The Ministry for Economic Development turned its attention to the control and supervision aspect of Russian officials’ enforcements activity. Their authority powers are almost unlimited: 78 different regulatory bodies together have more than 700 different powers. Their desire to check business structures sometimes goes far beyond any logical reasoning.
American bankers are getting ready for a sharp decline in profits – informs Financial Times. General uncertainty in the current economic conditions and worries related to the state debt level in European countries led to a much lower activity on financial markets in July.
The Financial Services Agency (FSA) of Japan has proposed to extend IFRS reporting in Japan to optionally include consolidated financial statements of non-public subsidiaries of domestic IFRS issuers.
As part of its project on consolidated financial statements, the International Accounting Standards Board (IASB) has announced it will propose, subject to comments received on exposure, that investment companies should be exempted from consolidation and should account for controlling interests in other entities at fair value.
The Public Company Accounting Oversight Board today issued a Release discussing the provision of the Sarbanes-Oxley Act of 2002 that authorizes the PCAOB to impose sanctions on registered public accounting firms and their supervisory personnel for failing to reasonably supervise associated persons.
The government of Russia has agreed to simplify procedures to issue additional shares on its national markets: additional issues of already traded shares will be freed from registration.
On the 9th of July the Republic of Turkmenistan Cabinet of Ministers held a prolonged meeting, during which the country`s president approved the program of reforms of the national systems of financial accounting and audit.
The Auditing Practices Board (APB) of the FRC today issues for comment a Discussion Paper entitled ‘Auditor scepticism: Raising the bar’. This has been developed in close co-operation with the Professional Oversight Board (POB) and its Audit Inspection Unit (AIU), which monitors the conduct of audits of larger entities.
The Public Company Accounting Oversight Board today adopted a suite of eight auditing standards related to the auditor`s assessment of, and response to, risk in an audit.
