Новости

EU fines 6 more financial organizations for LIBOR and EURIBOR manipulations

Six financial companies were fined for a record amount of 1.71 by the European Union financial regulators, accused of criminal conspiracy to manipulate key interest rates.

IASB adopted limited amendments to IAS 27

This week the International Accounting Standards Board adopted limited amendments to IAS 27 «Consolidated and Separate Financial Statements».

Eurostat launching consultations on EPSAS governance

The European Commission’s Eurostat has launched public consultations related to possible adoption of the “European version” of international public sector accounting standards. The most attention in the new document is going to be paid to issues related to governance of the development process.

CB of Russia reorganizing its financial markets service

The Central Bank’s Financial Markets Service (which was formed out of the Federal Financial Markets Service after the merger officially completed on 1 September) will soon seize to exist. The “megaregulator” is thus dissolving the former financial markets regulator to form 9 divisions instead of it.

GAAP-IFRS.COM Digest: 25-29 November

Small banks in Russia are afraid of each other

After the recent revocation of the Master-bank’s license last week the banking sector of Russia is in “paranoia”: smaller banking entities suffer from lack of liquidity because their customers leave them for safer and larger state banks while so-called “black lists” of banks which are said to be at the edge of liquidation circulate on the market. It appears that most if not all of them are likely to be fake.

PCAOB gets back to its former ideas of how to improve audit transparency

The Public Company Accounting Oversight Board (PCAOB) has bigger plans on how to improve transparency of audits, and for that it wants to oblige engagement partners and other members of the audit process to disclose their names in the report. The Board is also thinking of formally establishing its oversight over brokers and dealers.

GASB solved the problem with transition to Statement No. 68

In June 2012 the Governmental Accounting Standards Board (GASB) issued two new financial reporting standards - Statement No. 67 “Financial Reporting for Pension Plans” and Statement No. 68, Accounting and Financial Reporting for Pensions. It appears that the second one in the process of transition may potentially cause an understatement of a company’s net beginning position and expenses.

Merger of two supreme courts was approved by the Federation Council

Recently the upper chamber of the Russia’s parliament unanimously (with 148 votes and none against) approved merger of the Supreme Arbitration (Commercial) Court and the Supreme Court. The main question now is who will lead the “supercourt”?

European Parliament approves the “women’s quota”

According to the decision approved by the European Parliament last week, all public companies in the EU with at least 250 employees will have to make sure there are at least 40% of women on their non-executive boards of directors by the year 2020.