Новости

PCC will be judged for efficiency of its work

Three years have passed since creation of the Private Company Council (PCC), so it is time to make first judgments. This will take a form of public consultations results of which will be later considered by the Financial Accounting Standards Board and the Financial Accounting Foundation (FAF). Yesterday FAF published its official Request for Comment.

Duma cancelling embargo on European food

The State Duma of Russia yesterday acquired a new draft law which, if approved, might cancel embargo on European food Russia imposed last year as a countermeasure against sanctions.

FASB amended standards on hedge accounting and derivative instruments

The US Financial Accounting Standards Board yesterday presented a set of amendments to the Topic 815 “Derivatives and Hedging” of Codified accounting standards. This one was on the subject of hybrid financial instruments with bifurcated embedded derivatives.

Russia may terminate all contracts with international CRAs

Russia seems to be seriously offended by the recent decision of Moody’s to downgrade the country’s sovereign rating to a lower “trash” level. No matter if there were objective reasons behind that or not, the Russian side claims that it was mostly politically motivated. Despite the fact that Moody’s (as well as other credit rating agencies) were provided financial data the Russian side sees as objective, the decision was still made.

New liquidity standard for Russian brokers

“Vedomosti” informed today about the Central Bank’s consideration of a new statutory liquidity standard for brokers – liquidity coverage ratio (LCR). The proposal was formally discussed last Friday at the meeting of the risk management committee of the National Association of Securities Market Participants (NAUFOR) and the brokers’ committee. Among the participants was Alexander Arefiev, counselor to the director of the CB’s financial and goods market department.

Little but important addition to the lease project

Yesterday the International Accounting Standards Board published a new document on probably one of the most problematic aspects of its last joint convergence projects on lease accounting it is still working on together with the FASB - namely, the key definition of leases. The international standard setter is trying to clarify what it will look like in the final standard (for which, honestly speaking, we have been waiting too long).

IASB doesn’t respond to critics - opinion

Two British accounting experts, a Professor in Accounting in Bournemouth University Stella Fearnley and a Reader in Accounting in Portsmouth University Tony Hines, recently expressed their deep concern in Financial Times in connection to the “dismissive riposte” by the IASB chairman Hans Hoogervorst in response to the letter from large group of investors where they had urged to return the prudence concept to IFRSs. Head of the international standard setter claims that mark-to-market accounting did not aggravate financial crisis and that the Basel Committee on Banking Supervision made similar conclusions upon its extensive research.

Non-presentation of an auditor’s report will be punished by large fines

A new draft set of amendments to the Russian Code of Administrative Violations was prepared recently. It provides quite significant fines.

Moody’s downgraded Russia’s sovereign rating to “trash”

The recent decision by Moody’s to downgrade Russia’s sovereign rating to a speculative (or “trash”) level Ba1 didn’t come completely unexpected. After all, not long ago this was already done by the same credit rating agency (although that time it wasn't speculative yet). The “trash” level Ba1 was, however, met by certain Russian officials with sort of a bewilderment.

GAAP-IFRS.COM Digest: 16-20 February 2015