Новости

Reality bites for BDO Stoy Hayward

BDO Stoy Hayward is to part company with 10% of its partners as turbulent economic conditions caused the UK’s sixth largest firm to reconfigure the partnership.

Germany to retroactively alter bank accounting rule

Germany plans to change an accounting rule for banks that ties up their capital in order to free up liquidity for lending, the government said on Monday.

Bretton Woods celebrates 65

The Bretton Woods system created rules for international monetary exchange in post-WWII surroundings. Today it celebrates 65 years. As a result of that conference held in Bretton-Woods in July 1944, all global currencies’ exchange rates were linked to US dollar (while dollar itself was linked to gold). Also, international financial institutions were created: the IMF and the World Bank.

FFMS sharply increased capital requirements

The Federal Financial Markets Service (FFMS) has sharply increased capital requirements for professional market participants. Depending on a type of business activity, those requirements were increased differently, but in all cases it was at least 3-times increase. This is the way the regulator is trying to stimulate reorganization of the financial market.

50% of financial services companies risk regulatory discipline

Multinational organizations are beginning to feel the business and regulatory imperative to coordinate economic and trade sanctions compliance activities across borders, according to a new study by Deloitte, the business advisory firm.

Bank of Russia decided to protect banks from being excluded from the deposit insurance system

The Central Bank of the Russian Federation wants to keep banks from being excluded from the deposit insurance system even with negative results of their business activity. According to the accounting results for the second quarter of 2009, there is a high risk of expulsion for each forth out of Top-40 Russian banks, but now it looks like they have much less to worry about.

Subsidiaries set to miss out on simplified standards for SMEs

Pressure is mounting on the UK accounting standard setter to ease the regulatory burden on thousands of subsidiaries when it brings in new standards for small and medium sized businesses.

FEE calls for a new approach to setting global financial reporting standards

FEE (Fédération des Experts comptables Européens – Federation of European Accountants) issues a policy statement on financial reporting. Confirming its views that a single set of global accounting standards is needed, FEE explains why convergence should no longer be a key driver in the financial reporting debate.

Seven years in prison for price manipulations

Anti-competitive strategies will be punished by criminal liability in Russia: the State Duma of the Russian Federation has approved the law in its third and final reading. The punishment is prison sentence for up to 7 years. Until now, only fines have been charged for violation of the law.

XBRL filing requirement could cost firms “tens of thousands”

For accounting periods ending after 31 March 2010, corporate tax returns have to be submitted using XBRL, a language that tags financial data and allows comparability. The majority of corporate tax accounts are currently filed using Microsoft Word or Excel.