Новости

Financial Accounting Standards Board announces public roundtable meetings to solicit input on private company accounting and reporting issues

The roundtables are part of a series of such forums planned for the fall that are designed to provide interested stakeholders the opportunity to express their views on various FASB issues.

Buffet awaits no second wave of recession in the USA

American billionaire Warren Buffet sees no way for another recession. “I am a huge bull on this country.We are not going to have a double-dip recession at all” – he said at the economic summit in Montana.

AIG may soon go private

According to the plan, American finance ministry will convert $49 billion of AIG’s shares it holds in possession into ordinary shares. This may happen in the first half of 2011.

Russia gets its first financial ombudsman

In two weeks, first financial ombudsman will start to work in Russia to settle disputes between banks and their clients out-of-court. The State Duma’s deputy Pavel Medvedev will act as the “financial judge”, that is, the ombudsman.

E&Y partner joined client-company as director

An Ernst & Young (E&Y) partner was earmarked for the directorship of a client-company while also providing independent advice about its IPO. The situation is one of a number of issues identified in the annual Audit Inspection Unit (AIU) report into the firm.

Inspectors raise concerns over Deloitte’s impairment testing

The Audit Inspection Unit, part of the Financial Reporting Council, looked at 14 audit reports compiled by Deloitte and found two required significant improvement, two were to an acceptable standard and ten were performed to a good standard.

Audit watchdogs and PwC clash on “skepticism”

PwC has received a mixed report from audit watchdogs, praising the firm for resolving issues, but also flagging up areas where improvements needed to be made. On the majority of work reviewed by the Audit Inspection Unit, PwC auditors did not identify revenue recognition as a significant risk, a move the watchdog said was “inconsistent with Auditing Standards”.

Inspectors flag up KPMG stock-take audit concerns

Inspectors have flagged up two audits where KPMG is required to make significant improvements to its procedures. The Audit Intelligence Unit, in its annual review of the biggest firms’ work, flagged up two audits where significant improvements were required out of its inspection of 15 KPMG engagements.

Russian banks didn’t even make it to Top 50 safest banks of the world

American business edition Global Finance has published its annual rating of the world’s 50 safest banks. The rating is based on estimations of global leading credit rating agencies (Moody’s, Standard & Poor’s and Fitch). The list traditionally consists of mostly German, French and Canadian banks. Russian financial companies are not even within the separate regional list for Central and Eastern Europe.

Basel III approved

The Basel Committee on Banking Supervision approved the new “Basel III” standard, thus making requirements for bank capital a bit tougher. The idea is to prevent another credit crisis in the future.