Новости

Runaway bankers should be punished severely

Chairman of the Central Bank of the Russian Federation Sergei Ignatiev wants more severe punishment for bankers who leave the country after their organizations purposefully go bankrupt. Ignatiev emphasized that they should be first of all searched for punished by law enforcement authorities (police) but at the same time, it would not do any harm for the Central Bank to have additional powers.

Professional trustees instead of government officials

Yesterday presidential aide Arkady Dvorkovich told that boards of directors would be soon chaired by professional trustees instead of civil servants – “professional trustees” in a “classical” way of thinking, so to speak. On all important decisions they will vote in accordance with the government directives. Other board members will be independent.

MICEX and RTS share market participants

MICEX and RTS are not even finished with the merger yet, but they are already discussing the model to divide participants of the trading process. According to the way they agreed upon, market participants will be divided into groups relatively to their capital volumes. They will be given different rights and opportunities.

SEC Announces Roundtable on International Financial Reporting Standards

The Securities and Exchange Commission staff announced today that it will sponsor a roundtable in July to discuss benefits or challenges in potentially incorporating International Financial Reporting Standards (IFRS) into the financial reporting system for U.S. issuers.

IASB and FASB report substantial progress towards completion of convergence programme

The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) today published a progress report on their joint work to improve International Financial Reporting Standards (IFRSs) and US generally accepted accounting practices, and to bring about their convergence.

IPSASB Publishes 2011 Handbook of Pronouncements

In two volumes, the Handbook contains all current IPSASB pronouncements, including 31 accrual-based standards and the IPSASB’s cash basis standard.

First suit filed for manipulating LIBOR

FTC Capital from Vienna has filed a suit in a federal district court of New York against largest global banks, arguing that it had suffered losses on derivatives because of manipulations with LIBOR.

SEC Seeks Public Comment on Effective Investor Education Programs

The Securities and Exchange Commission today published on its website a request for public comment on the effectiveness of existing investor education efforts as part of a review mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Banks’ toxic accounting

Two years ago, banks could not move fast enough to shield so-called “toxic” assets from being reported at market prices. This week Citigroup was the first US bank to talk publicly about a reversal. The bet must be that it will not be the last.

Auditors “could have missed fraud” at Lloyds and RBS

Auditors might not have picked up on financial mismanagement at Lloyds and RBS, so great was the confusion surrounding the banks’ assets in 2008. So concluded the Public Accounts Committee, which today called it “alarming” that neither lender was able prove their assets were not linked to fraud or criminality when they entered the Treasury’s Asset Protection Scheme in January 2009.