Новости

IAASB Practice Alert Helps Auditors and Management Assess Impact of Credit Crisis on Going Concern Assumptions

To help auditors and management, as well as those charged with governance, in addressing those challenges, the staff of the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), has released a new practice alert entitled “Audit Considerations in Respect of Going Concern in the Current Economic Environment”.

“Not guilty”, part 2

Russian branch of the international audit network “PricewaterhouseCoopers” wins another trial, and it seems like a happy end to a very long story where the company is about to loose its license (at least, it was possible), but finally overcomes all difficulties. Yesterday the Supreme Arbitration Court cancelled all previously made decisions and set PwC free of charges equal to 260 million rubles.

Duma defines bankruptcy procedures for insurers

Today the State Duma of the Russian Federation is discussing amendments to the law on insurance business in Russia and several others that describe the bankruptcy procedures for insurance- and some other companies as well as measures of its (bankruptcy’s) prevention.

Economists Group Recommends Fair Value Reform

The Group of 30, a set of economists from around the world, has produced a report recommending a series of reforms to address the financial crisis and provide financial stability.

New global guidance for intangible assets

The International Valuation Standards Council (IVSC) has issued two exposure drafts on the valuation of intangible assets and invites public responses to be submitted by the end of April 2009.

Profits turn into losses

The collapse of Bernard Madoff’s Ponzi scheme is a threat not only to banks which were investing into it for several years, but also to investors who invested their funds into the company in times of its prosperity – and acquired huge profits, which may now easily turn into losses.

CB delays increase of reserve requirement for three months

Yesterday the Central Bank of the Russian Federation announced that it had decided to delay increase of normative standards for required reserves kept by banks at the required reserve fund. Initially, it was planned as a two-step increase: first, on February 1, then on March 1. It is still going to be a two-step increase, but it is delayed a bit – until May and June, respectively. The CB says that the decision was made to soften consequences of the world’s financial crisis for Russian banks.

ASB to issue Amendment to FRS 26 and UITF Abstract 42

At its meeting today the Accounting Standards Board (ASB) agreed to issue an exposure draft (ED) proposing amendments to FRS 26 (IAS 39) “Financial Instruments: Recognition and Measurement” and UITF Abstract 42 (IFRIC 9) “Reassessment of Embedded Derivatives”. The amendments would clarify the treatment of embedded derivatives when an entity reclassifies a hybrid financial asset out of the fair value through profit or loss category.

SEC Staff Extends Sarbanes-Oxley Survey to January 31

The Securities and Exchange Commission’s Office of Economic Analysis (OEA) has extended the deadline to January 31 for public companies’ participation in a Web-based survey about the costs and benefits of Section 404 of the Sarbanes-Oxley Act of 2002.

Irrevocable deposits under discussion again

Deputies of the State Duma of the Russian Federation are making the third attempt to introduce the idea of irrevocable deposits into Russian legislation, saying that it is very important in current times of the financial crisis (it will help banks to maintain liquidity). However, experts say that its approval may, on the contrary, initiate the second wave of deposit withdrawals.