Новости

FFMS of Russia changes its chairman

Vladimir Milovidov - head of the Federal Financial Markets Service (FFMS), the main Russia’s financial market regulator – retires. The decision was made this week. Milovidov has been on this position since 2007. He refused to comment on his decision.

Ukraine promises to cut the number of regulators responsible for inspecting business

Ukraine’ government has plans to decrease the number of bodies with a right to check business entities.

Medvedev takes actions to improve Russia’s investment climate

This week the president of Russia Dmitry Medvedev announced actions to radically change the way state companies operate. Minority shareholders will be given more access to information, and even more importantly - supervisory boards of all such companies will be set free of government officials who combine their service in government institutions and in companies.

Rules even tighter than Basel II will be applied to banks in Russia

The Bank of Russia decided to make rules out of former recommendations on how to control bank risks. The regulator will start to implement its plans as part of the program of transfer to international standards for capital adequacy and evaluation of risks (aka Basel II).

AICPA Introduces IFRS Certificate Program Based on Comprehensive, Integrated Curriculum, Online Study 

The American Institute of Certified Public Accountants introduced a new course of study leading to a Certificate of Educational Achievement in International Financial Reporting Standards. The new IFRS Certificate Program is a comprehensive, integrated curriculum of online courses for CPAs and other accounting professionals that provide a measurable standard for evaluating competence in understanding and applying international accounting standards.

New Zealand restructures standard setting regime

Standard setting in New Zealand is currently undergoing transformation to a new regime. The New Zealand Accounting Standards Review Board (ASRB) and Financial Reporting Standards Board (FRSB) are being replaced with effect from 1 July 2011.

Big Four branded an “oligopoly” as Lords call for OFT inquiry

The House of Lords has described the position of the Big Four firms as an “oligopoly” and called for an investigation by the Office of Fair Trading, and possibly even the involvement of the Competition Commission, to increase competition in the market for big company audits.

IFRS doesn’t fit with XBRL technology, says US watchdog

Criticism has been leveled at international accounting standards claiming they do not fit with new technology to aid financial reporting.

New EU’s stabilization plan disliked by S&P

The new plan to overcome the European debt crisis brings no optimism to S&P, the rating agency which eventually decreased ratings of the most problematic member states. However, officials remain sure that the approved course of actions will protect from any distress on financial markets.

61% of Russian taxpayers already file electronic tax accounts

That’s more than 20 million tax returns received by the Federal Tax Service via electronic mean of communication.