Новости

GAAP-IFRS.COM Digest: 21-25 July

USA and Canada will not support World Bank’s projects in Russia

USA and Canada will not aid World Bank’s projects in Russia – informs Bloomberg with a reference to financial authorities of both of the countries.

Criminal liability in Russia may be adopted against companies as a whole

This week the Russian Investigation Committee presented a bill which, if becomes a regulation, will make it possible to bring whole companies to criminal liability - not just natural persons who work there.

Accounting restatements declined as a result of SOX adoption

It’s been almost 12 years since adoption of the Sarbanes-Oxley act in the USA. Today analysts propose to take a look back and see what’s been improved as a result of it.

FASB makes its projects more understandable to users

The Financial Accounting Standards Board (FASB) has launched a new page on its website with more intuitively understandable graphical representation of its ongoing projects

SMEIG group clarifies its recommendations to the IASB

The SME Implementation Group (SMEIG) has launched a new initiative to share details of its recommendation to the International Accounting Standards Board concerning the ongoing review of “IFRS for SMEs” with the general public.

IAESB improves transparency of its standards

The International Accounting Education Standards Board (IAESB) is implementing an initiative which is expected to improve transparency, relevance and consistency of application of its standards. Today its experts presented their “Framework for International Education Standards”.

IFRS 9 finally ready

The IASB today completed a very final section of the long-awaited accounting standard IFRS 9 “Financial Instruments”. It now comprises a comprehensive model for financial instruments classification and measurement, a new approach to impairment based on expected (not incurred) losses, and a new approach to hedge accounting.

Deloitte comments on IASB’s “Disclosure initiative”

Deloitte generally agrees that the changes being proposed to the order of application of professional judgment might ensure clearer financial information to be used by investors. At the same time they do think that additional guidance on its application will be needed.

Accounting for goodwill – by ASBJ, OIC and EFRAG

A joint research group which included representatives of the Accounting Standards Board of Japan (ASBJ), the Italian standard-setter Organismo Italiano Contabilita, and the European Financial Reporting Advisory Group (EFRAG) published a joint report recently, «Should Goodwill still not be Amortised? – Accounting and Disclosure for Goodwill». Authors of the report concluded that returning now long forgotten practice of goodwill amortization would be very desirable.