Новости

NBU’s order on currency exchange operations returned for revision

Ukraine’s Ministry of Justice returned the National Bank’s order from September 9 (№538) for revision without registering it.

IASB amends the accounting for rights issues

The International Accounting Standards Board (IASB) issued today an amendment to IAS 32 “Financial Instruments: Presentation”.

SEC Approves New Exchange Rules for Breaking Clearly Erroneous Trades

The Securities and Exchange Commission today announced that it has approved new exchange rules for breaking stock trades that deviate so substantially from current market prices that they are considered “clearly erroneous”. The rules would for the first time provide a consistent standard across stock exchanges and reduce uncertainty about what happens to a trade depending on where it is executed.

British FSA already annoyed with foreign offices in UK

The Financial Services Authority (FSA) wants to acquire control over business activities of foreign banks’ offices in Great Britain. Experts think it is quite possible that corresponding amendments to British legislation will be approved within one year, and not only in the UK, but in some other developed economies as well.

FFMS not pleased by the way companies disclose information on their websites

Russian professional market participants finally started to disclose financial information on their capital volumes at their corporate websites – found out Russian business edition “RBC-Daily”. This didn’t save 22 organizations from being accused in violations by the Federal Financial Markets Service and its demands to eliminate all those as soon as possible. Simultaneously, regulators developed new amendments to the rules on disclosure of financial information on capital. Those won’t allow companies to hide information from public.

APB finalizes changes to Ethical Standards dealing with partner rotation

There has been an extended debate in recent years about the appropriate period for the rotation of the audit engagement partner on listed company audits. In March 2009 the Auditing Practices Board (APB) issued a Consultation Paper which included a proposed change to ES 3 (Revised) “Long association with the audit engagement” to allow audit committees to decide that this rotation period could be extended from five to seven years in certain circumstances.

APB issues a Consultation Paper on audit firms providing non-audit services to listed companies that they audit

In May 2009 the Treasury Select Committee published a report entitled “Banking Crisis: reforming corporate governance and pay in the City”. In this report the Committee called for the appropriateness of the provision of non-audit services by auditors to the entities that they audit to be revisited.

Rules for trade of Russian companies abroad finalized

Starting from 2010, maximum volume of Russian companies’ shares traded abroad will be lowered down to 25% from initial 30% - informed the Federal Financial Markets Service (FFMS Starting from 2010, maximum volume of Russian companies’ shares traded abroad will be lowered down to 25% from initial 30% - informed the Federal Financial Markets Service (FFMS).

IAASB Releases New Tools To Support Clarity ISA Implementation

To promote awareness and understanding of the newly clarified International Standards on Auditing (ISAs), the International Auditing and Assurance Standards Board (IAASB) released today a series of “ISA Modules” focusing on some of the new and more significantly revised ISAs. Developed by IAASB staff, each of these modules combines short video presentations and accompanying slides that explain the key principles of, and major changes in, individual ISAs, including the implications for audits of small- and medium-sized entities (SMEs).

Small Public Companies to Begin Providing Audited Assessment of Internal Controls Over Financial Reporting in Nine Months

The Securities and Exchange Commission today announced that the smallest publicly reporting companies will begin complying in nine months with the final portion of a key provision of a 2002 corporate governance law that requires companies to report to the public about the effectiveness of their internal control over financial reporting.