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IASB proposes improvements to the accounting for joint arrangements

The International Accounting Standards Board (IASB) has today published for public comment a proposal to improve the accounting for joint arrangements. ED 9 “Joint Arrangements” proposes a replacement to the existing standard IAS 31 “Interests in Joint Ventures”, and represents the first major revision to the standard since it was first issued in 1990.

Russian retail to be put under tougher control

At Russian government’s meeting minister of agriculture Alexander Gordeev again came up with a proposition to extend control over retail trade industry in Russia. As a result, the Federal Antimonopoly Service of the Russian Federation (FAS) is now expected to develop a new legislation norm, according to which retail enterprises will be treated as “collective dominant” if they control even 20% of local markets instead of 35%, stipulated in the current competition legislation. Igor Artemiev, head of the FAS, approved this proposal, although he said that it would hardly affect too many, but he thinks that it might be useful in future.

SEC OKs Rule on Deferred Variable Annuities

The Securities and Exchange Commission has approved a rule from the Financial Industry Regulatory Authority that would crack down on abusive sales of deferred variable annuities, particularly to senior citizens.

EU Parliament committee discusses endorsement of IFRS 8

In a presentation to the Committee on Economic and Monetary Affairs of the European Parliament, Charlie McCreevy, the European Commissioner for Internal Market and Services, discussed the endorsement of IFRS 8 Operating Segments for use in the European Union. He presented the Commission’s analysis of IFRS 8 and expressed the hope that the Parliament will agree with the Commission that endorsement of IFRS 8 should go ahead. An excerpt from Mr. McCreevy’s remarks is below.

SMEs call for breather on accounting

In the lead-up to a crunch decision by Australia’s accounting standard setters on introducing a new layer of accounting rules for small to medium businesses, Australia’s accountants are pushing for some breathing space.

Russian government promises benefits for non-commercial organizations

In May, the Ministry of Finance of the Russian Federation and the Ministry for Economic Development and Trade of the Russian Federation (MEDT) announced their plans to add more tax incentives for non-commercial organizations (NCOs) in Russia. Today, the jointly prepared legislation project is finished – proposed tax incentives spread on organizations working in social sphere and charitable (non-for-profit) ones.

FASB rethinks the objective of financial reporting

At its meeting on 29 August 2007, the US Financial Accounting Standards Board redeliberated issues related to the objective of financial reporting – the basic building block of the conceptual framework that FASB and IASB are jointly developing.

CB’s supervisors for every bank

At its meeting which took place in August 31st, board of directors of the Central Bank of the Russian Federation approved regulation on banking supervisors. Last Friday it was officially announced by the director of banking regulation and supervision department Alexei Simanovsky. From the very beginning of 2008, there will be CB’s supervisors for every commercial bank of Russia; they will be appointed by chiefs of the CB’s regional offices.

The IASB proposes additional guidance on hedge accounting

The International Accounting Standards Board (IASB) today published for public comment an exposure draft of proposed amendments to IAS 39 “Financial Instruments: Recognition and Measurement”. The amendments are intended to clarify what can be designated as a hedged item in a hedge accounting relationship.

IASB issues revised standard on the presentation of financial statements

The International Accounting Standards Board (IASB) has today issued a revised version of IAS 1 Presentation of Financial Statements. The revision is aimed at improving users’ ability to analyze and compare the information given in financial statements.