Новости

Greece left without support

European finance ministers failed to reach an agreement on provision of additional 12 billion euro to Greece without which the country will most likely face a default. The decision was postponed until July. Markets and euro are falling in light of the negative news.

ICANN makes a decision of historical significance

The ICANN Corporation (Internet Corporation for Assigned Names and Numbers) voted positively in favor of introduction of new top-level domains (.com, .net, .org, etc. – currently totaling 22) which will coincide with large companies’ names.

FACTBOX - China’s corporate history rocked by accounting scandals

China’s  more than two decades of corporate history is riddled with hiccups ranging from accounting scandals and management mishaps to outright fraud at overseas-listed companies despite government efforts to crack down on market corruption.

FSA Mulls Putting Off New Accounting Standards

The Financial Services Agency is considering delaying mandatory adoption of International Financial Reporting Standards (IFRS) by one to three years, because imposing the new accounting rules as originally scheduled in 2015 or 2016 could place an excessive burden on companies affected by the March 11 disaster.

Medvedev promised to lower insurance contributions

The maximum rate for mandatory insurance payments in Russia will be decreased to 30% in 2012 starting from today’s 34%, and for small businesses in production industries – to 20%, promised Russia’s president Medvedev in his speech at the International Economic Forum in Saint-Petersburg.

Russian banks will be checked “to the skin”

Yesterday the Central Bank of the Russian Federation (aka “The Bank of Russia”) published its new order in which it obliged credit institutions to report on their expenses for 2011 in never seen before details.

Operations of British banks will be divided into retail and investment activities

British government proposed to separate retail business of banks from their investment activities so that banks could demonstrate better financial stability than they did in 2007-2009 in case there is another financial crisis. Moody’s already warned that this reform would negatively affect credit ratings of banks.

New pension standard “could cost companies £10bn”

The amended IAS 19 “Employee Benefits” does away with the deferred recognition of gains and losses, a method used to smooth out balance sheets and potentially make companies’ pension deficits look more manageable.

IASB introduces improvements to the accounting for post-employment benefits

The International Accounting Standards Board (IASB) announced today the completion of its project to improve the accounting for pensions and other post-employment benefits by issuing an amended version of IAS 19 “Employee Benefits”.

IASB and FASB align presentation requirements for other comprehensive income

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB), the US national standard-setter, issued today amendments that will improve and align the presentation of items of other comprehensive income (OCI) in financial statements prepared in accordance with International Financial Reporting Standards (IFRSs) and those prepared in accordance with US generally accepted accounting principles (GAAP).