Новости

Is it possible to cash foreign bank cheques in Russia?

Cashing a foreign cheque in Russia is not cheap. Final tariff consists of three basic parts: fee of the Russian bank (1-2% of the nominal value), fee of the foreign issuer (if it is provided) plus other costs of the Russian bank (post expenses, settlement of accounts with correspondent banks, etc). This all gives approximately 4-6% of the cheque’s nominal value.

Guiding principles for the revision of accounting standards for financial instruments issued by the Basel Committee

The Basel Committee on Banking Supervision released today a set of high level guiding principles to assist the IASB in addressing issues related to provisioning, fair value measurement and related disclosures. As the IASB develops new financial instrument accounting standards, the principles will help it produce standards that improve the decision usefulness and relevance of financial reporting for key stakeholders, including prudential regulators. Moreover, the principles would ensure that accounting reforms address broader concerns about procyclicality and systemic risk.

Germany calls for punishment of banks liable for the crisis

Bankers should pay for the global crisis – approximately that’s what Peer Steinbrueck (Germany’s finance minister) wrote in the letter to his G20 “colleagues”. Besides, German ministry also proposed to develop rules on liquidation and bankruptcy of banks in case the crisis starts all over, also – to pay closest attention to salaries and bonuses paid to top-managers in financial companies.

NBU may prohibit banking fees for non-cash settled currency exchange transactions

The National Bank of Ukraine (NBU) plans to prohibit banks to take fees for non-cash settled currency exchange transactions. That’s what first deputy chairman of NBU Anatoliy Shapovalov told in his interview to “Zerkalo Nedeli”.

Banking secrecy no more

There were times when banking secrecy covered taxation-related information and data on offshore companies, but those are coming to an end. Approximately that was promised yesterday by Angel Gurria, OECD Secretary-General in the article published by “Handelsblatt”. As for Russia, it is generally reluctant to follow the global process: none of its 100+ ministers plan to attend tomorrow’s conference in Mexico.

FASB Issues Exposure Draft for Proposed Accounting Standards Update “Improving Disclosures about Fair Value Measurements”

The proposed Update would improve Fair Value Measurements and Disclosures - Overall Subtopic (Subtopic 820-10) of the FASB Accounting Standards Codification™, originally issued as FASB Statement No. 157 “Fair Value Measurements”.

IVSC issues new guidance on valuing investment property under construction

The International Valuation Standards Council (IVSC) has today issued an exposure draft on the valuation of investment property under construction, broadening its scope beyond the confines of IAS 40 “Investment Property”. Public responses are invited to be submitted by 31 October 2009.

Even more normative standards

The Federal Financial Markets Service (FFMS) intends to introduce four more normative standards on financial stability, mandatory for all professional market participants except banks. Critical values of new standards will differ between different entities depending on type of their business activity, as it is the case with the standard on adequacy of internal funds.

Beware Ripple Effect of Expected Accounting Losses

Some believe the International Accounting Standards Board’s proposed switch from an “incurred” loss model to an “expected” loss model will help smooth out peaks and troughs in bank profits over the economic cycle. But in responding to the IASB’s “request for information” (deadline September 1) they should be careful what they wish for.

ASB issues Amendment to FRS 20 on Group Cash-settled Share-based Payment Transactions

The amendment clarifies both the scope of the standard and the accounting for group cash-settled share-based payment transactions in the separate or individual financial statements of the entity receiving the goods or services when that entity has no obligation to settle the share-based payments transaction.