Новости

European banks may loose up to 400 billion euro

Potentially, European banks may face 400-billion euro losses this yeas - as it is shown by results of stress testing of the EU’s financial institutions. Representatives of the European Union added, however, that none of the banks would actually go bankrupt because they all had capital above the value provided by international normative standards on minimal banking capital.

Foreign businesses advised to take advantage of Ukraine’s economy being in deep crisis

According to the expert, weakening of local producers and relatively cheaper (in the dollar equivalent) labor force and land stimulate foreign investors to strategically invest into Ukraine’s economy precisely now. Most promising types of investments are export-oriented companies (because of hryvna’s cheapness) and import-substituting ones (because of too high prices for foreign goods).

PwC Updates IFRS vs. GAAP Guide

PricewaterhouseCoopers has released the 2009 edition of its free downloadable guide comparing International Financial Reporting Standards with U.S. GAAP. “IFRS and US GAAP: Similarities and Differences” is designed to improve companies’ understanding of the changes to, and major differences between, the two sets of standards.

Global standards “imperative” - E&Y chief

G-20 recommendations for convergence of global accounting standards have been labeled “imperative” by the global chairman of Big Four firm Ernst & Young.

IFAC Supports G-20 Initiatives

The International Federation of Accountants (IFAC) supports the goals expressed by G-20 Leaders at the Pittsburgh Summit last week to advance “a framework for strong, sustainable, and balanced growth”, which includes reform of executive compensation packages,  the adoption of a single set of high-quality global accounting standards, and increased resources for the World Bank and international development banks. IFAC recommends that these goals remain priorities and that G-20 Leaders act on them at a national level.

European banks don’t want to borrow

The demand for unlimited 12-months credits of the European Central Bank (ECB) under 1%-interest has fallen sharply as compared to 442 billion euro previously borrowed by European banks.

“Second wave” of the crisis already in Russia – S&P

The “second wave” of the financial crisis has long been in Russia already, and the problem is with increasing credit risks – says Elena Romanova, deputy chair of the Standard & Poor’s department for financial institutions. “If the first wave was the liquidity crisis, then the second is the increase of credit risks. We’ve been observing it since December-January, and now it is speeding up”, - she said.

FFMS proposed shareholders’ control over bonuses

The Federal Financial Markets Service (FFMS) wants to introduce a new form of control over bonuses and premiums paid to companies’ top-managers, executive staff in general and members of supervisory boards.

Tweedie tells Europe IAS 39 project is on track

Crucial reforms to replace the controversial accounting standard IAS39 for financial instruments is on track and will be completed by the end of the year, the European parliament has been assured.

Russian banks are facing increasing systemic risks – S&P’s

The banking sector of the Russian Federation is facing increasing systemic risks – says the report published be the international credit rating agency Standard & Poor’s.