Новости

APB publishes Revised Ethical Standards for Auditors

The Auditing Practices Board (APB) has today published Revised Ethical Standards for Auditors (ESs), which become effective for audits of financial statements for periods commencing on or after 6 April 2008.

Russian auditors stick to their licenses

The State Duma’s property committee prepared amendments to the “About licensing of particular types of businesses” legislation, thus most likely prolonging licenses for audit companies and building societies in the Russian Federation until the 1st of January 2009. These will be approved if no self-regulatory procedures to replace licensing are introduced until the 1st of July 2008.

FFMS to protect investors

The Federal Financial Markets Service (FFMS) is working on the project called “About financial compensation of (Russia’s) citizens on financial markets” to create several guarantee funds – depending on a type of activity carried by financial market participants. This law, if approved, will spread on investment funds, management companies, special depository institutions and their clients. These funds will be formed out of financial market participants’ money, fees and even the State’s budget.

PCAOB Addresses Emerging Audit Issues In 2008 Forums on Auditing in the Small Business Environment

The Public Company Accounting Oversight Board announced the 2008 series of its Forums on Auditing in the Small Business Environment. These forums are designed to help share important information with registered public accounting firms and public companies operating in the small business community.

GASB Issues an Exposure Draft seeking input on proposed changes to Concepts Statement No. 2

The Governmental Accounting Standards Board (GASB) issued an Exposure Draft (ED) of proposed changes to Concepts Statement No. 2 “Service Efforts and Accomplishments Reporting”. The purpose of this ED is to update Concepts Statement 2 to reflect the knowledge gathered by the GASB through research and monitoring conducted during the 14 years since the Concepts Statement was issued. The proposed amendments also would clarify the role of the GASB in service efforts and accomplishments (SEA) reporting. Constituents are encouraged to review and provide written comments on the ED by July 3, 2008.

CB and FFMS agreed on simplified IPOs for Russian banks

Banks in Russia will soon obtain easy entry to the open market. The requirement to register reports on securities emission results in the Central Bank of the Russian Federation may be cancelled during this spring’s session of the State Duma. The first and the most important step is done: the CB and the Federal Financial Markets Service (FFMS) agreed on mechanisms to control banks under more liberal requirements. Experts say that this is going to attract new investors investing into banks’ securities – but only after the whole situation on the market comes back to normal.

EU advisers back fair value change

Europe should alter controversial fair value accounting rules to stop market turmoil hurting the real economy, three advisers to the European Commission warned.

SEC Content Released onto the FASB Accounting Standards Codification(TM) for the Verification Phase

The Financial Accounting Standards Board (FASB) has released selected portions of Securities and Exchange Commission (SEC) and SEC staff content onto the FASB Accounting Standards Codification(TM) (Codification) for reference by public companies. The Codification does not change the SEC content; instead it includes the content reorganized into roughly 90 accounting topics to more closely align with the non-SEC content.

APB issues Revised Standard on Using the Work of Another Auditor

The APB issued a revision of ISA (UK and Ireland) 600 “Using the Work of Another Auditor”, effective for audits of financial statements for periods commencing on or after 6 April 2008.

FFMS wants some of its functions carried out by the Central Bank

In the field of regulation of Russia’s financial markets, radical changes may happen soon. The Federal Financial Markets Service (FFMS) is ready to entrust its functions of collecting, processing and analyzing of financial information to the Central Bank of the Russian Federation. In its turn, FFMS may carry out some of the CB’s banking regulatory functions. This was announced this Wednesday by the FFMS’s chief Vladimir Milovidov.