Новости

Bank of Russia struggles against accounting schemes to overinflate banking capital

The Central Bank of Russia is discussing ways to eliminate an accounting loophole that will allow banks to overinflate their capital. The loophole is expected to appear with the beginning of 2012 when new accounting rules for banks come into force.

Auditors of publicly significant entities in Russia will be checked under separate rules

The Federal Service of Finance and Budget Oversight (aka “Rosfinnadzor”) published a draft order, according to which auditors of publicly significant entities in Russia will be checked for quality of their work.

UK and Switzerland announce historic agreement

UK taxpayerswith Swiss accounts will pay a "significant one-off" deduction to settle past tax liabilities under a historic agreement between the two countries worth billions of pounds for the Exchequer.

Representatives of the Accounting Standards Board of Japan and the Financial Accounting Standards Board Hold Biannual Meeting

Representatives of the Accounting Standards Board of Japan (ASBJ) and the Financial Accounting Standards Board (FASB) met on August 18 and 19, 2011, in Tokyo, Japan. This meeting was the eleventh in a series of discussions between the ASBJ and the FASB.

Russian bankers proposed to exclude currency from the list of insider instruments

Head of the Association of Russian Bank (ARB) Garegin Tosunyan addressed the FFMS’ chief Dmitry Pankin, asking him to calm down the panic among bankers in relation to the new law on insider trading. Bankers (and financiers in general) are asking to exclude currency from the list of insider instruments.

European regulators may prolong the ban on «shorting» for another month

European stock exchange regulators may not lift the ban on short selling until the end of September.

CB of Russia will watch closely after audit of bank accountancy

The Bank of Russia in not satisfied with today’s situation when many banks are being audited by audit companies they are, so to speak, “very comfortable with”. It is easy to explain because, for example, two banks which lost their licenses (Mezhprombank and “Slavyansky”) were once audited by one and the same audit company – Moore Stephens.

More SEC Studies Expected Soon on IFRS

If they stick to their planned timeline, staff at the Securities and Exchange Commission should publish additional white papers soon that further elaborate on their study of International Financial Reporting Standards with an eye toward possible adoption in the United States.

EFRAG invites companies to participate in the field-testing of the forthcoming revised proposals on Revenue Recognition

EFRAG, in partnership with European National Standard Setters and in close coordination with the IASB, will conduct field-testing of the revised IASB proposals on revenue recognition, which are expected to be published by the end of September 2011. The purpose of the field-testing is to identify potential implementation and application concerns, and to estimate the effort required to implement and apply the proposals.

Government and FRC consider reducing financial reporting burdens for the smallest businesses

Proposals to simplify the financial and corporate reporting requirements for the smallest businesses are the subject of a Discussion Paper published today by the Department for Business, Innovation and Skills (BIS) and the Financial Reporting Council (FRC).