Новости

International Congress of National Accounting Standard Setters in London: brief results

On 24th and 25th of September, the 4th International Congress of National Accounting Standard Setters took place in London; it was organized by the International Accounting Standards Board (IASB). Leonid Shneidman, Director of the Russia’s Finance Ministry’s Financial Control, Audit and Book Accounting Regulation Department, participated along with representatives of government and non-government regulatory authorities of other countries, as well as several international-level organizations.

Meeting of the International Forum of Independent Audit Regulators

On 24 and 25 September 2007, independent audit regulators from 21 countries participated in the second meeting of the International Forum of Independent Audit Regulators (“IFIAR”).  Details of the membership of IFIAR can be found on the IFIAR website-www.ifiar.org. The host for the meeting was the Canadian Public Accountability Board and the meeting was chaired by Jeffrey Lucy, Commissioner, Australian Securities and Investments Commission.

Criminal liability for auditors as well

In addition to its latest proposition of criminal liability for fraudulent managers’ behavior of banks going bankrupt Russian state corporation – Deposit Insurance Agency (DIA) – came up with the same idea for auditors checking these accounts. Market participant think that this might decrease the extension of “shadow audit” market and increase fees for legal auditing services.

SEC chairman Cox announces landmark progress

The promise of investor-friendly financial reporting moved closer to reality today as Securities and Exchange Commission Chairman Christopher Cox announced the completion of all work on developing data tags for the entire system of U.S. generally accepted accounting principles. The announcement came at a New York press conference attended by Chairman Cox, whose agency has strongly supported the use of data tags in financial reporting by U.S. public companies.

Russian FTS far from “special approach” for largest individual taxpayers

Despite all talks going around the plan of the Federal Taxpayers Service (FTS) to create special inspection units for largest individual (opposite to legal entities) taxpayers, FTS is still far from its practical realization, however, indeed it discussed this possibility. Information leakages led to speculations on this subject.

APB issues smaller entity audit guidance

Practice Note 26, Smaller Entity Audit Documentation, offers guidance on how the special considerations of a smaller entity audit impact the working papers that an auditor needs to prepare.

Bank-managed mutual funds are in big trouble

It was in 2006 when Oleg Vyugin, of that time chief of the Federal Financial Markets Service (FFMS), expressed his disappointment with the way bank-managed mutual funds (BMMF) were working. It was because their business was regulated by a single Central Bank’s instruction, much softer then all regulations of mutual investment funds (MIF) under control of FFMS. He then proposed to eliminate the “difference” in regulation and now, long after he left his chief position in FFMS, it becomes obvious that the organization made even more than he’d expected.

IFRS delays AIM interim results

The implementation of International Financial Reporting Standards for the first time this year by AIM companies is resulting in delays to interim results, according to research by KPMG.

Russian banking and investment: brief overview from Sochi

Last Friday during Vladimir Putin’s meeting with Russian entrepreneurs (as part of the investment forum in Sochi), minister of finance Alexei Kudrin announced that the Central Bank and the government had conducted weekly monitoring of financial markets. Among most major problems was named the one of liquidity, so that the economy in its current state is experiencing lack of liquid ruble funds.

UK ASB finds EC comments on SME ED “disappointing”

Ian Mackintosh, Chairman of the United Kingdom Accounting Standards Board, has written to European Internal Markets and Services Commissioner Charlie McCreevy expressing disappointment at the negative stance toward the proposed IFRS for SMEs that Commissioner McCreevy expressed in his remarks at a public event in Portugal on 13 September 2007.