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Moody's thinks that Russian banks will have hard times if they face another crisis similar to 2008

The international rating agencyMoody's Investors Service analyzed possible consequences of another financial crisis for the banking sector of Russia and concluded that credit profiles may seriously suffer in case worst expectations come true. For example, if anything goes according to the worst negative scenario similar to the crisis of 2008, Russian banks will likely incur large losses on securities and credit portfolios.

USA escaped recession. For now

At the moment, America is most likely safe from recession, although it is too early to tell that everything’s okay with its economy. Of course it is not, but better than could be. Those are the findings of experts from Goldman Sachs Group Inc. and Macroeconomic Advisers LLC.

Russia approves a law to allow citizens to return credits prematurely

The new regulation says that a credit given to private individuals for personal use (for any legal use not related to entrepreneurship) may be prematurely repaid with interest and without additional fees which had to be paid in such cases not long ago.

Current Insurance Accounting Proposals Are Fatally Flawed and Unworkable, Says GNAIE

The current set of insurance accounting proposals now under consideration by international accounting standards setters are fatally flawed and unworkable, a representative of the North American insurance industry said this week.

UK regulator criticizes French auditors

French auditors have been lambasted by the UK’s leading accountancy regulator for their performance during the Greek debt crisis.

Russian business not ready for green taxes

The draft law on liquidation of ecological damage from operations of business entities yielded heavy opposition while being analyzed in the Ministry for Economic Development. After the idea of “green taxes” was rejected, there remained only one instrument to stimulate companies – priority access to “purified” land, although, according to the economic ministry’s conclusion, companie’s need in it wasn’t very certain.

“Forbes” put Russia lower than Nigeria

American business magazine “Forbes” published its annual rating of countries with most favorable conditions for doing business (“Best Countries for Business”).

Corporate India may get more time for IFRS adoption

The Institute of Chartered Accountants of India has decided to suggest to the Government that Ind AS be implemented from April 1, 2013 and not April 1, 2011 as planned earlier.

PCAOB to Consider Proposing Amendments to Improve Transparency Through Disclosure of Engagement Partner and Certain Other Participants in Audits

The Public Company Accounting Oversight Board has scheduled an open meeting for Tuesday, Oct. 11, at 9:30 a.m., to consider issuing for comment proposed amendments to its standards that would bring greater transparency to public company audits.

Hoogervorst challenges IFRS convergence fears

The international accounting Standards Board has sent in the big guns to argue the importance of US convergence with international financial reporting standards.