Новости

Switzerland still holds onto its bank secrecy

This Wednesday the lower chamber of the Swiss parliament rejected the bill in the second hearing which would otherwise allow Swiss banks to share information on their foreign clients with other countries’ regulators. According to parliamentarians, solving such issues should be left to the government.

FRC prohibits the use of internal audit staff on the external audit team

The FRC today introduces a measure that creates a clearer division of responsibility between internal and external audit teams to safeguard against conflicts of interest. By prohibiting auditors from using internal audit staff as “direct assistance” members of the audit team, the FRC is seeking further to ensure the independence of the external auditor and promote greater confidence in the integrity of the audit for investors.

IASB publishes revised proposals for the accounting for Insurance Contracts

The International Accounting Standards Board (IASB) today published for public comment a revised Exposure Draft of proposals for the accounting for Insurance Contracts. The Exposure Draft builds upon proposals published in 2010, and reflects feedback received during the extensive public consultation period that followed the publication of those proposals.

CB’s still acting chairman had to assure market participants that there won’t be rouble devaluation

The Central Bank’s stepping down chairman Sergei Ignatiev had to softer worst expectations of market participants concerning possible devaluation of Russia’s national currency. All those worries came together with the Minfin’s plans to purchase currency on the market for the purpose of refilling sovereign funds.

Investors call for IFRS review as legal opinion finds it “substantially flawed”

An investor group comprising the Local Authority Pension Fund Forum (LAPFF), the Universities Superannuation Scheme (USS), Threadneedle Asset Management and the UK Shareholders Association sought legal opinion from Lincoln's Inn counsel George Bompas QC on the standards used for accounting by banks and other companies.

CB of Russia fixing “anomalous” demand for foreign currency - especially dollars

Russians are reacting on the current market conditions, and the gloomiest forecasts even predict devaluation of the Russian national currency. Whether this will be or not remains an arguable question, but there are certain signs like the CB fixing “anomalous” (as it describes it) demand for foreign currency, especially dollars.

Global business will have to live with the new transparency standards – G8

The G8 summit in Lough Erne ended with political proclamation of principles of financial transparency and paying taxes “at the source”, with future perspectives of complete extinction of low-tax jurisdictions and unaccounted revenues.

Cyprus government promises compensation for frozen deposits of Russian citizens

The government of Cyprus is discussing possible compensation for Russian bank clients whose deposits were cut as a result of the financial reform. It is possible that they will be given tax deductions, federal bonds on gas and oil mining deposits, and even possible citizenship. On that informed the president Nicos Anastasiades in his interview to RBC-TV.

Consultation on public sector governance released by IFAC, CIPFA

The International Federation of Accountants (IFAC), the global organization for the accountancy profession with 172 members and associates in 129 countries, and the Chartered Institute of Public Finance and Accountancy (CIPFA) today issued for public comment a Consultation Draft for an International Framework on governance in the public sector.

Banks will be officially allowed to work with “social” accounts

The Central Bank of the Russian Federation wants to ease banks’ work with indebted citizens by officially allowing them to work with “social” accounts (special accounts used to receive salaries, bonuses, social benefits, alimony, etc.). It is not that they aren’t working with such accounts today, but the banking regulator just wants to put those accounts to a separate category.