Новости

FASB Issues Proposed Accounting Standards Update to Improve Financial Reporting about Troubled Debt Restructurings

The Financial Accounting Standards Board (FASB) has issued an Exposure Draft of a proposed Accounting Standards Update (Update) intended to increase transparency in financial reporting about troubled debt restructurings.

IAASB Proposes New Guidance on Auditing Complex Financial Instruments

The International Auditing and Assurance Standards Board (IAASB) today released for public exposure a new proposed pronouncement—International Auditing Practice Statement (IAPS) 1000 “Special Considerations in Auditing Complex Financial Instruments” - that highlights practical considerations for auditors when dealing with complex financial instruments.

MICEX introducing the new system of scoring to control listing requirements

The Moscow Interbank Currency Exchange (MICEX) is finishing its preparations for implementation of the new system of scoring to be used to check how well issuers follow the rules of listing – informed the stock exchange’s representative Leonid Savvinov.

US banks will pay for the financial crisis

The Federal Deposit Insurance Corporation (FDIC) has approved filing 50 suits against top-managers of banks which went bankrupt during the crisis - meaning those managers who either by their actions, or simply by doing nothing drove their companies to insolvency.

IRS gets ready for IFRS

A new US government report says the Internal Revenue Service (IRS) is preparing for the potential transition of US publicly held companies to International Financial Reporting Standards (IFRS) and the impact IFRS will have on tax administration.

EC hits banks with tax crackdown endorsement

The European Commission has added its voice to calls for banks to face higher taxes because of the huge profits they make.

Forum of Firms Focuses on Practical Application of Group Audit Standard

Over 40 senior audit professionals from 20 international networks of accounting firms met yesterday to share their experiences and industry perspectives in applying International Standard on Auditing 600 “Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors)” (ISA 600).

Real estate property will be disclosed on Russian banks’ balances

The Central Bank of Russia has published an exposure draft of its new order which, if approved, will force banks to disclose volumes of real estate possessions on their balances. Banks will have to separately present buildings and land which are not used in their main activity. In theory, those may be collateralized property as well as investments projects.

Cyprus to help Russia with tax collection

Russia and Cyprus have signed a protocol of amendments to the double taxation treaty. Cyprus has traditionally been the leader of foreign investments into Russia: as of the end of June, there were $53.8 billion, which is 20.5% of all input from abroad. Those inflows are mostly Russia’s own capital repatriation. All large business organizations in Russia use Cyprian companies.

Basel III needs US support – European commission

Banks in the EU will find themselves in disadvantageous position if the USA does not accept the new international rules for regulation of banking capital, also known as “Basel III”, which is why American support is strongly needed – argues EU internal market commissioner Michel Barnier.