Новости

Disciplinary actions against Russian auditors will be taken by a standard methodology

The Federal Service of Financial and Budgetary Oversight (aka “Rosfinnadzor”) informed on its recent meeting from 23 January 2014 during which it discussed various methodologies to apply disciplinary actions against audit organizations upon violations discovered in the course of inspection.

Russian banks oppose restrictions on electronic payments

A new draft law was recently introduced to the State Duma of Russia for consideration which is aimed to oppose financing of terrorism. This is planned through restriction on non-personal electronic payments.

New guidance on concession arrangements from FASB

The Financial Accounting Standards Board (FASB) published amendments to the set of standards on service concession arrangements - Accounting Standards Update No. 2014-05 Service Concession Arrangements (Topic 853).

EFRAG meets ASBJ to discuss recent news from the work of accounting standards

Representatives of the European Financial Reporting Advisory Group (EFRAG) and Accounting Standards Board of Japan (ASBJ) met in Tokyo on 21 and 22 January to discuss topics of mutual interest. The general one is development of high-quality accounting standards.

GAAP-IFRS.COM Digest: 20-24 January

“Golden parachutes” will be restricted by 3-6 average monthly salaries

Compensations to top-managers of Russian state companies in case of their discharge may be restricted by their average salary for 3-6 months.

Associations of financial market participants of Russia are ready to act as founders of the financial ombudsman

Associations of financial market participants of Russia are done waiting for approval of the new law financial ombudsman – the official ombudsman, so to speak, as there is already one in Russia, although there is no law for it yet.

Chinese Big Four denied operations in the USA for half a year

In connection to the ongoing psychological standoff between regulators of the USA and Chinese subsidiaries of the Chinese “Big Four” group (Ernst & Young Hua Ming, KPMG Huazhen, Deloitte Touche Tohmatsu and PwC Zhong Tian) were denied doing business in the USA for half a year.

FRC discussing ways to identify financial fraud

The Financial Reporting Committee of Great Britain published a report this week which is dedicated to identification of financial fraud risks and auditors’ reaction to it. It appears that this subject was very relevant in case of 26 reviewed audits of six largest audit companies

Basel Committee issues a new set of guidance to assist banks with anti-money laundering and financing of terrorism

The Basel Committee on Banking Supervision issued a new set of guidance last week to assist banks with anti-money laundering and terrorist financing practices. Those are aimed to help with assessment of risk, risk management and mitigation, monitoring, recording and reporting that information to regulatory authorities, informs Compliance Week.