Новости

AICPA releases draft of proposed not-for-profit guide

A working draft of a proposed Audit and Accounting Guide, Not-for-Profit Entities, released Wednesday offers updates on many new accounting issues that have emerged in recent years.

Life insurance may be completely abandoned in Russia

Introduction of a special (“central”) depository on the market for life insurance may negatively affect it. On that first deputy prime-minister Igor Shuvalov informed the current president of Russia. He indicated that mandatory use of special depository’s services by insurance companies during investments could cause their expenses to rise and, as a result, lead to higher prices for their products. It is quite possible that companies engaged in life insurance will completely abandon this type of activity.

FSA calls for LIBOR overhaul

Martin Wheatley, managing director of the Financial Services Authority and head of a government-appointed review into LIBOR, has suggested the inter-bank rate practice is “no longer fit for purpose”.

Moscow Stock Exchange prepared 200 million shares for its IPO

With its initial public offering approaching, the Moscow Stock Exchange is planning to increase its capital. For that it wants to issue 200 million shares in private offering. Although new shares will be issued, the real IPO volume may be even bigger because former RTS shareholders may decide to sell their securities.

Paul de Grove (LSE) says it is up to the ECB to save Europe

Professor Paul de Grove from the London school of Economics calls European regulators to forget about imaginary threats and anti-crisis funds and to help euro. No one except for the European Central Bank is able to do that.

Ernst & Young to hold audit of annual accountancy for the Bank for Development

A tender to choose an auditor for “Vnesheconombank” (full name - the State Corporation “The Bank for Development and Foreign Economic Affairs”) is over. Once again, audit of its annual financial statements will be performed by Ernst & Young: the company’s proposal was the cheapest.

Each opinion is important

The Federal Antimonopoly Service of Russia (FAS) will check credit organizations for dominant position on the market by asking their clients – companies as well as private individuals - for their opinion. On that informs the order which was recently published on the organization’s website.

Investigation announced into ICAEW members and member firms in connection with RSM Tenon Group Plc

The Accountancy and Actuarial Discipline Board (AADB), part of the Financial Reporting Council (FRC) has launched an investigation under its Accountancy Scheme into the conduct of certain members of the Institute of Chartered Accountants in England and Wales (ICAEW), and of PricewaterhouseCoopers LLP as auditors of RSM Tenon Group plc.

PCAOB to consider adopting auditing standard on communications with audit committees

The Public Company Accounting Oversight Board has scheduled an open meeting for 9:30 a.m. on Wednesday, Aug. 15, to consider adopting an auditing standard, Communications with Audit Committees, and other amendments to PCAOB standards.

Taking European banking supervision to a new level

Despite the “dead” season of summer vacations, the Eurozone is working hard to create a system of uniform banking supervision on the base of the ECB. In less than a month – on September 11 – there will be presented a draft project for such mechanism to take weak banks out of national control.