Новости

To remain competitive, energy companies will have to rebuild their business – E&Y

With appearance of IT technologies on the energy market companies from this sector all around the world will have to fundamentally rebuild their relations with clients, if they are to compete with newer competitors on the market – such as retail companies, IT companies and banks. That’s what E&Y concluded on results of one of its later research.

Ukraine may lose 11% of its banks

20 out of 176 Ukrainian banks are being liquidated. This follows from documents published today on the National Bank’s website.

Auditing standards in Russia will now be developed differently

A new order for development of Russia’s federal standards on auditing has been published. Standards will now be developed under special 3-year programs. What’s really new is that users will know not only names and approximate effective dates for standards being developed, but also names of those in charge of development.

Judgment in accounting for joint arrangements (concluded)

In last week’s article, we introduced the recently issued accounting standard, Joint Arrangements (International Financial Reporting Standards, or IFRS 11), which takes effect for annual periods beginning on or after Jan. 1, 2013.

FASB weighs “going concern” self-test for US firms

U.S. accounting rulemakers are expected to revisit soon a 2008 proposal that would address the knotty issue of "going concern" warnings, seeking to better assure that alarms are sounded before companies fail.

International Federation of Accountants Releases Revisions to Policy Position Papers One and Three

The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 125 countries, today released revised versions of Policy Position Paper 1 "Regulation of the Accountancy Profession", and Policy Position Paper 3 "International Standard Setting in the Public Interest".

Bank of Russia temporary postpones the law on the national payment system

It is possible that the Bank of Russia won’t punish banks for violation of the new law “On the national payment system” for a certain period of time (not forever, of course). The reason is typical: some banks just didn’t have enough time to renegotiate contracts under the new rules with all housing and public utilities.

Russian banks will be allowed to evaluate risks under national scale

Tightening of supervision and control over banks in Russia will be partially compensated by a useful tool: the Central Bank of Russia has set minimal levels of national credit ratings for borrowers which will be seen by banks as not too risky. Thus, credits given to them will not be seen as “bad” credits, and this will be official.

'Untold consequences' loom in audit-only landscape

Among the game-changing proposals packed into Barnier's draft green paper on audit, the scariest must be the separation of audit and non-audit services at the largest firms.

New Model Audit: It’s a scary world out there

Barnier’s draft audit green paper audit hones in on major issues at the heart of the market, provoking heated response from those at the centre of the debate. However, more detached stakeholders, such as investors and legal professionals, view things in a slightly different light.