Новости

CEBS study on adjustments to IFRSs for regulatory reports

The Committee of European Banking Supervisors (CEBS) has published an analysis of adjustments European banks in 28 countries have made to reported IFRS measurements for the purpose of computing bank regulatory capital. CEBS calls these adjustments “prudential filters”. CEBS adopted the “prudential filters” 2004. CEBS will present and discuss the report and its conclusions at a public hearing scheduled for 16 October 2007.

Education and IT Knowledge Requirements

To promote high quality education and training of current and future members of the accountancy profession, the International Accounting Education Standards Board (IAESB), an independent standard-setting board within the International Federation of Accountants (IFAC), has released two new International Education Practice Statements (IEPSs).

International Auditing and Assurance Standards Board Issues New Requirements for the Audit of Group Financial Statements

International Standard on Auditing (ISA) 600 (Revised and Redrafted), Special Considerations - The Audit of Group Financial Statement (Including the Work of Component Auditors), assists the group engagement partner in taking responsibility for the direction, supervision and performance of the group audit and the issue of an auditor’s report that is appropriate in the circumstances.

Accounting issues arising from illiquid market conditions

The Center for Audit Quality (CAQ) issued three white papers addressing key accounting issues arising from the current illiquid market conditions from the perspective of existing United States GAAP. While the papers are written in a US GAAP context, the issues are likely to be of interest in an IFRS context as well. The CAQ was created by the American Institute of CPAs “to foster confidence in the audit process and to aid investors and the capital markets by advancing constructive suggestions for change rooted in the profession’s core values of integrity, objectivity, honesty and trust”.

PricewaterhouseCoopers Audit is again about to loose its license

Moscow’s arbitration court presented full text of its juridical opinion concerning the company’s tax disputes. All tax authorities’ accusations were taken into account, including the one for possible violation of licensing. As a result, the court’s conclusions were no softer than in March-2007, when it concluded that Yukos’s audits checks by PwC were illegal.

IAASB invites comments on strategy for 2009-2011

The International Auditing and Assurance Standards Board (IAASB) is seeking comments on its proposed future technical strategy. The strategy, when finalized, will form the basis for the IAASB’s work program for 2009 to 2011.

Cash registers pose big problems for SMEs in Russia

Already tenth in a row project concerning use of cash registers by entrepreneurs for calculation of unified tax on imputed income has been transferred to the State Duma of the Russian Federation. In fact, these are the amendments to the law on cash registers, the ones among most discussed issues without any conclusion reached up to the moment.

ASBJ and IASB make continued progress towards goal of convergence in accounting standards by 2011

The Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) have held their first two-day meeting since the announcement of an initiative to accelerate convergence between Japanese generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs), known as “The Tokyo Agreement”.

Rosfinnadzor abuses foreign currency regulation

There arose serious misunderstandings between the Federal Service of Finance and Budget Oversight (“Rosfinnadzor”) and the Central Bank of the Russian Federation concerning accounting for operations with foreign currency, which force companies to apply to court. In theory, it is the CB who sets rules for that type of accountancy, however, “Rosfinnadzor” checks a broader range of accounting documents and fines for any violations found. Moscow’s arbitration court has already considered about 300 of different cases, and their number is still counting.

Private equity-backed businesses steam ahead

Businesses backed by private equity are steaming ahead of their public company counterparts, research by Ernst & Young has found.