Новости

Seven criteria of reliability for insurance companies

The global economic crisis has seriously undermined trust for credit ratings. A good example here is American AIG which used to hold the highest possible rating (AAA) according to Standard and Poor’s. This alone used to serve as a guarantee for the company’s financial stability, but in the end only financial intervention by the US government was able to keep the company with more than 90 years of history from bankruptcy. Credit ratings for insurance companies proved their inaccuracy.

Insurance brokers in Russia will be controlled better

Russia’s antimonopoly services want tighter control over insurance brokers. The antimonopoly service proposed to create a single register of insurance intermediaries; also - to introduce non-revocable bank guarantees for them and liability insurance.

Opinions Differ on Separate Standards Board for Private Companies

Two reports from the Maryland Association of CPAs and Grant Thornton paint different pictures of whether accountants favor a separate standard-setting board for private company accounting.

OECD targets tax evaders

The OECD is increasing pressure on countries to improve standards of tax transparency in a drive to reduce international tax evasion and bank secrecy.

Auditors’ SROs demand changes in simplified examination

The Institute of Professional Auditors of Russia is asking the finance ministry to postpone the effective date for a single certificate for all auditors which were already certified before 2011 (and thus have to pass only thorough simplified exam) from 1 January 2012 to 1 January 2015.

Jean-Claude Trichet proposed a single finance ministry for euro

Jean-Claude Trichet became the first one among the EU’s officials to sound the idea of a single ministry of finance for all member states. According to the European Central Bank’s chief, this intensification of control over all-European finances will help them to fight with future crisises more effectively.

USA commencing investigations of Goldman Sachs

Prosecutors in New York demanded that one of the largest investment banks in America – Goldman Sachs – should disclose information on its operations for the period preceding the crisis of 2008, informs The New York Post. The investment bank’s transactions with derivative instruments in 2006-2007 will likely be investigated soon by several federal authorities, including the Securities and Exchange Commission and the Ministry of Justice.

PCAOB considers mandatory rotation and audit reports

Two projects will run simultaneously: the first will examine possible changes to the audit reporting model with a view to adding value for the investor; the second looks at enhancing the relevance of the report by boosting confidence in the audit.

Exposure Draft - XBRL Principles and Criteria

The XBRL Assurance Task Force of the AICPA Assurance Services Executive Committee (ASEC) has issued an exposure draft titled Proposed Principles and Criteria for XBRL-Formatted Information.

IVSC releases updated proposals on ethical principles for professional valuers

The International Valuation Standards Committee (IVSC) has released revised proposals for a Code of Ethical Principles aimed at providing better regulation of the global valuation profession.