Новости

FASB Discussion Paper Seeks Input on Improving the Financial Reporting for Insurance Contracts

The Financial Accounting Standards Board (FASB) issued a Discussion Paper today to solicit broad-based input on how to improve, simplify, and converge the financial reporting requirements for insurance contracts.

Russia doesn’t care for Basel III

Starting from 1 July 2010 the Central Bank of the Russian Federation obliged banks to form capital reserves on the new type of risk – the operational risk. According to its order on formation of capital reserves for operational risk, its amount is added to the formula for calculation of the normative standard for capital adequacy. For that, banks use the “simplified” standardized version of “Basel II”.

FFMS teaches companies how to disclose information on their websites

“The problem is that issuers are sometimes following this requirement too formally, and they are actually disclosing that information, but hiding it behind dozens of links”, - explained the FFMS’ chairman Vladimir Milovidov. – “As a result, it is impossible to find needed information”.

Switch to IFRSs in Russia will cost millions of rubles

Introduction of consolidated financial accountancy under IFRSs for certain Russian companies will raise auditors’ revenues by quarter. At the same time, full transition from Russian accounting standards to IFRS will take at least 5 years.

It’s PwC - officially

PricewaterhouseCoopers has formally shortened its name to PwC as part of a rebranding initiative.

Letter reveals internal concerns over new accounting code

The planned introduction of a new accounting code will distract businesses at a key point in the nation’s recovery, a leading member of the UK’s chief accounting board has warned.

IASB decides to continue project to replace IAS 37

During yesterday’s meeting, the IASB decided, by a large majority, to continue to develop an IFRS to replace IAS 37 “Provisions, Contingent Liabilities and Contingent Assets” with an expected measurement model.

USA misses market makers

The affair that took place on 6 May 2010 when the New York Stock Exchange (NYSE) experienced sudden and unexpected collapse, decreasing its capitalization by $862 billion in 20 minutes and pushing Dow Jones down by more than 9% was a real mystery to American regulators. Then there was a long investigation, upon completion of which the Securities and Exchange Commission found several possible reasons for that. One of them is the absence of traditional market makers on the market.

ECB says “enough” to easy money

The real problem of Europe is not in the absolute value of debt, but in national governments of member states being accustomed to easy money – thinks the ECB’s chairman Jean-Claude Trichet.

More work to do on Basel III claims PwC

Two years after the collapse of Lehman Brothers, PwC has raised concerns over the implementation and detail of proposals aimed at strengthening the financial stability of banks.