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“Red Book” of IFRS 2015 ready

Today the International Accounting Standards Board informed on readiness of one of its three main IFRS tomes, namely the “Red Book” available in electronic and printed versions on its site. Price remained the same: 70 GBP plus shipment, academic and volume discounts provided.

New editorial corrections to IFRS ready

The International Accounting Standards Board today presented a new set of its editorial corrections to IFRS which complement and replace the previous (December) version. For example, former corrections to IFRS 7 “Financial Instruments: Disclosures” were retracted, so they should no longer be recognized as effective.

Insolvency costs will have to be disclosed in advance

British market participants welcomed the recent initiative of financial regulators to force insolvency managers to perform estimation of insolvency costs for each of their clients in advance. Expenses will have to be assessed upon estimated number of labor hours and time to complete the job (paid for on hourly basis).

PwC is still a leader in FTSE 100 audit clients, but KPMG dominates the market as a whole

PwC is still dominating by having most of the largest FTSE 100 companies among its audit clients (40) which is almost twice more that there are with its closest rival KPMG (24). Since the last time Adviser Rankings presented its ranking, Deloitte managed to acquire some new audit clients, but it is still the third.

IFIAR deeply concerned with persisting deficiencies of public companies audit

The International Forum of Independent Audit Regulators (IFIAR) expressed its “deep concern” in relation to persisting deficiencies of public companies audit. Experts proposed to perform thorough analysis of underlying reasons for that and take measures in response, and they mean this should be done by audit companies.

Islamic banking may come to Russia

Islamic banking may soon appear in Russia. Sharia-compliant banks could have come even earlier, if it wasn’t for certain legal restrictions. However, those may soon be dealt with if what vice-chairman of the State Duma’s financial market committee Dmitry Saveliev says is true.

National Bank of Ukraine raised its key rate to 30%

The National Bank of Ukraine recently increased its key rate to 30% from the previous value 19.5%, changes effective from today. This was informed by the current head of the NBU Valeria Gontareva.

US prolonged sanctions against Russia for another year

US president Obama informed on a decision to prolong sanctions against Russia for one more year. They were put in place on 6 March 2014 by the Executive Order 13660in relation to the national emergency in Ukraine. The order authorized sanctions on individuals and entities responsible for current state of affairs.

Reporting protection of human rights by the UN Guiding Principles

Supported by the United Nations Working Group on Business and Human Rights, a new complete guidance was recently developed for companies wishing to prepare their integrated accountancy (where it relates to protection of human rights) by the United Nation Guiding Principles. Authors of the new guidance hope it will improve quality of information provided and will allow companies to properly identify content to be included in accounts.

Canadian perspectives of IFRS

On 13 April CPA Canada plans to hold a webinar dedicated to the International Accounting Standards Board’s work on development of IFRSs and Canada’s role in that. The one to lead the event will most likely be Linda Mezon, chairperson of the Accounting Standards Board of Canada (AcSB). Among the announced participants are the IASB’s head Hans Hoogervorst and an IASB member Steve Cooper.