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Ernst & Young guide outlines key tax trends in fiscal stimulus packages across the world

As the world economy seeks firm footing amid the first true global recession since World War II, more and more countries are turning to discretionary fiscal stimulus to boost overall demand and restart the flow of credit to companies. And, while spending measures have received more mainstream attention over the last few months, tax measures actually represent 56% of the net effect of fiscal stimulus, according to a recent OECD report.

Crisis created new risks for oil and gas companies – Ernst & Young

The global crisis affected operations of oil and gas companies differently, creating new risks which impose serious threat to the world’s industry. This negatively affects short-term perspectives of oil and gas companies and may compromise their ability to survive. Those are the results of E&Y’s research of the oil and gas sector in 2009.

Obama wants tougher regulation for the OTC market for derivatives

US financial regulators are getting tough on over-the-counter derivatives. Treasury’s chief Timothy Geithner proposed to allow some standard contracts to stock exchanges in order to increase transparency of transactions and to make their participants subject to financial accountancy regulation.

S&P promised the USA would stay with the recession until 2013

According to the international rating agency “Standard & Poor’s”, American banking system may need much more time to recover than expected: one shouldn’t expect that to happen sooner than 2013. One should admit: the global crisis has dramatically changed balance of powers on the global market for banking services – experts say.

FASB Financial Statement Changes Could be Costly

A report by Fitch Ratings calls into question the cost-effectiveness of the improvements in financial statement presentation proposed by FASB and its international counterpart.

Guidance on software revenue recognition

In October 1997, the American Institute of CPAs published Statement of Position (SOP) 97-2 Software Revenue Recognition. SOP 97-21 provides guidance on revenue recognition for software and software-related products. While primarily developed for the software industry, the SOP increasingly applies to other industries in which software has become more than incidental to products and services. While IAS 18 addresses revenue recognition broadly, there is no parallel in IFRSs to SOP 97-2.

PFI projects stay off balance sheet

Most private finance initiative projects could remain off the government’s balance sheet, which would allow hospitals, clinics, schools and waste and local authority projects to be built without going on the government’s capital expenditure totals.

Yet another stress-testing of banks

Although unofficial, there was a stress-testing of the banking sector in Russia, carried out by the Center for economic research of the Moscow University of Industry and Finance. A sample of top-100 banks was taken to estimate their financial stability under three different scenarios: optimistic, moderate and pessimistic. By “financial stability” they meant the ability of a credit organization to create adequate reserves on credits out of profits and funds as well as out of their own capital – without breaking the normative standard on capital adequacy, of course.

Europe Turns the Screw on IASB

European Commissioner Charlie McCreevy has turned the screw on the International Accounting Standards Board, saying there was “growing concern” among European finance ministers about its response to the economic crisis. If the board doesn’t change, its funding will be cut, he threatened.

IFAC’S International Public Sector Accounting Standards Board Launches Review of Cash Basis Reporting in Developing Countries

The International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting board within the International Federation of Accountants (IFAC), has appointed a task force to review the International Public Sector Accounting Standard (IPSAS), Financial Reporting under the Cash Basis of Accounting.