Новости

Stephen Haddrill welcomed the European audit reform

The CEO of the Financial Reporting Council Stephen Haddrill welcomed the way the audit reform is going to take place in Europe. He shared his thoughts on that after the recent approval of the “10+10” regime which will require mandatory tendering after 10 years of working with the same auditor, after which that audit company may be re-elected for another 10 year. After 20 years of work, however, the external auditor will have to be changed anyway.

Interim financial accountancy will possibly have to be presented to tax inspectors each accounting period

It is said that the Tax Code will possibly acquire a clause to oblige companies to present interim financial accountancy to tax inspectors within 30 days after the balance sheet date of each interim accounting period.

Head of Sberbank welcomes today’s license revocation policy of the Central Bank

During the last several weeks that followed the scandalous liquidation of top-100’s Master-Bank the Central Bank of Russia has been very cruel to other, although not so large banks which nevertheless can’t be seen as behavioral examples for the Russia’s banking sector. This week, for example, two more banks lost their licenses, following the previous three which were swept by the megaregulator on the “black” Friday, 13.

CB of Russia has the “white list” of safe institutions

There are some in Russia which raise no suspicions at all, and that list coincides with the list of credit institutions which were chosen to participate in the system of government purchases

Russia approved a law to prohibit keeping accounting records of fictitious events

A new federal law which was signed by Russia’s president on 21 December adopts restriction on accounting documents which are formed upon fictitious events not really happening in reality.

KPMG to consult Vatican on international standards

Dutch practice of the international audit network KPMG was recently invited to Vatican to provide professional consultations on adequacy of internal accounting procedures. The order was given after numerous scandals related to accusation in corruption.

Business reputation renamed to “goodwill” in financial accountancy of banking entities

With its order the Central Bank amended the order for formation of consolidated financial accountancy of a banking group in Russia.

Treasury of New Zealand finds IFAC’s guidance very useful

The New Zealand Treasury is the main economic and financial advisor to its government. The Treasury also has to pay close attention to different aspect of government departments’ operations. In building its forecasts and estimations the body has to rely heavily on information which is provided to it by government departments.

Deposit Insurance Agency in Russia will be able to perform financial rehabilitation

The Deposit Insurance Agency in Russia will acquire a right to work on improvement of financial position of banks which already lost their licenses. The “sanation” functions may possibly be given to the DIA in accordance with a new draft law which has recently been prepared by the Ministry of Finance

FASB and PCC presented Framework for private companies and amended the Master Glossary

The Financial Accounting Standards Board (FASB) and Private Company Council (PCC) have jointly issued the Private Company Decision-Making Framework: A Guide for Evaluating Financial Accounting and Reporting for Private Companies. Also, the FASB amended its Master Glossary, issuing a new definition for a public business organization - Definition of a Public Business Entity: An Addition to the Master Glossary.