Новости

Russian insurers will be fined by the Minfin’s way

The Ministry of Finance of the Russian Federation has prepared amendments to the law on insurance business as well as corresponding amendments to the Code of Administrative Violations which introduce the notion of administrative liability of market participants to the insurance practice.

The National Bank of Ukraine will do clearing

Ukraine’s parliament is ready to monopolize settlement of accounts for market transactions with financial securities. The new draft version of the law on the depository system prepared by deputies for the second reading will allow the National Bank of Ukraine to create a Central Clearing Center with exclusive rights to provide clearing services and act as a central counteragent for stock exchanges.

Moody’s downgrades ratings of 28 Spanish banks

And Moody’s again. Following the official decision of Spain to ask the EU for external financial support in the current economic conditions, the international rating agency downgrades ratings of 28 Spanish banks. For example, the credibility rating of one of the largest credit institutions Banco Santander is now “Baa2” instead of former “A3”, outlook “negative”. The new rating of Banco Bilbao Vizcaya Argentaria is “Baa3” instead of “A3”.

IPSASB publishes public sector combinations consultation paper

The International Public Sector Accounting Standards Board (IPSASB) today released for comment the Consultation Paper “Public Sector Combinations”. The IPSASB considers guidance on reporting public sector combinations necessary to meet the objectives of financial reporting, which are to provide information that is useful to users of General Purpose Financial Reports (GPFRs) for accountability and decision-making purposes.

GASB improves pension accounting and financial reporting standards

The Governmental Accounting Standards Board (GASB) today voted to approve two new standards that will substantially improve the accounting and financial reporting of public employee pensions by state and local governments. Statement No. 67, Financial Reporting for Pension Plans, revises existing guidance for the financial reports of most pension plans. Statement No. 68, Accounting and Financial Reporting for Pensions, revises and establishes new financial reporting requirements for most governments that provide their employees with pension benefits.

GASB proposal addresses financial guarantees for state and local governments

Governmental Accounting Standards Board (GASB) today issued for public comment a proposed Statement that provides guidance to state and local governments that offer nonexchange financial guarantees and for governments that receive guarantees on their obligations.

Spain officially asking for financial support

Spain has officially asked the European Union to provide financial support for 100 billion euro. On that informs the Ministry of Economy and Competitiveness. In his letter to the Euro Group’s chairman Jean-Claude Juncker the body’s chairman Luis de Guindos told that final results of Spanish banking system’s audit would be known later.

FRC to consult on executive remuneration

The Financial Reporting Council has announced that it will consult on whether to amend the UK Corporate Governance Code to address a number of issues relating to executive remuneration. The consultation will be carried out after the Government’s legislation on voting and reporting on executive remuneration has been finalized.

IAASB Indicates Future Direction of Improved Auditor Reporting; Consults on Value, Viability, and Illustrative Report

The International Auditing and Assurance Standards Board (IAASB) today released a key milestone consultation document in its work to enhance, on a global basis, the communicative value of the auditor’s report on financial statements. The IAASB’s Invitation to Comment: Improving the Auditor’s Report sets out the indicative direction of the board’s future standard-setting proposals to improve how and what auditors report in accordance with International Standards on Auditing (ISAs).

New failures promised for shareholders of MICEX-RTS; Roman Goryunov decided to quit

After the latest general shareholders meeting of MICEX-RTS its senior managing director Roman Goryunov announced his decision to quit. He explained this by the fact that he had lost motivation to work on the united stock exchange.