Новости

G20 mute on convergence efforts in its communiqué

Each of the former G20 summits used to end with a communiqué stating a clear call for further convergence efforts for financial accounting standards.

EFRAG and European national standard setters launching their own PIR of IFRS 3

It looks like today national standard setters of Germany, Italy, France and Great Britain, led by the European Financial Reporting Advisory Group, are launching their own PIR. Recently they invited European companies to share their practical experience of application of the standard alone and with all consequent amendments.

Auditors in Russia will possibly disclose their clients to taxmen

As part of the official course for “deoffshorization” of the Russian economy the country’s Ministry of Finance is ready to get back to its former idea and provide access to audit secrecy to tax services. The difference with the former proposal is that today they want to know not only information which auditors receive in the course of provision of consulting services, but also during their main auditing activity.

FEE expects problems with development of EPSASs

The European Federation of Accountants (Fédération des Experts-comptables Européens, FEE) has presented its official comments in respect of possible adoption of European standards for public sector entities. We remind that not so long ago, in consequence to consultations of the European Commission and the Eurostat it was decided to adopt European equivalents to IPSAS – international standards for public sector entities developed by a separate body within the International Federation of Accountants.

“Holistic” approach to audit quality

Last week the International Auditing and Assurance Standards Board (IAASB) presented a new publication, A Framework for Audit Quality: Key Elements that Create an Environment for Audit Quality. Authors explore the so-called “holistic” approach – a philosophical notion which most basically may be described as follows: “a whole is bigger than its components”.

India switching to global accounting standards in April 2015

Within a month the Ministry Of Corporate Affairs of India is expected to adopt amendments to the Companies Act and formal transition to IFRSs which will be finished in 2015 – informs The Economic Times. This will affect all large companies with net worth above 1000 crore (10 billion rupees).

Bank of Russia has new requirements for non-government pension funds

The Bank of Russia issued new requirements for non-government pension funds which they will have to follow to enter the savings insurance system. If a pension fund is not able to follow, it won’t be able to work with savings of citizens.

Malaysia finished development of accounting standards for private entities

The Malaysian Accounting Standards Board (MASB) has issues a new set of standards - Malaysian Private Entities Reporting Standards (MPERS). Malaysia has always traditionally followed IFRS, which explains why those new requirements are generally based on international “IFRS for SMEs”, although there are certain limited differences.

IASB publishes new series of webcasts for investors

As part of its traditional «Investor Education Initiative» the IASB recently published new webcasts oriented mostly at the investors society. They are all dedicated to recently discussed issues of financial accountancy. With their creation the IASB was assisted by the CFA Institute.

Russia will exchange tax information with China

Russia and China are going to sign a treaty which will potentially increase mutual investments. More importantly, it will allow exchange of tax information and unveil additional source of income to the budget.