Новости

IFRS Foundation to enhance IFRS Taxonomy to reflect common reporting practice

The IFRS Foundation today announced that it will publish supplementary tags for the IFRS (International Financial Reporting Standards) Taxonomy that reflect disclosures that are commonly reported by entities in their IFRS financial statements.

Kremlin doesn’t want to punish for creation of fly-by-night companies

It appears that Russian president’s administration is planning to seriously change the draft law project on fly-by-night companies which is currently getting ready for the first reading in the State Duma. The version which was recently proposed by the Ministry of Justice and introduced to the government, does not satisfy the president’s administration: they propose to punish companies only for purchasing of documents to found a fly-by-bight company and for tax evasion.

CB agreed to punish malevolent bankers

The regulator decided to start doing that immediately, without waiting for amendments to the legislation. The Central Bank plans to demand removal of not only chairmen, but also top-managers if the situation in the bank is close to being critical.

Portugal asked for financial support

This week Portugal, no longer able to deal with its debts alone, asked the European Union for financial support. The International Monetary Fund is ready to provide it in exchange for economic reforms.

Shake-up in int’l tax regulation

The increasing globalization of the economy has made international tax issues more commonplace, even for smaller practitioners, since any transaction that goes across an international border has tax implications.

Islamic banking: a gross accounting misnomer

Now-a-days accountancy has become an important academic and professional discipline. It does no more remain a mere tool but has now been recognized as a very sophisticated and highly systematic discipline. Accounting deals with, among many other things, recognition, measurement and fair recording of transactions, reporting of the organization’s operational results and finally true and fair presentation of the state of affairs thereof. Although accounting is not a language of mass people, by this time some of the accounting knowledge has become the part of general knowledge, at least a common business language.

PCAOB enters into first cooperative agreement with Swiss regulators

The Public Company Accounting Oversight Board announced that it has entered into a Statement of Protocol with Swiss regulators, establishing a cooperative framework for supervisory oversight of auditors that practice in each country.

FFMS of Russia prepared a mechanism to protect investors from “dummy” companies

The situation with “dummy” (or, as they are also called, “fly-by-night”) companies is hard, admitted Milovidov. According to his estimations, up to 30% of all - licensed! - companies are not actually working on the financial market.

Issuers of securities in Russia will disclose information “the way they do abroad”

Yesterday the Federal Financial Markets Service published its draft new order on disclosure of information by issuers of financial securities. Soon Russian investors will receive information on companies planning an issue together with foreigners.

FASB Issues Accounting Standards Update to improve financial reporting about troubled debt restructurings

The Update clarifies which loan modifications constitute troubled debt restructurings. It is intended to assist creditors in determining whether a modification of the terms of a receivable meets the criteria to be considered a troubled debt restructuring, both for purposes of recording an impairment loss and for disclosure of troubled debt restructurings.