Новости

Russian NASB discussed AS 103 “Business Combinations” and AS 7 “Leases”

At the National Accounting Standards Board of Russia latest meeting of November 8th, there were discussed projects of accounting standards AS 103 “Business Combinations” and AS 7 “Leases”. Meeting’s participants also briefly exchanged their views on ED 9 “Joined Arrangements”, offered for public discussion and commenting by the International Accounting standards Board (IASB).

SEC votes to adopt three rules to improve regulation of smaller businesses

On November 15, the Securities and Exchange Commission voted to adopt three measures to modernize and improve its capital-raising, reporting and disclosure requirements for smaller companies. These measures address some of the key recommendations made by the SEC’s Advisory Committee on Smaller Public Companies in its final report.

IFAC’s International Auditing and Assurance Standards Board Seeks New Chairperson

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), is seeking candidates for the position of IAASB Chair for a three-year term commencing January 1, 2009. The chair is appointed by the IFAC Board with the approval of the Public Interest Oversight Board (PIOB).

SEC Takes Action to Improve Consistency of Disclosure to U.S. Investors in Foreign Companies

The Securities and Exchange Commission yesterday voted unanimously to help American investors better analyze and get more readily comparable financial information from the U.S.-registered foreign companies in which they invest. The Commission’s action responds to the record number of U.S. investors who own the securities of foreign companies, and the growing need for high-quality accounting standards that transcend borders.

FFMS toughens control over registrars in Russia

The Federal Financial Markets Service (FFMS) plans to introduce new rules for registrar market participants. Its chief Vladimir Milovidov hopes this will bring into light all unfair players. Officials plan to limit the degree of registrars’ participation in corporate conflicts and change of property’s ownership.

U.S. FASB may eliminate certain off-the-books entities

U.S. accounting rule makers are considering eliminating a popular off-balance sheet structure that banks use to securitize financial assets, a Financial Accounting Standards Board staff member said on Monday.

Foreign banks in Russia may be checked for consumer credits

Arkady Dvorkovich, Head of the Expert Administration and President’s Economic Advisor, demanded that the Federal Antimonopoly Service (FAS) and the General Prosecutors Office (GPO) impose the same requirements for subsidiaries of foreign banks engaged into consumer crediting, as they do in respect to Russian credit organizations.

EU Parliament will vote on endorsement of IFRS 8 and “equivalence”

The European Parliament will vote on Wednesday 14 November 2007 on a Draft Resolution that would endorse IFRS 8 Operating Segments for use in Europe. While endorsing IFRS 8, the draft resolution expresses a number of concerns, reservations, and regrets. It will also vote on a Draft Resolution that would amend the European Accounting Regulation to allow a non-European company listed on a European regulated securities market to continue to use its national GAAP (“third country” GAAP) through 2011, rather than IFRSs.

NOFA Foundation team participated in UNCTAD conference

The National Organization for Financial Accounting and Reporting Standards (NOFA) participated in 24th Session of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR), organized in Geneva by the United Nations Conference on Trade and Development (UNCTAD) on October 30th – November 1st.

Proposal to delay tax interpretation for nonpublic entities

The US Financial Accounting Standards Board has proposed a one-year delay of the effective date of Interpretation 48, on accounting for uncertainty in income taxes, for nonpublic entities that have not already applied the Interpretation’s provisions.