Новости

Management companies will be made liable for improper investment of pension funds

Upon finishing inspections of management companies the Accounts Chamber of Russia has proposed the Ministry of Finance to adopt a new methodology for calculation of losses incurred on investments of citizens’ pension savings.

IASB publishes further editorial corrections

The International Accounting Standards Board (IASB) has published the second scheduled batch of editorial corrections for 2013. The corrections impact various individual pronouncements (including a number of exposure drafts) and the IASB's various compilation publications.

IOSCO and IFRS Foundation agree joint protocols to enhance consistency in the implementation of IFRS globally

The International Organization of Securities Commissions (IOSCO) and the IFRS Foundation today announced that they have agreed on a set of protocols under which the two organizations will deepen their cooperation in support of their shared commitment to the highest standards of financial reporting globally.

Russian banks deny financing of Bashar Assad

American senators recently blamed several large Russian banks in financing of Syrian president’s military operations. Last Friday a group of senators – including Richard Blumental (D-CT) – sent a letter to the US Treasury Secretary, asking to apply sanctions to certain Russian banks for helping Assad’s regime.

Unsecured transactions in Russia will be watched over by market participants

A new order of the Central Bank’s financial markets service (CBFMS – former FFMS) is coming into force on 26 September. The law with new requirements for brokers will increase liquidity on the market, but will also increase pressure on them and clearing centers because of additional obligations in respect of regulation of the market for unsecured transactions.

PwC suspected in conflict of interests

British office of the audit company PricewaterhouseCoopers is under investigation in relation to possible breaking of the independence principle. The Financial Reporting Council announced the corresponding inquiry for the Berkeley Group case because PwC’s former partner had become the company’s board member.

ACCA to review corporate culture

ACCA is backing a new initiative designed to review the practical steps firms can take to enhance their culture and improve their governance, management of risk and, ultimately, their performance.

FASAC issues results of 2013 FASB stakeholder survey

Disclosure framework, Codification improvement projects cited as priorities
The Financial Accounting Standards Advisory Council (FASAC), the primary advisory group for the Financial Accounting Standards Board (FASB), today issued the results of its recent survey to solicit stakeholder views about the FASB’s future agenda.

JP Morgan Chase will possibly pay 750 million for mistakes of its traders

One of the leading American banks JP Morgan Chase may soon pay American regulators 750 million dollars as fines and compensations for insufficient control over work of its traders in London, the result of which were 2-billion losses.

Central Bank of Russia further restricts cash expenditures

The Central Bank (which, we remind, is already the main financial regulator in Russia) defined possible reasons for which companies are allowed to spend their cash. There aren’t too many of them.