Новости

FFMS of Russia working on measures to better estimate credibility of insurers

The Federal Financial Markets Service is today working on rules to allow more effective evaluation of Russian insurers’ credibility and to check them for presence of real assets on their balances.

Professional market participants in Russia asking for a “proportionate” system of penalties

Two self-regulatory organizations (SROs) of professional market participants have simultaneously applied to the Federal Financial Market Service, asking it for a review of the effective system of inspections and fines.

FASB Revenue Recognition Draft Still Sticky for Some

While financial executives largely seem pleased with proposed standards, they’re called “onerous” for some sectors.

Lawson urges tougher audit reforms from Brussels

A former chancellor of the exchequer in the House of Lords has urged the European Commission to strengthen proposed legislation aimed at reforming the region's auditing industry.

Additional supervisory council will ensure audit quality in Russia

The new structure is needed to increase effectiveness of external control (because internal control is ensured by self-regulatory organizations in which companies are organized in Russia).

Revised revenue recognition proposals: what has changed? – Part2

Last week, we started to discuss the second exposure draft (ED), Revenue from Contracts with Customers that was jointly released by the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) (collectively, the Boards). This new ED revises, clarifies and simplifies certain points in the original ED published in June 2010, and aims to adopt a single revenue model to be followed by both International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP) reporters.

IFRS standards officially published in Russian

It’s finally done: the official translation of international financial reporting standards and their interpretations into Russian was published this week on the website of the finance ministry.

Monitoring Board and the Trustees of the IFRS Foundation announce conclusions of their Governance and Strategy Reviews

The Monitoring Board and the Trustees of the IFRS Foundation today jointly announced the conclusions of their separate reviews of the governance and strategy of the IFRS Foundation.

European insurers can’t find enough capital to increase revenues in 2012 – E&Y

In 2012 European life and general insurers are facing a hard choice. On the one hand, they need to make important strategic decisions, on the other – they don’t have enough capital for that because of lower sovereign ratings of European countries. Those are some of the conclusions of Ernst & Young’s new research European Insurance Industry Outlook.

Antimonopoly services of Russia won’t let banks to rob their borrowers

The Federal Antimonopoly Service of Russia has sent its proposals to the Ministry of Finance, advising them to tie credits to annual income of citizens. If the ministry takes other countries’ experience into consideration, then banks won’t be have a right to give more than 65% of a borrower’s annual income as a loan.