Новости

Global economy is slowly getting out of the recession – IMF

The global economy is getting out of the recession, but this process will be slow – says the report published by the International Monetary Fund (IMF) this Wednesday.

Europe changes capital requirements

The European Union has announced plans on radical changes in standards on capital adequacy to be applied in banking regulation. In general, rules of regulation will be tougher in times of economic uprises and lower during downfalls. Those changes are just the beginning of a fundamental review of regulation of the banking sector which are a sign of the government’s changed attitude towards the crisis.

Germany, France call for looser accounting, bank capital rules during downturn

German and French finance ministers are calling for looser accounting rules that would allow European banks to follow American rivals and avoid reporting heavy losses on troubled assets they cannot sell.

Accounting in Russia. What Foreigners Should Know

Russian accountancy was modernized some years ago and at first look seems to be very close to international standards like IFRS. In practice, however, things are very different. This comes from a conception that is different on a basic level and also from the very strong influence from the tax authorities. Basically it should be noticed that in Russia the principle “Form over substance” is applicable.

70% of all companies reviewed their risk management strategies

Current economic downfall leads to changes in structure of financial sector companies and lowers financial indicators of their business activity. In response to the financial crisis, most of all commercial organizations (about 70%) introduced fundamental changes to their risk management strategies – shows the latest research by Ernst & Young.

Duma finally approved the “Second antimonopoly package”

Results of the law’s first reading became a subject of intense arguing as the Federal Antimonopoly Service (FAS) tried to extend not only practice, but theory of antimonopoly regulation as well. One should also note that those protests against the regulator were later blurred by other, even more scandalous initiatives of FAS (like, for instance, the way it is participating in development of the law project on trade).

The Financial Reporting Review Panel welcomes improvements in Impairment Disclosures

In December 2008 the Financial Reporting Review Panel wrote to 30 large companies advising them that the impairment disclosures in their next set of financial statements would be subject to review for compliance with IAS 36 “Impairment of assets”. The aim of the project was to stimulate improvements in disclosures about impairment and to test assumptions, given the high importance of this information to investors in current market conditions.

Russia may join OECD even without being in WTO

Not long ago, it became evident that Russia would very unlikely join WTO soon, but it still may join the Organization for Economic Co-operation and Development (OECD) even without jointing the World Trade Organization.

Russia offers even more protection to SMEs

The government is already offering financial support to smaller businesses; it will also make sure that banks provide credits to SMEs at affordable interest rates (annual 13-14%). One problem still remains: smaller entities are often being forced out from auctions where government contracts are sold, but the government promised to take care of that problem as well.

SEC Proposes Measures to Improve Corporate Governance and Enhance Investor Confidence

The Securities and Exchange Commission today voted on three measures that are intended to better inform and empower investors to improve corporate governance and help restore investor confidence.