Новости

FSA should not use “rule book” approach

The Financial Services Authority should not employ a “lengthy a rule book” attitude to address the current financial crisis and should instead work with a principles-based system, says the ICAEW.

Russia creates a body to monitor effectiveness of anti-crisis measures

Russian government ordered the Ministry for Economic Development and related federal-type authorities to present a project to monitor effectiveness of anti-crisis measures.

European ministers take further steps in financial regulation

At the very beginning of the month, a meeting of European finance ministers was held, addressing preparations to the forthcoming meeting of EU summit to take place on June 18-19. At the meeting, ministers considered a number of taxation-related questions, including VAT reform and international tax transparency.

FRC audit plan under fire

Subsidiaries of major banks may escape auditing under new proposals by the UK regulator, which some believe may signal a return to the “light touch” regulation which precipitated the world wide financial crisis, “The Observer” reported.

IFAC Welcomes IOSCO Support of New Clarity ISAs and their Role in Building Investor Confidence

The International Federation of Accountants (IFAC) and the International Auditing and Assurance Standards Board (IAASB) welcome the statement released today by IOSCO on International Standards on Auditing (ISAs) that recognizes the important role of ISAs “in facilitating cross-border securities offerings and listings”.

Federal Reserve plans a massive-scale financial oversight reform

Barack Obama is about to announce a plan to reform the whole system of financial oversight in the US. It is intended to distribute regulatory powers among regulators to eliminate deficiencies of today’s system.

IASB Plans Further Revisions to Impairment Standards

The International Accounting Standards Board is readying new revisions to its standards for accounting for impaired assets in response to pressure from European regulators who have threatened to upset support for International Financial Reporting Standards.

FASB Issues Statements 166 and 167 Pertaining to Securitizations and Special Purpose Entities

The FASB today published Financial Accounting Statements No. 166 “Accounting for Transfers of Financial Assets” and No. 167 “Amendments to FASB Interpretation No. 46(R)” which change the way entities account for securitizations and special-purpose entities. The new standards will impact financial institution balance sheets beginning in 2010. The impact of both new standards has been taken into account by regulators in the recent “stress tests”.

Japan takes major step towards IFRS adoption

Yesterday, the Business Accounting Council (BAC), a key advisory body to the Commissioner of the Financial Services Agency (FSA), approved a roadmap for the adoption of International Financial Reporting Standards (IFRSs) in Japan.

IFC plans 100-million investments into Russian “toxic assets”

Within one year, the International Finance Corporation (IFC) may invest up to 100 million USD into repurchasing of toxic assets of troubled Russian banks. Those assets will be managed by Russian companies. Total investments may reach 1 billion USD.