Новости

FFMS blamed for the crisis

The Accounts Chamber of the Russian Federation claims that the Federal Financial Markets Service had all the instruments to effectively fight with the crisis, but failed to notice inefficiency of some problematic companies’ financial accountancy and didn’t pay enough attention to systemic risks.

Banks in revolt over cost of accounting overhaul

A proposed overhaul of bank accounting will cost as much as £225m, take years to com¬plete and do little to prevent a repeat of the factors which brought the world economy to the brink of collapse. That is the verdict of banks preparing to fight moves to bring in a new accounting model aimed at putting a stop to practices seen by regulators as a key ingredient of the credit crunch.

Profession pans plan to postpone IFRS

The taxman’s suggestion to delay new SME accounting standards to help implement new tax IT changes has won little support from the profession.

Reducing Financial Reporting Risk

Deloitte United States has published “Reducing Financial Reporting Risk: It’s More than Fixing Financial Controls”. This “white paper” distills the evaluation of financial reporting risk into three major components.

Ukrainian banks now disallowed to raise interest on credits on their own discretion

Since February 10th, a new law is in force that introduces amendments to a certain number of regulations on the way financial institutions are allowed to change terms and conditions of credit contracts.

Russians interested in NYSE-Euronext

Many Russian companies are interested in listing on NYSE Euronext – told Ronald Kent, the stock exchange vice-president, to Russian journalists after his trip to Moscow. Two weeks ago, trading of “Rusal” shares commenced there.

Professional market participants will be checked against money laundering

The Federal Financial Markets Service reminded participants of public capital markets on necessity to watch for suspicious transactions as it is provided by the law against money laundering and terrorist financing. The regulator plans to pay close attention to enforcement of the law during its checks. In 2009, 30 licenses were revoked precisely for that reason.

Internal Auditors Urged to Heed New SEC Proxy Disclosure Rules

The SEC’s recently issued proxy disclosure rules provide chief audit executives with opportunities to help companies improve their governance and risk management practices, according to the Institute of Internal Auditors.

AICPA Issues Practice Aid on Subsequent Events

The American Institute of CPAs has released a technical practice aid outlining the accountant’s responsibilities for subsequent events in compilation and review engagements.

Federal Reserve switches from anti-crisis programs to simulating ones

The US Federal Reserve is getting ready to abandon all anti-crisis measures in favor of stimulation and another support to help the economy’s recovery. Toughening of credit policy may begin with increasing rates on above-required reserves that commercial banks keep at the regulator’s accounts.