as a price for laundering

Last week Russia’s National Settlement Depository (NSD), which is the direct pretender for the Central Depository to be created soon, informed that it would set an “obstructive” 10% fee for transfer of funds. This will be applied only to clients whom the NSD suspects in money laundering.