Новости

Laws that regulate hedge funds in the EU may slow down economic grown

Those annual payments will be mostly due to the fact that all funds will have to provide more information to all interested parties, plus there are some changes scheduled that concern corporate governance and capital requirements. That may sound good, yes, but all positive moments of the changes proposed may be nullified as soon as the industry finds a way to avoid those new requirements.

IPSASB Issues Standard on Agriculture as Part of its Global Convergence Program

The International Public Sector Accounting Standards Board (IPSASB) has taken a further step in its global convergence program with International Financial Reporting Standards (IFRSs), scheduled for completion by December 31, 2009, by issuing International Public Sector Accounting Standard (IPSAS) 27 “Agriculture”. IPSAS 27 provides requirements for accounting for agricultural activity.

The Association of Ukrainian Banks argued with the law project that is supposed to increase banking regulatory capital

The Association of Ukrainian Banks (AUB) proposed its own amendments to the project “On introductions of amendments to certain acts of Ukraine’s legislation (that concern overcoming negative consequences of the financial crisis)”. Their arguments were brought to attention of the Verkhovna Rada (Ukraine’s parliament) where they will be discussed by deputies.

Russia’s finance ministry predicts slow recovery for the economy

It looks like the Ministry of Finance of the Russian Federation is now pessimistic. Speaking at the opening part of the First Russian Economic Congress yesterday its chairman Alexei Kudrin said that the economic crisis was still too far from being over despite many positive economic indicators.

Russia’s State Duma approves easier requirements for investments into the country’s Special Economic Zones (SEZs)

A SEZ is a geographical region that has economic laws that are more liberal than a country’s typical economic laws. The amendments will lower minimal requirements for investments into industrial areas in three times, and in 10 times for investments into port areas.

FASB Issues Proposed Accounting Standards Update - Consolidation (Topic 810):

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) recently affirmed their decision to jointly develop guidance for consolidations of all entities, including entities currently considered variable interest entities.

Calls for global standard on carbon reporting grow

The ICAEW, Carbon Disclosure Standards Board, ACCA and CIPFA have joined forces with other institutes from around the world to urge political leaders to produce a single carbon reporting standard.

Copenhagen climate change summit: ACCA’s eight steps to success

Global economic instability could lead to a decline in direct environmental investments and reduce the rigour of future climate change legislation, asserts ACCA (the Association of Chartered Certified Accountants) in a position paper about the UN Climate Change Conference 2009 (COP 15), which will take place on 7-18 December in Copenhagen.

EU will create 3 financial supervisory authorities

The Council of Finance and Economics Ministers of the European Union, meeting in Brussels on 2 December 2009, agreed on a general approach on draft regulations that would create three new authorities for the supervision of financial services in the EU.

Clients blind on audit quality

The UK’s largest auditors fail to provide enough information to compare one firm’s quality against another. This is the verdict of the regulators, who want audit firms to produce hard facts to back up claims about audit quality amid criticism from investors that it is near impossible to compare one auditor against another.