Новости

Experts expect lower capital adequacy in Russian bank in 2011

Increasingly high growth rates of Russian banks’ assets and modernizations of the Bank of Russia, accompanied by large volume transactions (such as purchasing the Bank of Moscow’s shares by VTB from the government) will impose pressure on the normative standard for capital adequacy (H1) – predict analysts of the rating agency “Expert RA” in their latest research “Banking sector in 2011: capital under attack”.

Banks in Russia will pay less in taxes

Russian lawmakers decided to lower tax burden for banks. A new law project which will change procedures to pay VAT (value added tax) on non-core assets was recently introduced for consideration by the State Duma’s deputies.

E&Y: 66% favor two-tier international standards over UK GAAP

Two-thirds of UK businesses are in favor of a two-tier accounting system based on international financial reporting standards, according to a new report. Housing associations’ concerns about the dangers of switching to international financial reporting standards are reportedly not reflected in their responses to the IFRS for SMEs consultation.

FSA target larger insurers for Solvency II

The Financial Services Authority (FSA) is to prioritize support for larger companies who plan to introduce their own internal capital model to meet Solvency II requirements, while smaller organizations will receive less help from the regulator.

Effective Dates user survey

This survey requests feedback from investors regarding questions on the potential effective dates and transition methods of the following projects – Accounting for Financial Instruments, Leases, Revenue Recognition, and Accounting for Insurance Contracts.

CB of Russia sees no opportunities for strategic partnership between the united MICEX-RTS and any of foreign stock exchanges

This Sunday head of the project group to create an international financial center in Moscow Sergei Voloshin announced that the united MICEX-RTS stock exchange would choose a strategic partner abroad.

Obama raises taxes on rich

To cut the budget deficit by 4 trillion in 12 years, it is necessary to raise taxes on rich and decrease certain expenses - told America’s president Obama.

Russia grants foreign investors easier access to non-strategic sectors of the economy

Russia’s deputy minister of economic development informed on that during the international conference whicj was held in Washington last Friday.

PwC offers conflicting views on IFRS

PwC has claimed that international financial reporting standards “led to a system increasingly driven by rules and box ticking”, but was reluctant to repeat this before the House of Lords audit inquiry. In its submission on the FRC’s discussion paper “Auditor skepticism: raising the bar”, the firm warned the “increased complexity” of IFRS encouraged an overly compliance-focused approach.

Canadian securities regulators provide guidance on IFRS transition disclosures

The Canadian Securities Administrators (CSA) have published CSA Staff Notice 52-328 “Disclosures About Accounting Policies in the Year of Changeover to International Financial Reporting Standards”.