Новости

Plans to prohibit floating rates on credits in Russia

The Federal Service on Surveillance for Consumer rights protection and human well-being (aka “Rospotrebnadzor”) thinks that floating rates are in fact illegal because consumers which borrow from banks do not completely understand their risks and do not receive information on full cost of credits to them. The Supreme Arbitration Court of Russia, however, sees floating rates as quite acceptable.

Investment climate in Russia still very inhospitable

Businesses want money, but where can they get it? Today – as part of the international investment forum in Moscow – business entities discuss capabilities of financial markets to attract capital. Capital for much smaller volumes than its full potential goes to stock exchanges, which makes think that stock exchanges in Russia are more like places to trade rather than to invest.

Opposition to EU consolidated corporate tax plans grows

Up to eight European Union countries have registered their objections to European Commission plans for a Common Consolidated Corporate Tax Base (CCCTB), saying that such a move would infringe principles of national authority.

EC and UK collide over foreign company tax

The missive from the European Commission last week criticizing the UK’s controlled foreign companies (CFC) legislation should not, at first glance, provide too many problems for the government.

DSK resigns from IMF

Being accused of sexual crimes, Dominique Strauss-Kahn informed on his decision to resign from the International Monetary Fund: already former chairman of IMF wants to keep the organization clear of all the dirt which is currently being poured onto him.

New national competitiveness rating published

IMD calculates the rating by summing up total points in each of four main categories: economy’s condition, government efficiency, business efficiency and infrastructural conditions.

MICEX ready to trade with national currencies of EAEC countries

Russia informed other Euro-Asian Economic Community (EAEC) on readiness of the Moscow Interbank Currency Exchange to start trading with their national currencies.

SEC Proposes Rules to Increase Transparency and Improve Integrity of Credit Ratings

The proposed rules would implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and enhance the SEC’s existing rules governing credit ratings and Nationally Recognized Statistical Rating Organizations (NRSROs).

Financial Accounting Foundation Commissions Study Examining Role of GASB Standards in Assessing Accountability of Reporting Governments

The Financial Accounting Foundation (FAF) announced today that, as part of its oversight of the Governmental Accounting Standards Board (GASB), it has commissioned an independent and comprehensive academic study on the purposes of financial accounting and reporting of state and local governments.

Europe and IFRSs: six years on

In the ten years since the International Accounting Standards Board (IASB) was established we have moved from a multi-GAAP world to one where a handful of financial reporting languages are morphing in to a single language, namely International Financial Reporting Standards (IFRSs). Nowhere has this change been more pronounced than in Europe, the first major block to adopt IFRSs when in 2005 more than 8000 listed companies in 25 countries simultaneously switched to IFRSs. Quite an achievement and one that has faced many challenges, one of which has been the need for the IASB, as an international standard-setter, and the European institutions, constitutionally required to act in Europe’s best interests, to adapt to a new way of working together.