Новости

E&Y sued over Lehmans audit

State prosecutors have filed fraud charges against Ernst & Young in the US, Reuters has reported. New York attorney general Andrew Cuomo filed the lawsuit against the firm over its audit of Lehman Brothers. The firm had previously been criticized by court-appointed examiner Anton Valukas for their approval of Lehmans’ use of repo transactions to raise capital.

Financial Accounting Foundation Appoints Leslie F. Seidman Chairman of the Financial Accounting Standards Board

The Board of Trustees of the Financial Accounting Foundation (FAF) today named Leslie F. Seidman chairman of the Financial Accounting Standards Board (FASB), effective immediately. Ms. Seidman has served as the acting FASB chairman since the retirement of Robert H. Herz on September 30, 2010.

PCAOB publishes Staff Audit Practice Alert on auditor considerations of litigation and other contingencies arising from mortgage and other loan activities

The Public Company Accounting Oversight Board published a Staff Audit Practice Alert to inform auditors of public companies about their responsibilities when auditing loss contingencies, disclosures, and related items.

GASB Updates Reporting Entity Standards

Statement 61 is designed to improve financial reporting for governmental entities by amending the requirements of Statements No. 14 “The Financial Reporting Entity”, and No. 34 “Basic Financial Statements - and Management’s Discussion and Analysis - for State and Local Governments” to better meet user needs and address reporting entity issues that have come to light since those Statements were issued in 1991 and 1999, respectively.

FRC to explore best practice by UK company boards in determining and managing their level of risk

The Financial Reporting Council (FRC), is to bring together company directors, investors and others to explore how companies are responding to the new UK Corporate Governance Code provision on Board’s responsibilities for risk. The FRC will consider whether the Turnbull Guidance on risk and internal control needs to be amended in the light of these meetings.

International Public Sector Conceptual Framework Documents for Comment

The International Public Sector Accounting Standards Board (IPSASB) today released for comment an exposure draft (ED) and two Consultation Papers related to its project to develop a Conceptual Framework for the general purpose financial reporting of public sector entities. The Conceptual Framework is the IPSASB’s key strategic objective for 2010–2012 and is of fundamental importance to the future of global public sector standard setting for at least the next 10–15 years.

IASB issues narrow amendments to IFRS 1

The International Accounting Standards Board (IASB) today issued two narrow amendments to IFRS 1 “First-time Adoption of International Financial Reporting Standards (IFRSs)”. The amendments confirm proposals that were published as separate exposure drafts for public comment in August and September.

IASB issues amendments to IAS 12 Income Taxes

The International Accounting Standards Board (IASB) has today issued amendments to IAS 12 “Income Taxes”. The amendments, set out in Deferred Tax: Recovery of Underlying Assets, result from proposals published for public comment in an exposure draft in September.

Russian bankers await another wave of crisis

Last week several government officials and bankers expressed thought that Russian financial markets could face another wave of crisis. On that informed Russian finance minister Alexei Kudrin, chairman of the Deposit Insurance Agency Alexander Turbanov and president of Sberbank German Gref. However, Independent expert don’t see any fundamental worsening of the situation and say that the worst thing possible with the banking sector is prolonged stagnation.

FFMS of Russia simplifies trading for foreign investors

The Federal Financial Markets Service of Russia is going to simplify trading for foreign investors. The regulator has prepared amendments to the legislation which will allow transactions through foreign brokers. Lawmakers hope for larger turnovers.