Новости

Brokers acquired direct access to the currency exchange market

The Moscow Stock Exchange has given direct access to trading with foreign currency to non-credit institutions which formerly were able to trade only through banks. In relation to that, large brokerage companies are now thinking of more extensive use of subsidiary commercial banks in their business.

BoA will pay for its sins

The Bank of America (BoA) has agreed for pre-court settlement of disputes with the mortgage giant Fannie Mae – it will pay $3.55 billion as compensation for purposeful selling of problematic («toxic») credits. Also, the BoA will repurchase the mortgage portfolio with those credits for 6.75 billion, informs CNN Money.

Banks pessimistic on financial instrument convergence

According to Deloitte's Third Global IFRS Banking Survey, disagreements between the IASB and FASB have knocked banks' confidence in their ability to converge financial instruments accounting standards.

GASB improves reporting for government combinations and disposals of government operations

The Governmental Accounting Standards Board (GASB) today approved a new standard intended to improve accounting and financial reporting for U.S. state and local governments’ combinations and disposals of government operations. Government combinations include mergers, acquisitions, and transfers of operations. A disposal of government operations can occur through a transfer to another government or a sale.

FASB issues proposed clarification to fair value disclosure exemption affecting private companies and nonpublic not-for-profit organizations

The Financial Accounting Standards Board (FASB) today issued for public comment a proposed Accounting Standards Update intended to clarify the scope and applicability of a disclosure exemption that is specific to private companies and nonpublic not-for-profit organizations.

Russia ratifies double taxation treaty with Luxemburg

Last Friday the State Duma of Russia ratified the protocol on changes to the double taxation treaty with Luxemburg. With this document in effect Russian taxmen will be able to request information from their foreign colleagues on Russian-based taxpayers suspected in tax evasion practices.

Russian taxpayers will be able learn on taxmen’s claims in advance

The Federal Tax Service of Russia has developed a new format to work with large taxpayers. The idea is that companies will be able to provide real-time access to their tax and accounting documentation. In return they will be able to hear taxmen’s comments in advance and, if possible, to settle disagreements (explain themselves) before this becomes official.

PCAOB finds problems with audits by Deloitte, Ernst & Young and Grant Thornton

The Public Company Accounting Oversight Board has released its latest inspection reports on Deloitte & Touche, Ernst & Young and Grant Thornton, and identified deficiencies with several of the audits it inspected.

U.S. GAAP Financial Reporting Taxonomy now available

The Financial Accounting Standards Board (FASB) today announced the availability of the 2013 U.S. GAAP Financial Reporting Taxonomy pending final acceptance by the U.S. Securities and Exchange Commission (SEC).

Credit bureaus not ready to share information with the Central Bank for free

Credit bureaus (or “credit history bureaus”) don’t want to share the data on credit histories of banks’ borrowers with the CB just like that. On the other hand, they’ll have to because such obligation is provided by amendments to the federal law “On credit histories” which were prepared by the financial ministry of Russia. The goal is for the Bank of Russia to exercise tighter control over credit risks in banks. However, credit bureaus are going to present their objections to the main developer of the bill – that is, the Ministry of Finance.