Новости

New lease accounting standard criticized for complexity

The International Accounting Standards Board’s proposals on lease accounting have come under fire amid claims that the new standard risks increasing liabilities on corporate balance sheets and will require substantial investment to implement.

IASB and US FASB publish proposals to improve the financial reporting of leases

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment joint proposals to improve the financial reporting of lease contracts. The proposals are one of the main projects included in the boards’ Memorandum of Understanding. The proposals, if adopted, will greatly improve the financial reporting information available to investors about the financial effects of lease contracts.

Net profits of most Russian oil companies fall

Russian oil companies published their semiannual financial accounts where they disclosed remarkable revenue growth rates.

Barclays fined for hidden deals with “forbidden” counties

British investment bank Barclays is going to pay a $298-million fine to US authorities for illegal financial transactions with countries like Cuba, Iran, Libya, Sudan and Myanmar.

FFMS of Russia protects minority shareholders

The Federal Financial Markets Service (FFMS) of Russia made a decision in favor of minority shareholders by supporting their demands for financial information disclosure. The latest amendments to the corresponding law on disclosures made impossible all former methods employed by issuing companies to hide significant facts.

Audit Commission to be scrapped, government confirms

The Audit Commission is to close, with the loss of 2,000 jobs, the government has confirmed. The decision to scrap the Audit Commission will lead to inconsistency and uncertainty in local government reporting, a chief accounting body has warned.

Senators Want Better Accounting Disclosure

A group of Democratic senators has written to the chair of the Securities and Exchange Commission urging the SEC to require more complete and accurate corporate accounting disclosures, especially of off-balance sheet transactions.

SEC Solicits Comments on IFRS Work Plan

The Securities and Exchange Commission is asking the public for feedback on its plans for incorporating International Financial Reporting Standards into the financial reporting system for U.S. issuers.

Another recession?

It looks like American economy is going in circles: consumer demand is low, and without it producers don’t risk expanding their operations and creating new job places. And consumers – they are too afraid of unemployment and prefer to save.

European officials frustrated at “lack of transperency”

Senior European officials are frustrated at a perceived lack of transparency over the appointment of the successor to Sir David Tweedie, chairman of the International Accounting Standards Board (IASB), who is due to step down in June 2011.