Новости

Audit in turmoil over “derecognition” standard

Auditors, standard setters and investors stand in disagreement over new accounting rules which guide when companies can remove assets from their balance sheet. The international debate on the standard called “derecognition” has opened fissures within the accounting world with two of the UK’s largest bank auditors disagreeing on fundamental underlying principles, and the world’s two most prominent standard setters heading in different directions.

Greece effect: IFAC calls for transparent govt accounting

International Federation of Accountants (IFAC), a global institution for accountants comprising of over 150 countries, has attributed the escalating sovereign debt crisis in the Eurozone, particularly in Greece, to the opaque government accounting and has called for greater transparency in financial management.

Madoff was possibly “covered” by bankers

New York Attorney General Andrew Cuomo is blaming two former top-manages of the Bank of New York Mellon for hiding the truth on Bernard Madoff’s Ponzi scheme from their clients. According to his office, ex-bankers just were too afraid to loose multi-million compensations.

Russia’s FFMS may join IOSCO

Yesterday chairman of the Federal Financial Markets Service (FFMS) Vladimir Milovidov met with Greg Tanzer, Secretary General of the International Organization of Securities Commissions (IOSCO) to discuss perspectives of Russia joining the international society of securities regulators. To make that possible, Russia first has to approve the law on insider trading which (among other things) should provide the FFMS with access to bank secrecy.

Barnier tells US that Europe is “getting impatient” on accounting convergence

EU markets chief, Michel Barnier, said Europe is “getting impatient” by US progress towards adopting international accounting rules, in a speech in Washington today.

A third of companies now complying with the FSA’s announcements’ rules, says Deloitte

The number of companies including all information required by the FSA’s Disclosure and Transparency Rules (DTR) on companies’ annual announcements has tripled in one year, according to a new survey by Deloitte, the business advisory firm.

SEC, CFTC Announce Creation of Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues

Securities and Exchange Commission Chairman Mary Schapiro and Commodity Futures Trading Commission Chairman Gary Gensler today announced the formation of a joint committee that will address emerging regulatory issues. The establishment of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues was one of the 20 recommendations included in the agencies’ harmonization report issued last year.

Scandinavian economies are the most competitive - WEF

WEF’s experts estimated how well the EU’s followed their obligations on national economies’ development that was agreed upon in 2000. Those agreements - they remind - provided principles for further development, among which were knowledge, fair competition, and increased social guarantees to employees.

Largest stock exchanges of the world agreed to expand “defense mechanisms”

The decision was made in relation to rapidly increasing volatility on global financial markets, a good example of which was demonstrated last week where (as it is assumed) electronic software failure led to a quick-spread panic on American and European markets.

Bankers don’t want to supply militia with confidential information

The State Duma of Russia today discusses amendments to the 26th Section of the law “On banks and banking business” in their first reading. It is proposed to forbid militia (law enforcement authorities in Russia) to demand confidential information on legal entities’ and individual unincorporated entrepreneurs’ accounts from banks.