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IFAC Convenes Global Accountancy Leaders to Focus on Credit Crisis, Needs of SMEs, and Improvements in Financial Reporting

Accountancy leaders from around the world discussed   the global financial crisis, the needs of small- and medium-sized enterprises, and the ways in which professional accountants can contribute to rebuilding economic stability at meetings hosted by the International Federation of Accountants (IFAC) last week in New York.

Auditor General frustrated at accounting complexities

Mr. Brady said its introduction had increased the complexity of financial reporting and auditing. The Office of the Controller and Auditor-General outlined the concerns in its last annual report, and Mr. Brady reiterated them at a parliamentary finance and expenditure select committee hearing today.

S&P lowers Ukrainian sovereign rating

The international rating agency “Standard & Poor’s” lowered Ukraine’s long-term and short-term sovereign credit rating for debt obligations in foreign currency – from “B/B” to “CCC+/C”. Debt obligations in national currency were lowered to “B-/C” from initial “B+/B”. The forecast for all ratings is “negative”. Simultaneously, all long-term sovereign credits ratings were excluded from the “CreditWatch” list (which means “ratings under review”) where they were added on February 16 2009.

FFMS lowers taxes for derivatives market participants

The Federal Financial Markets Service (FFMS) of Russia has developed amendments to the law to change taxation regime for participants of derivatives markets (that is, the ones for futures and options). For a number of transactions, taxation rates will be lowered, and there will be more transparency of the whole process of taxation in general.

Europe faces off against US over audit inspections

A row between Europe and the US over audit inspections looms after the EC suspended its work on co-operation with non-EU audit oversight bodies over fears that the US is not ready to make the same leap.

Survey Favors IFRS Adoption

As the debate over adoption of International Financial Reporting Standards heats up in the U.S., KPMG has released a survey indicating support for IFRS among investors, analysts and corporate executives who prepare financial statements.

EU to create a transnational financial regulation agency

The Centre for European Policy Studies (CEPS) in Brussels has proposed to create a European transnational agency to regulate financial institutes in hard times of the financial crisis.

First Central Bank’s inspectors are commencing their checks

Last Friday the Bank of Russia published an instruction to provide financial information (including financial documentation) to visiting inspectors from the Central Bank. Today, very first overseers are commencing their work in three largest state-controlled credit institutions – “Sberbank”, “VTB” and “Gazprombank”.

NASBA Urges SEC to Withdraw Roadmap

Moving to convergence with, rather than adoption of, International Financial Reporting Standards (IFRS) is the right path for the Securities and Exchange Commission to be following, the National Association of State Boards of Accountancy has told the SEC.

FASB Initiates Projects to Improve Measurement and Disclosure of Fair Value Estimates

The projects were added in response to recommendations contained in the Securities and Exchange Commission’s (SEC) recent study on mark-to-market accounting, as well as input provided by the FASB’s Valuation Resource Group, a group of valuation and accounting professionals who provide the FASB staff and Board with information on implementation issues surrounding fair value measurements used for financial statement reporting purposes.