Новости

GAAP-IFRS.COM Digest: 19-23 August

Russian experts share their thoughts on chairman of the CB’s financial markets service

In slightly more than a week control over all participants of the financial market in Russia will be passed to the Central Bank. Its new service - the Central Bank’s financial markets service (CBFMS) – will be chaired by the first deputy chairman Sergei Shvetsov.

U.S., U.K. audit regulators to continue cross-border cooperation

Audit regulators in the United States and the U.K. agreed to continue cooperating on cross-border supervision of audit firms, the U.K. Financial Reporting Council (FRC) announced Thursday.

FAF chooses stock option expensing for next review

The Financial Accounting Foundation has decided to take a deep dive into the accounting rules around stock option expensing to see if they accomplished what the Financial Accounting Standards Board intended when it adopted the controversial standard in 2004.

FASB issues Private Company Council proposal on consolidations of variable interest entities

The Financial Accounting Standards Board (FASB) today issued for public comment a proposal outlining an alternative within U.S. Generally Accepted Accounting Principles (GAAP) for applying consolidation guidance to leasing companies under common control. Stakeholders are asked to provide comments on the Exposure Draft by October 14, 2013.

Goldman Sachs bought some options by mistake

As a result of a technical failure this Tuesday the investment bank Goldman Sachs committed a large number of erroneous transactions on options. According to expert estimations, the resulting losses may reach $100 million.

Bloomberg changing for the better

The US information agency Bloomberg recently published results of the largest internal investigation in its history which was commenced in response to the scandal on journalists’ unsanctioned access to client data. Experts discovered a number of security breaches and advized the agency to eliminate them. Bloomberg agreed with all recommendations and is already working on their implementation.

FSB welcomes implementation progress report by the Enhanced Disclosure Task Force

The Financial Stability Board (FSB) welcomes the publication of the progress report by the Enhanced Disclosure Task Force (EDTF) on the level and quality of the implementation of their report “Enhancing the Risk Disclosures of Banks” in major banks' 2012 annual reports.

Russian bankers will be forced to share information on their education and past experience

Very soon customers of Russian banks will be given a useful tool to decide whether bankers they have business with are worth it. Detailed information on education background and former work experience on governing positions in banks will be required for disclosure at official organization’s website. The corresponding draft law has been recently sent to the government for consideration.

Dmitry Pankin won’t stay in the Central Bank

Former (and still acting) chairman of the Federal Financial Markets Service (FFMS) Dmitry Pankin made a decision not to take on chairmanship of the Central Bank’s financial market service.