Новости

ICWAI makes six standards mandatory

The Institute of Cost and Works Accountants of India (ICWAI), the apex body regulating the cost accounting profession in the country, has made six cost accounting standards (CAS) mandatory from April 1, 2010.

Banks await new danger

Until now, the crisis has been developing under the sign of “toxic” assets and subprime mortgages, but soon it may show what else it has under its sleeve. Experts warned of another danger coming from the credit cards bubble which may explode any moment now. This may affect all countries – not only the USA - because exactly like in case of mortgage credits, banks were engaged into restructuring of debts on credit cards with their subsequent selling all over the world.

Medvedev allows circulation of foreign financial securities in Russia

Russia’s President Dmitry Medvedev signed an order on amendments to the laws “On the financial securities market” and “On protection of legal investors’ rights on the financial securities market”. The announcement came today from the President’s press service.

IASB sets out timetable for IAS 39 replacement and its conclusions on FASB FSPs

The International Accounting Standards Board (IASB) today set out a detailed six-month timetable for publishing a proposal to replace its existing financial instruments standard, IAS 39 “Financial Instruments: Recognition and Measurement”. The IASB also announced the results of its 30-day accelerated consultation on the Staff Positions (FSPs) on fair value measurement and impairment published recently by the US Financial Accounting Standards Board (FASB).

AADB puts Mazars under the spotlight

Mazars is being probed by accountancy watchdogs after a complaint from the Pensions Regulator regarding advice it provided to the retirement scheme of wine retailer Threshers.

Banks survived stress-testing

The US Federal Reserve published an announcement with preliminary results of stress-testing of America’s largest banks. According to those results, most of them have enough capital in possession to suffer possible losses in the future. However, if the economic situation gets worse, some will likely need additional capital. Investors reacted positively to the news.

International Public Sector Accounting Standards Board Moves Closer to Global Convergence of Financial Reporting Standards

The International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) is proposing new financial reporting requirements to assist public sector entities in accounting for financial instruments, such as derivatives, bonds, and loans.

GASB Issues “Guide to Implementation of Statement 53 on Derivative Instruments”

The purpose of the guide is to assist preparers and auditors of governmental financial statements and those who advise them in implementing the GASB’s recently issued standard on accounting and financial reporting for derivative instruments.

EU to control rating agencies

According to the new law approved by the European Parliament this Thursday, credit rating agencies (CRAs) will be put under tougher control, and they will all have to pass though a special registration procedure. The ones to be affected in the first place are the “Big Three” companies - Standard & Poor’s, Moody’s and Fitch.

S&P confirms that overdue payments in Russian banks are constantly rising

According to estimations of the international rating agency “Standard & Poor’s” (S&P), share of doubtful and bad debts in Russian banks is big enough (about 20%), and by the end of the year, it may exceed even 30%. S&P doesn’t exclude the possibility that many banks will have to go for debt restructuring, but this won’t lead to massive-scale defaults anyway.