Новости

“Oil” negotiations

Russia’s largest companies are continuing their negotiations with the Federal Antimonopoly Service on ways to determine competitive prices for oil products. FAS’ chair Igor Artemiev met with top-managers of oil companies this Wednesday - the ones that are being accused in breaking the antimonopoly law. In general, they all agreed with the regulator on the idea to introduce a “limit price” formula that is linked to global prices, and today they are discussing coefficients in that formula.

IASB issues minor amendment to pensions accounting and proposes consequential change for first-time adoption of IFRSs

The International Accounting Standards Board (IASB) today issued a minor amendment to its requirements on accounting for pension plans, and separately published for public comment a proposal to amend IFRS 1 “First-time Adoption of International Financial Reporting Standards”.

IFRIC issues guidance on extinguishing financial liabilities with equity instruments

The International Financial Reporting Interpretations Committee (IFRIC) issued today an interpretation that provides guidance on how to account for the extinguishment of a financial liability by the issue of equity instruments. These transactions are often referred to as debt for equity swaps.

The Financial Reporting of Pensions: ASB issues Feedback and Redeliberations Report on Future Directions

The Accounting Standards Board (ASB) has today issued a report “The Financial Reporting of Pensions: Feedback and Redeliberations”. The objective is to provide the International Accounting Standards Board (IASB) with recommendations on matters it might consider in developing a future financial reporting standard on pensions.

The number of banks in Russia will be cut by 2 in five years

Vice-prime minister Alexei Kudrin promised to introduce a new law project next fall, the one that will increase minimal capital requirements for banks in five years – up to 1 billion rubles. So to say, banks will have to be “billionaires” to live. This means that their number will be decreased approximately by two.

Brokers will become responsible for operations of trading systems

The Federal Financial Market Service proposed to introduce liability of brokers for operations of electronic systems they provide to their clients – withdrawal of a license is also possible. Professional market participants already expressed their disagreement, saying that it is not their fault in most cases of technical failures, so they should not bear sole responsibility for that.

IPSASB Issues Consultation Paper on Reporting on the Long-Term Sustainability of Public Finances

There is a growing understanding that future generations of taxpayers will have to deal with the fiscal consequences of current government policies. Concerns about the ability of governments to meet future service delivery and financial commitments for health, pensions, debt-servicing, and other obligations have long existed, but have increased in the current economic environment.

Global insurance analysts express widespread dissatisfaction with current insurance financial reporting

Insurance analysts across the world believe that a lack of quality and consistency in current insurance reporting is increasingly leading to the under-valuation of a number of the world’s leading insurance companies, according to a new global survey “Making sense of the numbers”, from PricewaterhouseCoopers.

FAS decided to broaden the list of obligatory types of insurance

The Federal Antimonopoly Service of Russia is planning to broaden the list of obligatory types of insurance by introducing the corresponding amendments to the law on organization of insurance business in Russia.

The crisis will be in place for 1-2 years more – A. Kudrin

The attempt of the government to support demand on Russia’s markets restrained financial bubbles, but those logical actions do not necessarily mean that we’re done with the bubbles and their blowing off.