Vladimir Vorushkin
Vladimir Vorushkin
Introduction
In their case for Russia’s move to International AccountingStandards (IAS), many foreign experts often claim that, unlike Russian accountingstandards (RAS), IASs reflect economic reality. However, some Russian accountants might say that it is not apparent a priori which accounting system (i.e. RAS or IAS) better ...
... Interpretations Committee (SIC) in January 2002 published six new Interpretations to clarify accounting issues under International AccountingStandards.
The new Interpretations are:
SIC-27: Evaluating the Substance of Transactions in the Legal Form of a Lease
SIC-28: Business Combinations – «Date of Exchange» and Fair Value of Equity Instruments
SIC-29: Disclosure – Service Concession Arrangements
SIC-30: Reporting Currency – Translation from Measurement ...
David Damant
David Damant
Tacis contractor KPMG has recently published two draft accountingstandards on EQUITY and on CASH FLOWS.
These Drafts are a commendable step towards a market oriented financial reporting system in Russia, and the proposals can be seen in the context of a process leading to the introduction of full International AccountingStandards ...
The amendment requires a rights issue involving the exchange of a fixed number of an entity’s own equity instruments for a fixed amount of cash denominated in a foreign currency to be classified as an equity instrument.
The AccountingStandards Board (ASB) has today issued an amendment to
FRS 25 (IAS 32) Financial Instruments: Presentation «Classification of Rights Issues»
. The amendment requires a rights issue involving the exchange of a fixed number of an entity’s own equity ...
The London-based International AccountingStandards Board has been developing International Financial Reporting Standards. So IFRS are not laws issued by the government of one or more countries. Instead, these are a set of standards whose objective is to...
The London-based International Accounting ...
The IFAC Public Sector Committee (PSC)’s current activities are focused on the development of International Public Sector AccountingStandards (IPSASs) for financial reporting by governments and other public sector entities.
The IFAC Public Sector Committee (PSC)’s current activities are focused on the development of International Public Sector AccountingStandards (IPSASs) for ...
... of the most important issues a user of IAS financial statements is concerned about when determining whether or not to invest in a particular enterprise whether or not all relevant financial activity is included. This Module covers IASs that deal with accounting for and disclosures about different levels of inter-company
relationships.
IAS 24, Related Party Disclosure, requires that a company's transactions with Related Parties must be disclosed in the financial statements. This IAS defines a Related ...
Larissa Gorbatova
Larissa Gorbatova
In June 2001, the International AccountingStandards Board (IASB) set up the Standards Advisory Council (SAC). The SAC is a new body that was set up under the Constitution of the International AccountingStandards Committee (IASC) approved in May 2000. The mission of the SAC is to ensure the maximum ...
... financial statement and should be presented for each period for which financial statements are presented. In addition to the cash flow statement, a complete set of financial statements includes the balance sheet, income statement, a statement of changes in equity as well as accounting policies and explanatory notes to the financial statements. The component parts of the financial statements interrelate and complement one another because they reflect different aspects of the same transactions and serve a single objective,...
Andrey Ivanov
Andrey Ivanov
Accounting: the new face of corporate governance risk
Investors have traditionally viewed the Russian equity market in terms of three major risk categories: political, economic and corporate governance. Recent stabilization in domestic economics and decreasing political uncertainty should increasingly turn investors’ attention to corporate governance ...