Новости

Wikipedia against Internet censorship

Russian-language version of the free Internet encyclopedia “Wikipedia” today temporary suspended its work as a sign of protest against the initiative of the State Duma’s deputies who are proposing to create a single list of websites with forbidden content. The corresponding draft law is being considered by the parliament’s lower chamber today, July 10.

Former employee of Ernst & Young could have disclosed corporate secrets to Russian opposition

An info leak could have taken place in the Russian office of one of the largest international audit companies, Ernst & Young. The company’s former auditor Arina Tyurina clearly expressed her intentions to disclose commercial secrets of “VTB Leasing” to one of the leaders of unofficial opposition in Russia (and probably the most famous fighter against corruption) Alexei Navalny.

New OECD data on anti-bribery

The Organization for Economic Co-operation and Development has issued new data on what efforts have been made by member countries of the OECD Anti-Bribery Convention to eradicate foreign bribery.

SEC shuts down IFRS decision time line

The Securities and Exchange Commission is shutting down any further speculation on when it will make some move toward a decision on International Financial Reporting Standards.

Moscow stock exchange adopting additional fees for algo traders

Moscow stock exchange, known better by its former name MICEX-RTS, is getting ready to adopt fees for high frequency traders which use robots (“algo trading” is another name for black box-, or robo trading). Excessively high activity may potentially cost an owner of the robot which places too many bets ending in to real transaction up to 100 thousand roubles for one trade session.

Lack of proper systems allowed Olympus to hide losses

Japanese regulators criticized accounting groups KPMG and Ernst & Young on Friday for lacking proper operational management controls that allowed Olympus Corp to conceal $1.7 billion in investment losses and ordered the firms to improve their systems by August.

EFRAG Draft Comment Letter on the IFRS Interpretations Committee's Draft Interpretation DI/2012/2 Put Options Written on Non-controlling Interests

EFRAG has issued its draft comment letter on the IFRS Interpretations Committee’s Draft Interpretation DI/2012/2 Put Options Written on Non-controlling Interests. Comments on the letter are invited by 19 September 2012.

Bank of Russia won’t get special auditors for banks

The Ministry of Finance of the Russian Federation rejected the Bank of Russia’s proposals of tighter criteria for bank auditors. The Central Bank wanted (and still wants) to restrict relations between auditors and credit institutions they check. However, audit companies think that accompanying services like consulting help them to understand their clients better, while suggestions of the main banking regulator will only restrict their income.

International CRAs “dropped” Barclays’ ratings after Bob Diamond’s resignation

Barclays’ CEO Bob Diamond had to resign, being under pressure in relation to the LIBOR scandal . Moody’s and Standard & Poor’s made a decision to downgrade credit ratings of the bank, taking into account general uncertainty caused by almost simultaneous resignation of the investment bank’s three top-managers.

Minfin of Russia creating an accounting council

The Ministry of Finance of the Russian Federation has published a draft order on its website on creation of a council on financial accounting standards. The new accounting body is being created in accordance with requirements of the new law “On financial accounting”.