Новости

National Accounting Standards Board of Russia holds its first London discussions on lease accounting

It is the first stage of work on a new international accounting standard for leases, started for the sake of convergence between IFRS and US GAAP. It is expected that IASB will continue to work on this standard and will issue a discussion paper no later that in 2008 . After the comments are received, the new IAS for leases will be ready for use.

Market approach to valuing share-based payment

In the United States, Zions Bancorporation believes, and the SEC concurs, that it has sufficiently designed an instrument to serve as a market-based approach to valuing employee share-based payment awards, including employee stock options.

Marketing expenses at sight of Russian tax authorities

Russian companies engaging into marketing research and consulting activity will soon have to prepare special reporting documents justifying their marketing or consulting expenses that may be checked by tax authorities on demand.

Easing US accounting rules may jeopardize markets: regulator

Policy makers risk hurting the reputation of U.S. markets and damaging their competitiveness if they roll back too many securities laws enacted in response to the wave of financial scandals earlier this decade.

FASB standard establishes fair value option for financial assets and liabilities

The Financial Accounting Standards Board (FASB) today issued a standard that provides companies with an option to report selected financial assets and liabilities at fair value.  The Standard’s objective is to reduce both complexity in accounting for financial instruments and the volatility in earnings caused by measuring related assets and liabilities differently.

Alexei Kudrin informally Okays VAT lowering

Head of the  Russian Ministry of Finance Alexei Kudrin has almost agreed to lower value added tax in Russia from 18% to 15% - the possibility discussed for so long – and until now always rejected by the regulatory authority

IFRS for SMEs are ready for use

The IASB has published an Exposure Draft of an International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). The ED is a simplified, self-contained set of accounting principles for SMEs.

PricewaterhouseCoopers – Russia suited by local internal revenue service

Surprisingly, it does not really matter now if it was actually guilty or not – most Russian experts predict that judges will find it innocent, because of its size and influence.

IIA Releases IT Audit Guidance

In an effort to assist auditors, regulators and top management with a methodology for identifying which IT controls should be tested as part of an annual assessment of internal controls, the Institute of Internal Auditors has released GAIT -- the Guide to the Assessment of IT General Controls Scope Based on Risk.

FSA launches attack on convergence efforts

Financial watchdog questions the benefits of bringing in Transatlantic standards, as companies face spiralling costs.