Новости

RTS-MICEX merger is a big risk – NAUFOR

Experts of the Russian National Association of Securities Market Participants (NAUFOR) think that the friendly takeover of RTS by MICEX imposes a big threat of new risks on Russian financial markets.

APB issues a revision of ISA (UK and Ireland) 700 “The Auditor’s Report on Financial Statements”

The revision of ISA (UK and Ireland) 700 which is effective for audits of United Kingdom entities for periods ending on or after 23 March 2011: Amends the short form description of the scope of an audit to refer to the auditor’s responsibility under ISAs (UK and Ireland) to read all the financial and non-financial information in the annual report to identify material inconsistencies with the financial statements.

IVSC releases exposure draft on the depreciated replacement cost method of valuation

The proposed Technical Information Paper addresses a number of common misunderstandings about the method, and illustrates how it can be applied to provide a realistic valuation in the absence of transactional evidence.

EFRAG Outreach on Financial Statement Presentation – feedback report on meetings with European constituents

EFRAG has issued a feedback report summarizing the views expressed by European constituents during the outreach meetings on Financial Statement Presentation that were organized jointly with the European National Standard Setters in between September and December 2010.

Sberbank overly generous with its bonuses

State-controlled Russian bank Sberbank, the largest credit institution in the country, more than doubled bonuses paid to its managers in 2010 – from 480 to 985 million rubles. Consequently, revenues of the bank’s top-managers exceeded even pre-crisis levels of 2008 when they got 934 million rubles.

Eurozone will double its stabilization fund

European financial ministers agreed to increase the European Financial Stability Facility (EFSF) up to 500 billion euro. At the same time, the financial stability mechanism will be created with participation of countries which are not members of the euro zone.

Half of all Russian entrepreneurs felt harder administrative burden in 2010

Almost half of all Russian entrepreneurs complain that they felt harder administrative burden on business in 2010. At the same time most of them think that the government’s intervention into the economy in times of the financial crisis was understandable.

Europe Mulls Limits on Audit Firm Concentration

European Union Internal Market Commissioner Michel Barnier plans to introduce draft legislation in November to curb the increasing concentration of auditing work among the Big Four firms.

GASB Proposes Guidance for Applying Termination of Hedge Accounting Provisions

The Governmental Accounting Standards Board (GASB) today issued its Exposure Draft (ED) “Derivative Instruments: Application of Hedge Accounting Termination Provisions” (an amendment of GASB Statement No. 53). The deadline for submitting written comments on the ED is April 15, 2011.

Australia seeks recognition of “Reduced Disclosure Regime” (RDR)

The Australian Accounting Standards Board (AASB) has written to the IASB requesting acknowledgement of Australia’s “Reduced Disclosure Regime” (RDR) within the broader IFRS framework.