Новости

In Russia, insurance supervision may be merged with the banking one

First vice-prime minister Igor Shuvalov ordered the Ministry of Finance and other government institutions to work through the idea of creation of a “megaregulator” at the base of the Central Bank and the Federal Financial Markets Service (FFMS). Proposals are to be presented before 11 September.

Basel III to be adopted in Russia

Starting from October 2013 the Central Bank of Russia will start to demand capital calculation in accordance with Basel III requirements (which, among other things, are stricter in respect to accounting for subordinated credits). The Bank of Russia thinks that banks engaged in speculative transactions with financial securities will have to increase their capital.

Financial ombudsman proposed for Russian insurers

Financial ombudsman may be seen as a mechanism to settle disputes between businesses out of court. In Russia, it has been functioning for two years already. About 8 thousand different complaints have been received during this period, half of them settled.

Gazprom suspected in violation of European anti-monopoly legislation, investigation commenced

The European Commission has commenced a formal investigation of possible violation of European anti-monopoly laws by Gazprom. Among other things, the state corporation is suspected in overpricing and blocking rivals’ access to the market.

Accountants draft standards to audit Libor submissions

An international accounting body is drawing up guidelines on conducting external audits of banks' interest rate estimates, to restore confidence in the Libor benchmark after the revelation that bankers rigged figures.

FMA releases final guidance on non-GAAP financial information

The Financial Markets Authority (FMA) has today released its final guidance note on the disclosure of non-GAAP financial information.

Rates on credits will be restricted

Deputy chairman of the State Duma’s financial market committee and head of the Association of Regional Banks of Russia Anatoly Aksakov proposed a new draft law which will impose upper limits on full costs of credits given to private individuals.

Moody's “negative” on the European credit rating

The international rating agency Moody’s now has negative outlook for the EU’s credit rating. In other words, this means that the “AAA” rating may soon be downgraded.

UK FRC questions draft IFRIC Interpretation on levies

The UK Financial Reporting Council (FRC) has responded to the International Accounting Standards Board (IASB) regarding the draft IFRIC Interpretation “Levies Charged by Public Authorities on Entities that Operate in a Specific Market”. The FRC does not believe that the draft interpretation always leads to decision useful information for users.

The Accounting Standards Council allows more time for the implementation of FRS 110, FRS 111, FRS 112, FRS 27 and FRS 28

The Accounting Standards Council (ASC) announced today that it will allow stakeholders more time to implement FRS 110 “Consolidated Financial Statements”, FRS 111 “Joint Arrangements”, FRS 112 “Disclosure of Interests in Other Entities”, FRS 27 “Separate Financial Statements” and FRS 28 “Investments in Associates and Joint Ventures” (collectively the Relevant Standards). The mandatory effective date of the Relevant Standards is deferred for a year from annual periods beginning on or after 1 January 2013 to annual periods beginning on or after 1 January 2014.