Новости

British government ready to delay a radical banking reform

Great Britain is ready to postpone radical reforms of the banking sector. Part of that plan was to divide operations into retail and investment. The government thinks that it won’t be feasible in the nearest future as this may waken banks while they need to supply the economy with funds. Experts, on the other hand, see this as the government’s surrender to the influential banking lobby.

IFRS Taxonomy interim release for common-practice concepts

The IFRS Taxonomy 2011 interim release: Common-practice concepts completes the first part of a project to enhance the IFRS Taxonomy with common-practice extensions. It provides common- practice extensions for the face of financial statements.

FRC acts to increase transparency in corporate reporting

Companies should improve the way they report to investors on the key strategic risks facing their businesses, according to two new reports published today by the Financial Reporting Council (FRC).

Japan finalizes regulation amendments to retain US GAAP option

The Financial Services Authority of Japan (FSA) has announced the finalization of the removal of time limit for the use of United States Generally Accepted Accounting Principles (US GAAP) by certain Japanese entities.

ESMA urges IFRS 8 accounting speed-up

The European Securities and Markets Authority has hit out at a recent decision by a key IFRS committee that would see improvements to the accountancy standard IFRS 8 delayed.

3 Russian ministries formulated their requirement for banks to participate in the new electronic payment system

Three economic regulators of Russia – the Ministry of Finance, the Ministry for Economic Development, and the Bank of Russia – formulated 7 requirements for banks, following which will allow them to provide services as part of the new electronic payment system. The remind you, this all deals with issuing a universal payment card for Russian citizens which will allow them to make purchases, pay their bills and (maybe) even fines, it may even be used as a driving license and confirmation of identity.

Largest global banks oppose capital requirements

Global banks commencing attack on new capital requirement for important financial institutions (so-called “systematically important financial institutions”, SIFI), warning that introduction of those Basel III rules will lead to smaller volumes of crediting and will harm economic recovery. The Basel Committee on Banking Supervision agreed upon new requirements for 28 largest credit institutions in June. According to its decision, SIFIs will have to increase their capital by 1-2.5%.

Accounting Board Criticizes European Banks on Greek Debt

Some European financial institutions should have booked bigger losses on their Greek government bond holdings in recent results announcements, the International Accounting Standards Board said in a letter to market regulators.

FASB and EFRAG co-operate on disclosure framework project

The Financial Accounting Standards Board (FASB) and European Financial Reporting Advisory Group (EFRAG) have formally agreed to work together on their respective projects to develop a disclosure framework, with a view to creating a consistent framework for both United States and international GAAP.

It is possible that Russians will be asked where they got their big income

The Ministry for Economic Development of Russia thinks it is possible that a new control system will be introduced. The main idea here is that all citizens will have to explain sources of income when making large purchases. It is still just a theoretical possibility and will unlikely be implemented in the nearest future.