Новости

IASB seeks comments on a proposed new standard on income tax accounting

The International Accounting Standards Board (IASB) today published for public comment an exposure draft of a proposed new standard on the accounting for income tax. If adopted, the standard would replace the existing requirements in IAS 12 “Income Taxes”.

IPSASB Moves Closer to Global Convergence of Financial Reporting Standards with New ED on Agriculture

The International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) has published an exposure draft (ED), entitled ED 36 “Agriculture”.

FAS wants to add Microsoft to the monopolies list

The Federal Antimonopoly Service (FAS) of Russia wants to include Microsoft to the list of monopolies of the market for OS. Although it will be the first IT-company to get to the list in Russia, the regulator’s decision will hardly pose any problems, experts say. However, Microsoft may still face claims from regulators like it did in Europe.

FFMS plans to introduce minimum requirements for bond issuers

Russian Federal Financial Markets Service (FFMS) changes rules for bond listing and wants new ways to ensure credibility of their issuers. This was announced yesterday at the conference “Issuing company-2009” by the Service’s deputy chair Elena Kuritsyna. According to her, the regulator plans to set minimum requirements for ratings of bond issuing companies to add their bonds to quotation lists. “We want to see more responsible issuers”, - she emphasized.

IASB proposes improvements to derecognition requirements as part of review of off balance sheet risk

The International Accounting Standards Board (IASB) today published for public comment an exposure draft of proposals to improve the derecognition requirements for financial instruments. Derecognition is when an entity removes a financial instrument from its financial statements. This occurs if the entity no longer controls a financial asset or no longer has an obligation to settle a financial liability.

Short selling will be partially allowed

Yesterday the Federal Financial Markets Service (FFMS) of Russia published an exposure draft of its order which partially allows brokers to make unsecured selling transactions (completely prohibited since last year’s fall). According to the document, it is allowed to make short selling transactions with liquid financial securities at prices no lower that 3% of the last day’s closing price.

D. Medvedev protects foreign creditors from Russian borrowers

With huge financial obligations in possession, Russian billionaires will have to settle their accounts with foreign banks by themselves – promised Dmitry Medvedev in his interview to BBC. One should also remember that a couple of weeks ago it was him who recommended bankers to leave large borrowers alone for awhile.  

FASB Issues Proposed Statement on “The Hierarchy of Generally Accepted Accounting Principles”

FASB Issues Proposed Statement on the Hierarchy of Generally Accepted Accounting Principles (US GAAP) which will replace FASB Statement No. 162 – this became possible after completion of the Codification project, and from now on, all rules issued by FASB, the Securities and Exchange Commission (SEC) plus only one (Technical Inquiry Service (TIS) Section 5100, “Revenue Recognition”) by the American Institute of Certified Public Accountants (AICPA) will become authoritative and all other rules – nonauthoritative.

The Professional Oversight Board announces the scope of the Audit Inspection Unit’s work for 2009/10

The Professional Oversight Board (“the Oversight Board”), part of the Financial Reporting Council, today publishes a description of those entities whose audits will  be deemed to be “major audits” for the purposes of audit inspections in the year from 1 April 2009 to 31 March 2010 (“2009/10”). Such audits come within the scope of the work of its independent Audit Inspection Unit (“the AIU”) in 2009/10.

Bank of Russia has eased crediting of state-controlled entities

The Central Bank of the Russian Federation has agreed to increase crediting opportunities for companies within state-controlled corporations. According to the CB’s new Instruction, those borrowers won’t be considered as related parties, which means that each company will be able to acquire credits for larger amounts. Experts warn that if banks follow the Instruction, risks of defaults on corporate credits will surely increase.