Новости

MICEX wants to give direct access to foreign brokers

As part of formation of an international financial center the Moscow Interbank Currency Exchange (MICEX) proposes to allow foreign brokers to trade directly on Russia’s stock exchanges. However, not all Russian brokers are so generous.

FFMS of Russia to look after rates of microfinance institutions

The Federal Financial Markets Service (FFMS) plans to monitor rates of microfinance institutions to check whether they are overinflated. The announcement came yesterday from the body’s deputy Yulia Bondareva. She expressed concern around the fact that microfinance organizations, being an alternative to banks, offer their services at rates actually higher than in banks.

S&P mistakenly downgrades France’s rating

S&P is again in the news. The international rating agency mistakenly announced downgrade of the sovereign rating of France yesterday, scaring investors (already nervous because of the debt crisis in Italy) even further. And scared they should have been because together with Germany France is today the strongest economy in Europe, and if even France has problems, then… better not to think about it.

IFAC updates audit implementation guide for SMPs

Intended to help practitioners understand and efficiently apply the clarified ISAs to audits of small- and medium-sized entities (SMEs), the updated guide features a number of refinements to the technical content and presentation.

FASB chairman adds two agenda projects to improve financial reporting by not-for-profit organizations

Leslie F. Seidman, chairman of the Financial Accounting Standards Board (FASB), today announced the addition of two agenda projects- a standard-setting project and a research project- intended to improve financial reporting of not-for-profit organizations.

Belarus is now in the lowest group – S&P

The international rating agency Standard & Poor’s has moved Belarus from the 9^th category to the lowest 10^th in respect to country- and industry-specific risks of the banking sector. The country is now in the same group as Greece and Vietnam.

Russian banking sector receives highest appreciation from S&P

The international rating agency Standard & Poor’s has improved its ratings for the Russian banking sector: it is now in the safest group among other CIS countries – the 7th group instead of the former 8th. Active growth of deposits and lending were the main positive factors to influence the decision. There are still some serious minuses, though, like weakness of banking supervision.

France and Germany want to reshape the EU

German and French leaders are discussing further possibilities for fundamental structural adjustments to the European Union which will provide fewer counties but with higher integration.

SEC approves new rules to toughen listing standards for reverse merger companies

The Securities and Exchange Commission today approved new rules of the three major U.S. listing markets that toughen the standards that companies going public through a reverse merger must meet to become listed on those exchanges.

ESMA launches a consultation on the considerations of materiality in financial reporting

The objective of financial statements is to provide information to a range of users for the purpose of economic decision making. To be useful, such statements must present fairly the financial position, performance and cash flows of the reporting entity.