Новости

"Fair value" accounting rule tweak raises concerns

A global accounting rule that was rehashed under pressure from policymakers in the financial crisis has to be revised, sparking industry fears it could make standard setters vulnerable again to political influence.

Civil servants in Russia will have to disclose their income

Russian president Dmitry Medvedev has improved the law against corruption. This Wednesday he signed a law which obliges all government officials to disclose their income.

CB of Russia restricts support of foreign parent banks by their Russian subsidiaries

The Central Bank of the Russian Federation doesn’t want to sacrifice financial stability of Russian credit institutions for stability of their European owners. Subsidiaries of large non-residential banks have received an explicit warning in that respect: they should limit financing of their parent entities. This time the warning comes even earlier than in 2008 when they all, already facing the crisis, nevertheless supported their foreign owners out of funds provided by the government of Russia as part of the bailout program.

Audit competition inquiry accelerates

The Competition Commission’s inquiry into audit has kicked off with strident statements from some of the main protagonists. Contributions from the Big Four and Grant Thornton are up on the watchdog’s website, and BDO's James Roberts said the firm has also made a submission.

ESMA statement on sovereign debt in IFRS financial statements

The European Securities and Markets Authority (ESMA) has posted to its website a statement concerning the accounting treatment in relation with sovereign debt exposures in connection with current market developments. Special consideration is given to the accounting treatment of Greek sovereign debt.

Very last chance for Greece to remain within the bloc

Greece was given a very last chance to remain among members of the Eurozone, and it should do its best to remain there – that’s what is said in the report by the Bank of Greece which was published today. It says that the agreement on the new support program approved by the EU leaders on 26 October 2011 gives Athens a chance for recovery, which may, however, appear to be the very last one.

Public sector’s financial information doesn’t serve public accountability – E&Y

E&Y’s recent research demonstrates that despite general tendency towards modernization of financial accounting in public sector entities very few of them actually see credit rating agencies, financial institutions and general public as main users of their financial information.

SEC Ethics Office Shakeup

The Securities and Exchange Commission has formally proclaimed the independence of its Office of the Ethics Counsel as a stand-alone unit within the agency. The head of the office, known as the Ethics Counsel, will now report directly to SEC Chairman Mary Schapiro instead of reporting to the Commission's general counsel as previously done.

U.S. Regulators Push Chinese to Resume Auditor-Inspection Talks

U.S. regulators seeking greater access to audits of Chinese firms are pushing Beijing’s top securities watchdog to resume talks on cooperation, said James Doty, chairman of the Public Company Accounting Oversight Board.

New stress testing scheduled for American banks

Stress testing should strengthen confidence and trust to the US banking system by showing that it is indeed capable of withstanding adverse economic conditions under even the most pessimistic scenario.