Новости

No more credits

According to the report published by Fitch this Wednesday, real growth rates of crediting in the world’s economy will decrease twice due to the global crisis. For example, by the end of the year the rate of growth will fall to 7% (and to 5% in 2009) while in 2007, it was 16%. This stagnation will affect all regions (in European countries with developing economies the effect will be a bit stronger), so most likely, the “new world economy” will have to find a way to live without borrowings.

Board Proposes New Auditing Standards Related to the Auditor’s Assessment of and Responses to Risk

The Public Company Accounting Oversight Board voted today to propose for public comment a suite of seven new auditing standards related to the auditor’s assessment of and responses to risk and related conforming amendments. The proposed standards would supersede the Board’s interim auditing standards related to audit risk and materiality, audit planning and supervision, consideration of internal control in an audit of financial statements, audit evidence, and performing tests of accounts and disclosures before year end.

CEBS, CESR and CEIOPS publish a joint statement on the latest developments in accounting

The Committee of European Banking Supervisors (CEBS), the Committee of European Securities Regulators (CESR) and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) have today published a joint statement, with their input regarding the latest developments in accounting.

Business audit in Russia

Total revenue figures of audit and consulting groups in Russia increased by 36% in 2007 and reached 15 billion rubles. Most profitable segments here are general audits (audits of non-financial sector) and banking audits. Here, companies that carry audits of large businesses and state-controlled entities benefit more than others.

IASB and FASB commit to a global approach to enhance market confidence

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have announced further details on their joint approach to dealing with reporting issues arising from the global financial crisis.

IFAC Supports Convergence in the Reporting of Financial Instruments

The International Federation of Accountants (IFAC) supports recent moves by the International Accounting Standards Board (IASB) to contribute to greater consistency in financial reporting and to work towards convergence of international standards, an objective which IFAC views as critical to the efficient operation of global capital markets.

Russia created a new regulator

A new regulatory body – the Council for the development of the Russian financial market – was created yesterday under Dmitry Medvedev’s order. Chaired by Igor Shuvalov (Vice-Prime Minister of the Russian Federation) with Vladimir Milovidov (current chief of the Federal Financial Markets Service) on a secretary’s position, the body will not only serve as an intermediary between all interested ministries, but will also develop a sound strategy for the whole financial sector.

VAT is not going anywhere

Currently, Russia treats stability as the most important direction of future development of its taxation policy. Because of that, replacing the value added tax with the turnover tax means introduction of dramatic changes into the current taxation system, having negative effect on the economy in general and all participants of the process in particular.

IASB and FASB launch consultation on proposed enhancements to the presentation of financial statements

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment a discussion paper on financial statement presentation. The discussion paper contains an analysis of the current issues in financial statement presentation and presents the boards’ initial thinking on how those issues could be addressed in a possible future format.

IASB and FASB Create Advisory Group to Review Reporting Issues Related to Credit Crisis

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today announced that they will create a global advisory group comprising regulators, preparers, auditors, investors and other users of financial statements. The advisory group will help to ensure that reporting issues arising from the global economic crisis are considered in an internationally coordinated manner.