Новости

CB will make banking accounts more transparent

Russian banks will become more transparent for investors as the Central Bank of the Russian Federation advises its oversight departments to apply stricter standards for financial information disclosure while checking financial accounts for 2007 prepared according to IFRS requirements. This basically means that not only banks will be forced to disclose information on composition of their credit portfolios, but to separately indicate risks as well. Experts think that, taking into account general toughening of crediting policies, this new standard will help banks to attract funds on financial markets.

Board Proposes New Auditing Standard: Engagement Quality Review

The Public Company Accounting Oversight Board voted today to propose for public comment a new auditing standard on engagement quality review and a conforming amendment to the Board’s interim quality control requirements. This proposed standard would supersede the Board’s interim quality control standard, SECPS Requirements of Membership § 1000.08(f).

The Financial Accounting Foundation Board of Trustees Approves Changes to Oversight, Structure and Operations of FAF, FASB and GASB

The Board of Trustees of the Financial Accounting Foundation (FAF) today announced that, following a public due process period in which 59 comments were received from accounting and financial organizations and others interested in standard setting, it has voted to approve major changes to the oversight, structure and operations of the FAF and its two standard-setting Boards, the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

Latest NASB meeting: brief results

At its latest meeting held on February 21st, members of the National Accounting Standards Board of Russia (NASB) exchanged their views on project of comment letters to be later sent to the International Accounting Standards Board (IASB) concerning proposed amendments to IFRS 1 “First time Adoption of International Financial Reporting Standards” and IAS 27 “Consolidated and Separate Financial Statements” – “Cost of an investment in a subsidiary, jointly controlled entity or associate”; also – to IFRS 2 “Share based Payment” and IFRIC 11 IFRS 2 “Group and Treasury Share Transactions”. Preliminary exchange of views concerning two other IASB’s projects - IFRIC D23 “Distributions of Non-cash Assets to Owners” and IFRIC D24 “Customer Contributions” – was decided to postpone until next meting.

IASB Reviews Fair Value Measurements

The International Accounting Standards Board said its Fair Value Measurement project team has begun a standard-by-standard review of existing fair value measurements in International Financial Reporting Standards to assess whether each standard’s use of a fair value measurement basis was intended to be an exit price.

FASB Issues Proposed FASB Staff Position FAS 117-a

The Financial Accounting Standards Board (FASB) today issued proposed FASB Staff Position (FSP) FAS 117-a “Endowments of Not-for-Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act, and Enhanced Disclosures”. This FSP seeks feedback from constituents on proposed guidance intended to improve the quality and consistency of financial reporting of endowments held by not-for-profit organizations.

Auditors under even tougher regulation in Russia

It appears that all dreams for liberalization of auditing business (meaning cancellation of licensing requirement) in Russian Federation starting from the 1st of July 2008 won’t come true.  Instead, the government is setting even tougher regulation. As for the amendments to the “About auditing business” legislation which are supposed to replace licensing requirement with more liberal self-regulation – these haven’t been approved by the State Duma for more than three years already.

Deloitte UK study on half-yearly reporting

A Deloitte & Touche (United Kingdom) study has found that many companies are failing to comply fully with new reporting requirements for half-yearly financial reports following the UK’s introduction of the EU’s Transparency Obligations Directive (TOD).

Project “302-П” Successfully Implemented in the FORPOST Banking Information System

On January 1, 2008 New Regulations of Accounting come into force in credit institutions of the Russian Federation – Resolution of the Bank of Russia No. 302-П of March 20, 2007. Actually Russian Accounting System is transiting from cash accounting method to an accumulative one, i.e. it is a transition from Russian Accounting Regulations (РПБУ) to the International Accounting Standards (IAS).

Foreigners will have to report investments in “strategic” mining companies

Foreign investors will have to obtain permission for purchasing 10 (or even 5) percent of shares of those Russian companies engaged into mining on large (sometimes called “strategic”) mineral deposits. Final approval of any transaction will be in prime minister’s competence (after the forthcoming elections this position may be taken by Vladimir Putin). State companies vote for exemption from this rule.