Новости

Russia will use Chinese experience

Russian bankers are proposing to use China’s experience for that purpose and are ready to meet with representatives of China UnionPay to discuss details.

Internal audit should focus on managing expectations - PwC

A new study of internal audit was recently conducted by PwC. It appears that whenever there is dissatisfaction within a company about performance of internal audit, it can about expectations as well as about performance.

Funding of IFRS Foundation now legally depends on “Conceptual Framework”

On 3 April the European Parliament and the Council issued Regulation (EU) No 258/2014, formalizing legal aspects of funding of tree organizations (IFRS Foundation, PIOB, and EFRAG) for the period 2014-2020.

Who cares about goodwill? – KPMG asking

The international audit company KPMG held a number of interviews among participants of the capital market – more than 30 people in total, all businessmen, investors, regulators, and academicians. Results of those interviews were used in the report «Who cares about goodwill impairment?» which showed that this important aspect of financial accounting needed further rethinking.

Kudrin warned that abandoning dollars would hit Russian business pretty hard

Any restrictions on cross-national flow of capital will leave ruble without its status of convertible currency – warned former finance minister of Russia Alexei Kudrin.

Banks will have to take care of security of personal data

Russian banks will have to work harder to protect documents comprising personal data of their clients. A corresponding order was recently issued by the Central Bank. If confidentiality is compromised, the banking regulator will initiate inspections and bring responsible banking institutions to responsibility.

Millions of borrowers won’t be able to apply for bankruptcy

The minimal debt threshold for natural persons to be able to apply for bankruptcy is expected to be increased to 300-500 thousand roubles – in 6-10 times as compared to the amount originally indicated in the draft law on natural persons’ bankruptcy. On that insisted representatives of the banking sector of Russia and the Central Bank.

41% of Russians get at the edge of poverty after repaying their loans

41% or Russian citizens who repay their bank loans plus interest find themselves almost at the edge of poverty. This was shown by the research of the National Research University “Higher School of Economics”.

Audit of “other information”

“Other information” which is not included in audited financial statements may be found useful by investors and auditors alike (the latter will just gain more confidence among the former). At the same time, usefulness of management reports will decline. This was the general opinion shared by American experts with the Public Company Accounting Oversight Board (PCAOB) during the recent public discussion last week.

GAAP-IFRS.COM Digest: 31 March - 4 April