Новости

Minfin’s and FFMS’ powers mixed up over Russian “megaregulator”

The project of creation of a “megaregulator” is at its final stage of approval at the president’s administration, waiting to be signed by the president. All problematic moments have been settled down, and presidential aide Arkady Dvorkovich thinks that the order will soon be signed.

IFAC Survey Highlights Need for Further International Alignment of Risk Management and Internal Control Guidelines

Risk management and internal control frameworks, standards, and/or guidance should be aligned internationally, according to the results of the Risk Management and Internal Control Survey released by the IFAC Professional Accountants in Business (PAIB) Committee.

China, Japan and Korean standard setters sign Memorandum of Understanding

On 25 January 2011, a meeting between the leaders of the standard setters of China, Japan and the Republic of Korea resulted in the signing of a Memorandum of Understanding (MoU), which seeks to strengthen and reinforce the communication and cooperation between the standard setters over the next several years.

ASB issues a Financial Reporting Exposure Draft

The Accounting Standards Board (ASB) of the FRC has today published a Financial Reporting Exposure Draft (FRED) for public comment aimed at improving the disclosures on transfers of financial assets. The proposals amend the disclosure requirements in FRS 29 (IFRS 7) “Financial Instruments: Disclosures”.

Russia introducing a universal system of payments

At the end of 2009 Russia’s president Medvedev proposed to create a new nationwide system of payments which is to be based upon a single electronic social card. This “universal” card will have to contain all information on its owner which could possibly be needed for any transaction.

Why the equity method is bad accounting

PNC currently uses the equity method as prescribed under FASB (Financial Accounting Standards Board) for use when a company has significant influence (PNC used to own BlackRock) but we feel this is an inaccurate way to show worth.

35 new standards notified, but accounting system fails to meet IFRS norms

Indian companies, which were to move to a global accounting standard from April 2011 to tap the international capital market, will now have to prepare dual financial statements to raise funds overseas as the newly-notified system for local companies is not compatible with global norms and would give parallel valuations.

New Deloitte guide to accounting for service concession arrangements

The Guide is intended to serve as an illustrative tool for the reader in the application of IFRIC 12 “Service Concession Arrangements”, providing analysis of the requirements of IFRIC 12.

Minfin to control standards for audit SROs

By its order from November 10 2010 the finance ministry of Russia specified standard forms for application. This means that self-regulatory organizations (SROs) for auditors will be accountable for their internal standards.

Double-entry bookkeeping not necessary for small businesses in Ukraine

Ukrainian lawmakers, desperately trying to harmonize the new Tax code and accounting rules, introduced amendments to the Accounting Standard (UAS) 25 “Financial accountancy of a small business entity” which contradict one of the most fundamental principles of the whole system.