Новости

MICEX introduced two new instruments

This Monday Moscow interbank currency exchange introduced two new instruments into practice. The first one is the pair of currencies USD-Euro for currency conversion operations. Until now, conversion has always been possible only through rubles. The other innovation of MICEX is publication of a REPO’s indicator (that is, the interest rate for REPO operations).

FAS wants to reform Russian insurance sector

The Federal Antimonopoly Service (FAS) of Russia suggested that the Ministry of Finance rewrites the law for insurance companies, adding special professional criteria to evaluate insurers’ financial stability. FAS explains this by the necessity to control risks in the insurance sector of Russia. Insurers themselves are a bit confused why this initiative stems from the antimonopoly service and not from their direct regulator, the Federal Insurance Supervisory Authority (FISA). FISA remains a bit cautious and doubts adequacy of the proposed changes.

SEC Seeks Comment on Circuit Breaker Short Sale Price

As expected, the Securities and Exchange Commission has voted to seek comment on whether to impose short sale price restrictions or circuit breaker restrictions in an effort to promote market stability and restore investor confidence.

GT – “number one” auditor in the USA and Great Britain

Auditors’ professional rating for 2008 shows that Grant Thornton won the first position in 2008. In the USA, Grant Thornton LLP (which is a part of Grant Thornton International) was on top of audit companies (“Public Accounting Report - 2008”). For the first time ever, the lead is taken by a company out of the “Big Four” list.

Russia plans external borrowing

Russian finance minister Alexei Kudrin announced Russia’s plans for external financing in 2010 - and a “road show” scheduled for 2009. “We should probably consider the possibility to enter external financing markets in 2010, and this year, we plan a road show without actual financing in order to get potential investors acquainted with our plans and tasks. We will do this job”, - Mr. Kudrin promised.

Duma protects smaller businesses from excessive supervision

Russia’s State Duma has decided to accelerate the project of amendments to the Federal Law №294. The initiative is planned as protection of smaller entities from excessive supervision, and is now scheduled to come into force on May 1st, which is two months earlier than initially expected.

Texas CPAs: Fair Value Changes Hurt CPA Credibility

The Texas Society of CPAs warned the Financial Accounting Standards Board that FASB’s recently approved changes in fair value accounting standards could damage the credibility of CPAs in general.

Ministry proposed to increase depreciation premium

The Ministry for Economic Development proposed to increase depreciation premium to 50% for companies engaged into investment projects. This was announced by the ministry’s deputy chair Stanislav Voskresensky.

Consolidated taxation for profit taxes will be introduced in 2010

The Ministry of Finance and the Ministry for Economic Development agreed upon amendments to the Internal Revenue Code on consolidated taxation of profits: holding companies will pay taxes on profits by adding all revenues and expenses of companies within it. Turnover inside holdings won’t be taken into account.

FASB Issues Final Staff Positions to Improve Guidance and Disclosures on Fair Value Measurements and Impairments

The FASB today issued three final Staff Positions (FSPs) intended to provide additional application guidance and enhance disclosures regarding fair value measurements and impairments of securities.