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ASB proposes Amendments to Financial Reporting Standards for Companies Act 2006
The Accounting Standards Board (ASB) has today issued the Financial Reporting Exposure Draft (FRED) for public comment proposals to amend Financial Reporting Standard (FRS) 2 “Accounting for Subsidiary Undertakings”, FRS 6 “Acquisitions and Mergers” and FRS 28 “Corresponding Amounts”. The amendments arise from the introduction of the “Companies Act 2006” and from “The large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008”.
Second XBRL Draft of GAAP Data Tags
XBRL US plans to soon publish an upgraded version of the Extensible Business Reporting Language interactive data tags for U.S. generally accepted accounting principles and is making the latest draft available for public review.
NOFA Foundation going bankrupt
The National Organization for Financial Accounting and Reporting Standards (NOFA) was founded by the Russian Union of Industrialists and Entrepreneurs (RSPP) in 2003, but was forced to suspend its activity this year. Its official website hasn’t been updated for months. Trustees of the managing board confirm nearing liquidation, but representatives of RSPP deny this possibility.
ASB proposes Amendments to Financial Instrument Disclosures
The Accounting Standards Board (ASB) has today issued for public comment proposals to improve information disclosed about the fair value of financial instruments and liquidity risk. These proposals are based on an exposure draft issued by the International Accounting Standards Board (IASB) in October 2008 as part of its response to the credit crisis.
FRC alerts directors to the corporate reporting challenges arising from current economic conditions
The FRC recognizes that the global liquidity squeeze and its impact on the wider economy increases the challenges for directors in preparing corporate reports this year. This means that more time may need to be spent by directors and audit committees planning the year-end activities, reviewing key assumptions and models used in financial reporting and in reviewing the significant accounting and disclosure judgments.
IASB issues a revised version of IFRS 1 with improved structure
The International Accounting Standards Board (IASB) today issued a revised version of IFRS 1 First-time Adoption of International Financial Reporting Standards. The revised version has an improved structure but does not contain any technical changes.
Russia’s government is working on a program to protect competition
The government of Russia will soon come up with a program for further development of competition. The main problem is still the same: it is hard to define where intense competition ends and forbidden anti-competitive behavior begins. This Wednesday Prime Minister Vladimir Putin tried to figure it out at the meeting of the Council on Competitiveness and Entrepreneurship. He announced that the program and the roadmap for its implementation would be adopted by the government in the nearest future – of course, after all necessary consultations with the business society of Russia.
Russian experts seek for solutions in times of the financial crisis
The long-lasting period of stability in Russia has come to an end, making companies fear for their future as it became obvious that they weren’t acting effectively anymore – in terms of risk management practices. Today businessmen concentrate on choosing strategies to employ in such unstable conditions. Which strategy is correct and which isn’t was a subject to discussions at the roundtable “Business in Russia. Strategies to survive the financial crisis” held by “RosBusinessConsulting” (RBC).
US banks want clarity soon on fair value accounting
U.S. banks on Tuesday pleaded with regulators to immediately clarify fair value accounting rules and said failure to do so would negate the government’s efforts to shore up the financial sector.
FRC publishes its Second Progress Report on the implementation of the MPG Recommendations
The Financial Reporting Council has published its Second Progress Report on the implementation of the recommendations of the Markets Participants Group (MPG), the feedback to the consultation contained in the first Progress Report and other relevant developments.
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