Новости

FASB Reconsiders Loss Contingencies for Litigation

The Financial Accounting Standards Board took up the controversial question of disclosure requirements for loss contingencies at its latest meeting and decided that companies need to make more disclosures.

IASB proposes to amend the discount rate for measuring employee benefits

The International Accounting Standards Board (IASB) today published for public comment proposals to amend the discount rate for measuring employee benefits. The proposals respond to calls from stakeholders to address a problem that the global financial crisis has made increasingly significant.

UBS traded its amnesty for 4.5 thousand clients

“UBS”, the bank from Switzerland that had problems with the US government for helping its American clients with tax evasion, has settled its disagreements. It won’t pay any fines now as there is an agreement to disclose information on 4450 of its customers. It is a real hit on its reputation, and experts say that it is going to take time to regain it.

New solutions for the crisis

American economists pointed out “fast and simple” ways to solve complicated problems. For instance, they proposed to eliminate the OTC (“over-the-counter”) market for derivatives.

U.S., New Zealand Sign Mutual Recognition Deal

The U.S. International Qualifications Appraisal Board and the New Zealand Institute of Chartered Accountants have entered into a five-year mutual recognition agreement that establishes the basis for reciprocity between the U.S. and New Zealand accounting professions.

EU creates unique tax police

The European Commission proposed to create a new structure within the EU to enforce payment of taxes and to fight with tax evasion. The official pronouncement by the EC informs that this new organization – “Eurofisc” – will allow member states to jointly prevent tax evasion practices.

IMF announces global recovery

Olivier Blanchard, chief economist of the International Monetary Fund (IMF), supposed that global economic recovery had started already. Blanchard’s article on that particular subject is expected to be published soon on the IMF’s official website.

Manipulation in numbers

The Federal Financial Markets Service has come with new proposals of quantitative criteria for price manipulation on financial markets. Those are going to be applied when there is criminal liability for market abuse in Russia (which is not the case yet).

ACCA releases examination results

Results released by the ACCA show that 5,416 students have successfully completed their final examinations to become ACCA affiliates. Students attained the highest pass rate, of 73%, in the Accountant in Business paper.

GASB to Decide on Municipal Bankruptcy Standards

The Government Accounting Standards Board has drafted proposed standards for local government bankruptcies, and is giving interested parties until August 28 to comment.