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APB issues an Exposure Draft of proposed revisions to ISA (UK and Ireland) 700 “The Auditor’s Report on Financial Statements”

The Auditing Practices Board (APB) has today published an Exposure Draft of proposed revisions to ISA (UK and Ireland) 700 “The Auditor’s Report on Financial Statements” in order to facilitate a more concise auditor’s report.

US face record-breaking number of bankruptcies among banks

Yet another bad news for the US financial system: the Federal Deposit Insurance Corporation (FDIC) has closed Integrity Bank of Alpharetta (located in Georgia, with $1.1 billion worth of assets and $974 million worth of deposits). It is already 10th bank in a row since the beginning of 2008.

GASB Proposes to Transfer Guidance from AICPA Auditing Literature

The Governmental Accounting Standards Board (GASB) is seeking comments on two new Exposure Drafts that set forth proposals to transfer accounting and financial reporting guidance currently contained in the American Institute of Certified Public Accountants (AICPA) auditing literature into the GASB’s accounting and financial reporting literature for state and local governments.

SEC proposes roadmap toward global accounting standards to help investors compare financial information more easily

The Securities and Exchange Commission today voted to publish for public comment a proposed Roadmap that could lead to the use of International Financial Reporting Standards (IFRS) by U.S. issuers beginning in 2014.

FRC publishes Consultation Paper setting out its proposals to revise the Guidance for Directors on Going Concern and Financial Reporting

The Financial Reporting Council has today published a Consultation Paper setting out its proposals to revise the Guidance for Directors of Listed Companies on Going Concern and Financial Reporting.

Quality of the CB’s management of gold- and foreign exchange reserves may be checked by the Accounts Chamber

A new meeting of the National Banking Council under the Bank of Russia is planned for September, at which once again a question of the CB’s effectiveness in respect to management of gold- and foreign exchange reserves will be discussed. This was officially announced by the State Duma’s deputy Pavel Medvedev who is also a member of the Council.

Bank of Russia shows interest in mortgage

In order to adequately evaluate the current situation on the market for mortgage financing, the Bank of Russia has developed a separate accounting form, an example of which is presented in its Order № 2055-У. Apart from information on volumes of mortgage credits, average terms and interest rates (as well as overdue payments), the Bank requires to present information on premature settlements of credits and sources for refinancing of mortgage credits.

EC slammed for slack approach to auditor liability

The International Corporate Governance Network, representing about ₤7.5trn in assets, has urged EC for a Europe-wide review of audit services after its recommendation in June to cap auditors’ liability.

NASBA Wants to Give CPA Exams Outside U.S.

At a July 25 meeting in Sunriver, Ore., the NASBA board of directors authorized a joint committee of representatives from NASBA, the American Institute of CPAs and test services provider Prometric to develop a business plan for administering the exam abroad.

Fannie Mae and Freddie Mac received investors’ support

Shares of Fannie Mae and Freddie Mac, two largest American mortgage agencies, experienced a sudden growth for more than 15% yesterday – informs “Kommersant”. This positive reaction of the market followed Freddie Mac’s successful placement of bonds, by which it showed investors that both agencies may easily go on even without assistance from the government.