Новости

Chairman Olson Announces His Resignation

Mark W. Olson today announced his resignation as Chairman of the Public Company Accounting Oversight Board. The resignation is effective July 31, 2009.

ASB issues proposals for Improvements to Financial Reporting Standards

The Accounting Standards Board (ASB) has today issued a Financial Reporting Exposure Draft (FRED) of Improvements to Financial Reporting Standards so as to maintain the existing levels of convergence between UK and International Financial Reporting Standards.

Britain survived the recession

“The Independent” announced an end to the recession in Great Britain. According to the National Institute of Economic and Social Research (NIESR), the economy has been rising for the last two months. This means that GB is the first of economically developed countries to survive the crisis, and the recession appeared to be no as scary as it seemed.

Report: Fair Value Guidelines Will Have Muted Impact

A new report from global rating agency A.M. Best said that the mark-to-market guidance recently adopted by the Financial Accounting Standards Board would not impact the balance sheets of insurance companies despite claims to the contrary by those in the capital markets sector.

IFAC Board Organizes G-20 Accountancy Summit; Focuses on Initiatives to Strengthen the Profession

During its meeting in Dublin, Ireland, last week, the Board of the International Federation of Accountants (IFAC) agreed to hold a G-20 Accountancy Summit on July 23-24 in London to obtain the perspectives of accountancy institutes on how the profession can best contribute to strengthening the global financial system.

Basel II delayed in Russia

Introduction of the “Basel II” capital requirements (also know as “The Revised International Capital Framework”), initially scheduled for 2009, is postponed. The financial crisis revealed deficiencies of the international system of banking risk management; besides, Russian banking sector is not ready for serious steps like that at the moment.

FASB Issues Proposed Staff Position FAS 157-g

This proposed FASB Staff Position (FSP) amends FASB Statement No. 157 “Fair Value Measurements” to provide application guidance for estimating the fair value of investments in investment companies that have calculated net asset value per share in accordance with the AICPA Audit and Accounting Guide “Investment Companies”.

U.S. bailout panel: more bank stress tests needed

Bank stress tests should be repeated if the U.S. unemployment rate rises beyond levels assumed by regulators in a recent round of examinations that provided relief to markets, according to a report released by a bailout watchdog panel on Tuesday. The Congressional Oversight Panel said in the report that the stress tests should also be repeated periodically as long as banks continue to hold “appreciable amounts” of toxic assets.

“The truth is out there”

At the International Economic Forum in St. Petersburg the Central Bank, bankers from state-controlled credit organizations and other officials presented different views on how the CB had analyzed financial stability of the banking system in Russia, but what they agreed upon eventually is that there weren’t any catastrophic threats at the moment.

Russian bankers start to impose higher requirements for audits of potential borrowers

Because of constantly increasing share of overdue credits banks are becoming more suspicious to audit reports of their potential borrowers’ financial accountancy. Surprisingly, they aren’t so diligent with their own audits.