Новости

Russia chooses its own path again

Russian government is still reluctant to introduce a new special tax on banks because in its opinion, this would go against the strategy of creating a financial center in Russia. This was announced today by the First Deputy Prime Minister Igor Shuvalov.

No need to wait for the summit

British, French and German governments announced their decision on coordinated introduction of the new tax on banks. On this, British finance minister George Osborne informed yesterday during presentation of the new budget.

European Financial Reporting Advisory Group (EFRAG): Advice on compatibilty of the IFRS for SMEs and the EU Accounting Directives

In following the technical relationship between the International Accounting Standards Board (IASB) - which issues International Financial Reporting Standards (IFRS) - and EFRAG it is important to realise that, at least at present, we are in the presence of a political rather than an accounting debate.

SEC to Publish for Public Comment Proposed Rules for Clearly Erroneous Trades

The Securities and Exchange Commission announced that the national securities exchanges and the Financial Industry Regulatory Authority (FINRA) are filing proposed rules to clarify the process for breaking erroneous trades. The rules would make it clearer when, and at what prices, trades would be broken.

Global regulatory perspectives

The debt crisis in Europe has remarkably pushed forward European and American aspiration to rewrite rules for regulation of global financial markets. On the eve of the forthcoming G20 summit in June, the probability of approval of certain recommendations on regulatory reforms is higher than ever. In this case, an emphasis will be laid on national regulators’ coordination and not on creation of specialized international regulatory bodies, as it was before. Certainly, this approach is more realistic than simple broadening of IMF’s or European Commission’s regulatory authorities.

Madoff managed to hide $9 billion from justice

The legendary founder of the largest Ponzi scheme in history – Bernard Madoff – was lucky to hide about $9 billion before his arrest.

Ukraine and Belorussia outperformed Russia in stability

The “Foreign Policy” magazine and The Fund for Peace have presented their annual rating of the world’s most unstable countries (“The failed states index 2010”). The rating is formed upon open sources of information (according to The Fund for Peace, their number reached 90 thousand this year). 177 countries are estimated at 12 different criteria: safety of their citizens and guests, economic stability, legal rights enforcement, etc.

Annual reports lack governance detail

The information provided in most companies’ annual reports is improving in quality, but many are failing to respond to recent demands for more detailed governance information, according to research by Black Sun.

PCAOB issues staff Q&As on firm annual reporting

The Public Company Accounting Oversight Board today published Staff Questions and Answers concerning a registered firm’s obligation to file its annual report on Form 2.

Ukrainian banks still hope for “VAT-bonds”

Ukraine’s unique invention, VAT (value added tax) bonds were originally expected to be issued by the government before 1 July 2010. Those long-term financial securities are expected to be used for automatic VAT recovery.