Новости

China plans to adopt mineral extraction tax

It will be applied to largest state-controlled companies such as the oil mining company PetroChina. The new tax will be introduced within 5 years.

SEC Proposes Private Fund Systemic Risk Reporting Rule

The Securities and Exchange Commission today proposed a rule to require advisers to hedge funds and other private funds to report information for use by the Financial Stability Oversight Council (FSOC) in monitoring risk to the U.S. financial system.

“Green Paper”: Russian audit companies kept their opinion to themselves

This February the European Commission will discuss the Green Paper – the document called “Audit Policy: Lessons from the Crisis” which is to shape auditors’ work in the post-crisis era. To prepare the document, officials asked auditors, their clients, investments companies, credit rating agencies and tax services to hold public consultations on the subject of further development of the sector and to ask for their opinion.

FASB Issues Accounting Standards Update No. 2011-01 Receivables (Topic 310)

Stakeholders raised concerns that the introduction of new disclosure requirements (paragraphs 310-10-50-31 through 50-34 of the FASB Accounting Standards CodificationTM) about troubled debt restructurings in one reporting period followed by a change in what constitutes a troubled debt restructuring shortly thereafter would be burdensome for preparers and may not provide financial statement users with useful information.

IAASB Explores Financial Statement Disclosures and Audit Quality

The International Auditing and Assurance Standards Board (IAASB) today released for public comment a discussion paper exploring key issues relating to disclosures in financial statements. Titled “The Evolving Nature of Financial Reporting: Disclosure and Its Audit Implications”, the paper highlights recent trends in the range, volume, and complexity of financial statement disclosures, and explores issues and practical challenges in preparing, auditing, and using them.

CB of Russia tightens responsibility of bank owners and managers

During the crisis percentage of satisfied creditors’ claims to banks going bankrupt decreased in several times, from 44% in 2008 to only 6.5% in 2010. In order to increase share of satisfied claims of creditors, the Bank of Russia is now working on amendments to the legislation to give bankruptcy managers access to bank- and tax secrecy.

Smaller entities freed from statutory audit in Russia

New rules came into force in Russia, which define the order for audit of financial accountancy for the annual period–2010. The new federal law, effective since 28 December 2010, introduced several innovations, one of which are higher thresholds for revenues and assets.

EU launches a new financial oversight body

Starting from 20 January the European Union has a new mechanism in place to detect threats of global financial crisis at early stages. The new authority’s name is European Systemic Risk Board – ESRB.

FSA and FRC extend cooperation and information exchange on audit issues

The Financial Services Authority (FSA) and the Financial Reporting Council (FRC) have today agreed a new memorandum of understanding (MOU) to enable a greater degree of cooperation and information exchange between the two regulators. The MOU underpins the increased dialogue between the FSA and FRC on accounting and disclosure issues that has been in place since 2005 and follows the publication of a joint discussion paper on the audit of financial institutions published in June 2010.

Commission decision lays the foundation for reinforced international cooperation on the supervision of auditors

The European Commission today adopted the first decision recognizing the equivalence of the audit oversight systems in 10 third countries. This decision paves the way for reinforced cooperation between Member States and third countries which have been declared equivalent, so that they can mutually rely on each others’ inspections of audit firms.