Новости

FFMS introduces the “CCP” concept

Yesterday the Federal Financial Markets Service (FFMS) published a project of amendments to the law on clearing activity and other regulations. One of the major innovations is the introduction of the so-called “Central Counterparty” (CCP) and more precise definition for bankruptcy of participants of the clearing process.

Accountants Uncertain About IFRS Roadmap

With the comment deadline having now passed for the Securities and Exchange Commission’s proposed roadmap for transitioning to IFRS from U.S. generally accepted accounting principles, accountants and standard-setters are waiting to find out whether the SEC’s new chair, Mary Schapiro, will be willing to adopt the plan pushed by her predecessor, Christopher Cox.

Obama hits “tax heavens” pretty hard

Barack Obama brings back a radical project against tax evasion with the help of offshore zones (“tax havens”). Its meaning may be something more than just simple refilling of the budget because it will contribute to a more balanced post-depression recovery of the economy, say analysts.

European Commission underestimated the threat

European economy is in the middle of the deepest and most massive-scale recession for the whole period since WWII – this is the European Commission’s conclusion about expectation of the EU’s further development in times of the crisis. In January, the body expected a 1.9%-decrease of the Union’s economy, but today’s expectations are a bit worse – minus 4%. For the year 2010, Europe awaits a 0.1%-decrease in GDP instead of initially expected 0.5%-growth.

IFAC Releases 2009 Handbook of International Standards on Auditing and Quality Control

The handbook brings together all the International Standards on Auditing and the International Standard on Quality Control that have been redrafted by the International Auditing and Assurance Standards Board (IAASB) to improve their clarity.

FASB Issues Proposed Staff Position FAS 157-f “Measuring Liabilities under FASB Statement No. 157”

The Board invites individuals and organizations to send written comments on all matters in this proposed FSP. Comments are requested from those who agree with the provisions of this proposed FSP as well as from those who do not. Comments are most helpful if they identify the issues to which they relate and clearly explain the issue or question. Those who disagree with provisions of this proposed FSP are asked to describe their suggested alternatives, supported by specific reasoning.

SEC may put hedge funds under control

The US Securities and Exchange Commission (SEC) should have a right to regulate business of hedge funds – including debt leverage (how much they borrow for profit maximization) and business instruments they have in possession. This is what SEC’s chairperson Mary Shapiro told in her interview to Bloomberg.

FRC encourages SEC to allow US companies the option to use IFRS

The Financial Reporting Council (FRC), the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance, has responded to the US Securities and Exchange Commission (SEC) on its proposed Roadmap on the use of International Financial Reporting Standards (IFRS) by US companies.

New accounting law: billion scale financial relief for small and mediumsized enterprises in Germany

Today the Federal Parliament passed the Act to Modernise Accounting Law (in German: “Bilanzrechtsmodernisierungsgesetz – BilMoG”). This legislation substantially eases financial strains in the economy and strengthens Commercial Code accounting law for competition with international accounting standards. Provisions that are central to the proven, inexpensive and straightforward accounting law of the Commercial Code will be retained. The annual financial statement drawn up under commercial law remains the basis for distributing profits and for calculating profits for tax purposes.

Bankruptcy in two weeks

Russia’s President Dmitry Medvedev signed amendments to the laws “On banks and banking business” and “On insolvency (bankruptcy) of credit organizations”. Those will allow to recognize insolvency of a bank if it fails to settle accounts with its creditors in two weeks after initial demand.