Новости

PCAOB Changes Audit Inspection Frequency

The Public Company Accounting Oversight Board has approved amendments that would reduce the frequency of inspections of accounting firms that do not regularly issue audit reports.

Russian business for sale

“More than half of large and medium entities of Russian financial sector are planned to be sold in the nearest three years”, - these are the conclusions of the PwC’s research “Mergers and Acquisitions in Russian financial sector”. According to PricewaterhouseCoopers, world financial crisis not only won’t stop, but will acutally stimulate M&A activity in Russian Federation, and by the end of this year, its volume will exceed 4.8 billion USD.

Final report of Audit Choice Market Participants Group published

The Financial Reporting Council has published today the final report of the Market Participants Group that has advised the FRC on its Choice in the UK Audit Market project. The FRC has also published today an Update on the project, including details of the implementation phase of the project which has now started.

Bank of Russia implicitly confirms crisis

After almost three weeks of silence the Central Bank of the Russian Federation confirmed its transactions with federal loan bonds (FLB) at prices higher than the market ones. To put it another way, the CB compared its actions with the ones it made in June-2004, during the last banking crisis. Some market participants, however, are sure that the CB was pursuing concrete objectives in favor of state banks of Russia.

IASB publishes proposals for minor amendments under the first annual improvements project

The International Accounting Standards Board (IASB) today published for public comment an exposure draft of proposed miscellaneous amendments to 25 International Financial Reporting Standards (IFRSs) under its first annual improvements project.

Mutual insurance societies in Russia await massive reorganizations

Russian State Duma’s banking committee advised to approve a legislation project on mutual insurance societies (MISs) during its second reading. It sets rules for their business activity, until now regulated only by the Civil code of the Russian Federation. It may, however, affect individual insurers as well.

KPMG Tax Shelter Trial Gets Underway

The KPMG tax shelter case got underway with jury selection and a drastically reduced set of defendants.

Companies in Russia will be forced to disclose more information

A new legislation project that may potentially triple the volume of financial information to be disclosed by companies has been transferred to the State Duma of the Russian Federation. In case the project is approved, firms with a limited liability organization status will also be obliged to disclose so-called “substantial facts” during issuing of bonds and registering their offering memorandum. Currently, only public companies are obliged to do that. Authors of this project state that its main intention is to lower the level of insider information abuse.

Financial Restatements Take Their Toll

A study of financial restatements by public companies found variations in the amount of time it takes to issue revised financials after companies first identify a problem.

Commission Staff Publishes Its Observations in the Review of Executive Compensation Disclosure

The Securities and Exchange Commission staff published a report discussing the principal themes that emerged from its initial review of the disclosure of 350 public companies for compliance with the Commission’s new and enhanced rules for executive compensation and related disclosure.