Новости

FRC publishes its Fourth Progress Report on the implementation of the MPG recommendations on Promoting Choice in the UK Audit Market

The Financial Reporting Council has today published its Fourth Progress Report on the implementation of the recommendations of the Market Participants Group (MPG) and other relevant developments.

Moody’s worried for “risk-loving” CIS banks

The international rating agency Moody’s is worried by poor quality of risk management practices in Ukrainian, Russian and Kazakh banks.

Russia to approve long-awaited laws on transfer pricing and consolidated taxpayer until the end of the year

A hardly believable announcement was made yesterday by deputy chairman of the Ministry of Finance Sergei Shatalov: the law on transfer pricing, which has long been a subject for very intensive discussions and speculations, will be approved by the State Duma until the end of the year.

Ernst & Young highlights insurance sector lessons learned from the financial crisis

While the insurance sector has been less directly impacted by the recession in comparison to other financial services businesses, most insurance companies were surprised by the depth and magnitude of the downturn, according to a new report from Ernst & Young.

Accounting boards try to reconcile fair value views

U.S. and international accounting rulemakers still disagree on a controversial proposed expansion of mark-to-market accounting rules, but said on Monday they would explore ways to allow investors to make easy comparisons if their final rules differ.

IASB recruits expert panel

The International Accounting Standards Board (IASB) is advertising for candidates to take part in an expert panel aimed to report back on issues on a proposed expected cash flow approach.

Federal Reserve asked banks to prove effectiveness of their bonus schemes

At the end of last week, the US Federal Reserve published its program to restrict bonuses in the banking industry. American regulators decided to abandon the mechanism that was proposed by the Financial Stability Board (FSB) this September, later approved at the G20 meeting.

NBU introduces corrections to interbank currency operations

The National Bank of Ukraine toughened requirements for “forward”-type foreign currency operations on the interbank market. The corresponding amendments to the NBU’s order №416 (from July 21, 2009) is effective since yesterday (October 26).

Companies scared of changes

The year 2009 brought back long-forgotten fears related to taxation policy of the government of Russia. During the course of its annual research of taxation-related issues in the Russian Federation Ernst & Young surprisingly found out that 96% of all surveyed companies see the main difficulties that come ahead exactly in changes of tax legislation - or changes in its interpretation by regulatory authorities. In 2008, only 67% of companies were afraid of such perspective, 74% - in 2007.

PCAOB Mulls New Related-Party Standards

Worried that corporate auditors are being duped by widespread related-party transaction frauds, officials at the Public Company Accounting Oversight Board are considering new standards establishing stiffer and more specific requirements for accountants who encounter these arrangements.