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New standards for capital adequacy will be ready before the next meeting in Seoul

The “Group of Twenty” countries vowed to prepare new standards for capital before the next summit which should take place this fall in Korean Seoul – says the final communique of G20.

G20 didn’t approve the decision on coordinated tax on banks

During the summit in Toronto the “Group of Twenty” failed to approve the idea on coordinated tax on banks which was proposed by many Western nations as a way to compensate part of financial funds that had been spent to support financial institutions during the crisis.

Banks win battle for limits to Basel III

Plans by global regulators to compel banks to set aside billions of dollars in extra capital to cope with future crises are to be pared back after intense lobbying by the industry.

IFAC to G20: Governments Should Practice What They Preach, Follow Rules Like the Ones They Set for Public Companies

In a letter issued this week, the International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in more than 120 countries, calls for broad and swift action by the G-20 leaders at their June 26-27 meeting in Toronto, Canada, to greatly improve government transparency and accountability as a means toward global fiscal sustainability.

IASB and FASB Propose a New Joint Standard for Revenue Recognition

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment a draft standard to improve and align the financial reporting of revenue from contracts with customers and related costs.

Ukrainian banks kept from bankruptcy

Ukraine’s bankers welcomed the changes, also saying that while liquidating a bank or imposing a temporary administration during the financial crisis, the NBU’s representatives frequently used their own subjective judgment.

Investors throughout the world demand more transparency from private companies – Grant Thornton

Investors (as well as financial regulators) demand more and more transparency from private companies’ financial accounts. At the same time, more than a half of business owners are sure that increased transparency is one of the main advantages.

FFMS chairman attacks RTS

RTS isn’t paying enough attention to development of its technologies and trading systems, the Federal Financial Markets Service’s chairman Vladimir Milovidov informed yesterday.

GASB Issues Revised Proposal on Service Concession Arrangements

The Governmental Accounting Standards Board (GASB) today issued its revised Exposure Draft (ED) “Accounting and Financial Reporting for Service Concession Arrangements”. The revised ED was unanimously approved for re-exposure.

GASB Issues Preliminary Views on Potential Improvements to Pension Standards

The Governmental Accounting Standards Board (GASB) has issued a Preliminary Views on “Pension Accounting and Financial Reporting By Employers”. The document presents the Board’s current views on what it believes are the most fundamental issues related to recognition and measurement of pension obligations by state and local government employers.