Новости

Study Predicts Little Benefit to Adopting IFRS in U.S.

A new academic study takes issue with claims that U.S. companies would benefit from adopting International Financial Reporting Standards. The study finds that the high-quality accounting infrastructure already in place for U.S. GAAP would likely see little upside from a transition to IFRS, as envisioned by the SEC’s proposed roadmap, which the new SEC commissioner has not yet approved.

“They are not ready for the global regulator yet” – A. Kudrin

Globalization is the reason for disturbances in the global economy, and today we need to develop new financial institutions to restructure it – thinks Russian minister of finance Alexei Kudrin. However, not all counties are ready to adopt new measures of macroeconomic regulation developed by others – he reminded.

Duma simplified privatization for SMEs

The State Duma of Russia has approved a law project to simplify privatization of leased office spaces by small and medium enterprises.

Minfin wants more severe punishment for illegal currency operations

The Ministry of finance of the Russian Federation wants to introduce fines for 75%-100% of the value of any illegal operation with foreign currency, for legal entities and private individuals as well. The amendments to be later introduced to the Code on administrative violations were already published on the Ministry’s official website.

New US SEC Staff Accounting Bulletin

The US Securities and Exchange Commission’s Office of the Chief Accountant has published Staff Accounting Bulletin (SAB) No 112 (link to SEC website). SAB 112 updates the codification of previous SABs by removing material no longer necessary because of private-sector developments in US GAAP.

FRC publishes Discussion Paper on Reducing Complexity in Corporate Reporting

The Financial Reporting Council (FRC), the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance, has published a discussion paper arising from its project on reducing complexity in corporate reporting.

FASB Accounting Standards CodificationTM to Officially Launch on July 1, 2009

The Financial Accounting Standards Board (FASB) today voted to approve the FASB Accounting Standards CodificationTM as the single source of authoritative nongovernmental U.S. Generally Accepted Accounting Principles (GAAP) to be launched on July 1, 2009. The Codification will be effective for interim and annual periods ending after September 15, 2009, which means that preparers must begin to use the Codification for periods that begin on or about July 1, 2009. All existing accounting standard documents are superseded. All other accounting literature not included in the Codification will be considered nonauthoritative.

“Dream on”

Russian government still hopes to create a new international financial center out of Moscow, simultaneously making another reserve currency out of its ruble. The crisis could be even helpful here because it has undermined the dollar’s stability (and $ has always been an ultimate payment instrument until now). However, it is not that simple. Marc Franco, Head of the European Commission in Russia, said that it was too early for Russia to think of anything like that. Besides, there’s no need for another reserve currency at the moment, and it is not up to a separate government to decide on introduction of a new one anyway.

Actuaries become independent

This Thursday chief of the Duma’s financial market committee Vladislav Reznik announced that the State Duma had acquired a set of amendments to the law “On insurance business” for consideration. Those amendments will allow creation of self-regulatory organizations (SROs) for actuaries – entities that access insurance risks.

Firm quits Forum of Firms

Baker Tilly International is set to leave the Forum of Firms, an organization representing more than 20 of the world’s global accountancy networks. Backed by the International Federation of Accountants, the forum promotes quality control standards and is open to networks that carry out transnational audits.