Новости

Europe restricts bankers’ bonuses

The European Parliament has approved a numbers of laws aimed to improve the European banking sector. One of the documents significantly restricts bankers’ bonuses.

Commission moves to enhance business transparency on social and environmental matters

The European Commission has today proposed an amendment to existing accounting legislation in order to improve the transparency of certain large companies on social and environmental matters. Companies concerned will need to disclose information on policies, risks and results as regards environmental matters, social and employee-related aspects, respect for human rights, anti-corruption and bribery issues, and diversity on the boards of directors.

EFRAG's Draft Comment Letter on the IASB’s ED/2013/3 Financial Instruments: Expected Credit Losses

EFRAG has issued its draft comment letter to the IASB on its Exposure Draft Financial Instruments: Expected Credit Losses, seeking feedback from its constituents. The letter can be downloaded here. Comments are invited on the letter by 17 June 2013.

Bank secrecy outdated

The notion of bank secrecy is seen as outdated in the Eurozone. Effective fighting with tax evasion and money laundering should be done through creation of a single system of information exchange – that is, disclosure of information on deposit holders.

Banks in Russia are now able to change securities in pledge

This Monday Russia’s money market acquired a new financial instrument. The Bank of Russia started to provide loans secured on financial securities (direct REPO transactions), but those loans are secured on a basket of different securities, not just one security. Banks are allowed to change pledged securities from that basket.

IIRC publishes “Consultation Draft” on integrated reporting

The International Integrated Reporting Council (IIRC) has released the Consultation Draft of its proposed International Integrated Reporting (<IR>) Framework. The draft Framework seeks to create the foundations for a new reporting model to enable organizations to provide concise communications of how they create value over time.

FASB exposes private company decision-making framework for public comment

The Financial Accounting Standards Board (FASB), along with the Private Company Council (PCC), today issued an Invitation to Comment: Private Company Decision-Making Framework: A Guide for Evaluating Financial Accounting and Reporting for Private Companies seeking stakeholder input on the proposed private company decision-making framework. The framework is intended to serve as a guide for the FASB and the PCC in determining whether and in what circumstances to provide alternative recognition, measurement, disclosure, display, effective date, or transition guidance for private companies reporting under U.S. generally accepted accounting principles (GAAP).

A financial center doesn’t need democracy

Good news for Russia: a well-developed financial market may be built even in a corrupted economy with weak institutions. The bad news is that such market will serve only corrupted public servants and entrepreneurs from their close surroundings.

Russian hi-tech companies get access to the Moscow Stock Exchange

Russian innovative companies gained access to the Moscow Stock Exchange: they are now able to place their bonds there. Until now such companies were only able to place shares of mutual investment funds.

Russian auditors won’t have secrets from taxmen

The Ministry of Finance of the Russian Federation has prepared a bill to cancel auditing secrecy: when it is approved, tax services will be able to request information on clients of audit companies.