Новости

New guidance on how to perform audit of housing associations

Last week the Financial Reporting Council (FRC) issued a new guidance for auditors on how to perform audit of housing associations, taking into accounting today’s specifics of their operations in Great Britain.

Costs of microfinance entities’ loans will be calculated by a separate formula

For all loans issued by microfinance entities in Russia, a special formula will be developed to take into account specificity of such loans. This implies further amendments to the law on consumer crediting.

Natural persons will be able to apply for a bankruptcy procedure only if their debt exceeds 300 thousand

The Ministry of Finance of the Russian Federation approved the Federation Council’s suggestions that the minimal value of natural persons’ debt after which they have a right to apply for bankruptcy (as provided by the new law on natural persons’ bankruptcy) should be increased from 50 to 300 thousand roubles.

“Golden parachutes” await further restriction

The law on so-called “golden parachutes” for top-managers of Russian state companies and corporations will be further restricted after the second reading of the bill.

Management and clearing companies in Russia may be granted a delay on IFRS accountancy

Kommersant informed on preparation of amendments to the federal law on consolidated financial accountancy. The amendments are being prepared by the Central Bank which wants to give management and clearing companies a delay on mandatory switch to international financial reporting standards.

IVSC issues two draft standards on valuation of investment property

Following publication of a discussion paper on investment property in December 2012, the International Valuation Standards Council today presented two draft standards - IVS 200 Real Property Interests and IVS 300 Valuations for Financial Reporting.

PCAOB extended comment period for disclosure of the engagement partner

The Public Company Accounting Oversight Board informed on its decision to extent the consultation period on the proposed amendments to the standard to require mandatory disclosure of the engagement partner in the audit report – in will now close on 17 March.

IFAC and ICAS drawing a “roadmap” for the International Accounting Standards Board

The International Federation of Accountants (IFAC) and the Institute of Chartered Accountants of Scotland (ICAS) published a joint paper last week Do We Need a Roadmap for Financial Reporting? This “roadmap” is mainly for the International Accounting Standards Board (IASB) which shapes future of global financial reporting.

SEC now thinking globally

The Securities and Exchange Commission will consider achievability of the global system of accounting standards in general. At least that follows from its strategic plan for 2014-2018 a draft version of which it published recently.

CB of Russia took three large banks under special supervision

Head of the Central Bank of Russia Elvira Nabiulina ordered to move three large banks from supervision of the Central office for the Central federal district directly to the central office of the CB under supervision of Mikhail Kovrigin who supervises systemically important banks. His department will acquire all correspondence related to operations of Raiffeisen Bank, Promsvyazbank, and Gasprombank for 2013 and 2014.