Новости

Joint IASB/FASB progress report on convergence issued

The November 2011 G20 Declaration called on the IASB and the FASB to provide a progress report on their convergence activities, for consideration at the April 2012 meeting of G20 Finance Ministers and Central Bank Governors.

Another serious failure at MICEX-RTS

Yesterday MICEX-RTS once again had to temporary suspend trading at the market’s main section because of another serious failure. Specialists weren’t able to fix it for two hours.

FFMS of Russia may propose a new system of supervision over market participants

The Federal Financial Markets Service is ready to propose a new methodology for supervision over financial market participants. According to it, supervision over companies will possibly be exercised by self-regulatory organizations (SROs), while the service itself will watch over SROs.

FFMS of Russia names foreign stock exchanges which automatically grant foreign investors access to Russian markets

The Federal Financial Markets Service (FFMS) has published a draft new order on its website. This order deals with letting foreign investors to trade on the Russian market without otherwise required decision by the FFMS. But in order to be able to trade on the Russian market without the FFMS’ permission, foreign investors should first have listing on one of 73 foreign bourses.

Long swap for Russian banks

Small banks in Russia will gain access to a new instrument for currency speculations and liquidity management: MICEX-RTS is launching new long derivative instuments. Until now they have existed only on the over-the-counter market, access to which is restricted for smaller companies.

IASB and FASB offer clarification around expected loss attributes

The International Accounting Standards Board (IASB) has provided clarification around the attributes of an expected credit loss estimate used in accounting for financial instruments. At a joint board meeting last week, the Financial Accounting Standards Board (FASB) and IASB, clarified the attributes of an expected credit loss estimate to address concerns raised about the use of the term expected value.

Consultations on the UK Corporate Governance Code, Stewardship Code and Auditing Standards published

The Financial Reporting Council has today begun consultation on proposed revisions to the UK Corporate Governance Code and International Standards on Auditing (UK and Ireland) to give effect to its Effective Company Stewardship proposals. The FRC is also consulting on updates to the Stewardship Code.

Luxury tax will be applied to real estate above 300 million roubles

The finance ministry has made its mind in respect to the tax on luxury items. It will be applied to objects of real estate property worthy more than 300 million roubles. Increased rate of taxation will be used only for the difference of the property’s actual value above the lower threshold.

European banks trying to follow new capital requirements – at the expense of their clients

Now it is the moment when all European banks are doing their best to improve their positions to meet new capital requirements. That’s a positive moment, of course. The bad thing is that they are doing that at the expense of direct investors and capital markets. In its turn, this may lead to the market’s disruption.

UN launches new accounting development tool

Over 300 global accounting experts are set to meet in Qatar next week for a new UN accounting development initiative. The initiative aims to both highlight the critical role a strong accounting infrastructure can play in helping developing countries grow and address the woeful lack of even basic accounting infrastructures prevalent in some emerging economies.