Новости

No government’s support unless bonuses are decreased

In times of the crisis, business should be socially responsible, which means that, among other things, bonuses and premiums to top-managers should be lower than usual. During his yesterdays’ meeting with ministers Prime Minister Vladimir Putin said that all proposals to companies in that respect were ready and companies’ governance should keep them in mind. Lowering of premiums and bonuses will be a requirement for obtaining the government’s anti-crisis support, promised chair of the Ministry for Economic Development Elvira Nabiullina.

Deposit insurance agency asked to report on reasons of its multibillion losses

Deputies of Russia’s State Duma are a bit worried with results of the Deposit insurance agency’s (DIA) activities for 2008. Yesterday the Duma’s financial markets committee decided to invite DIA’s chair Alexander Turbanov to report on losses incurred in 2008. DIA representatives didn’t mind; they promised to provide all relevant information, if needed.

Ministries agreed upon ways to control transfer pricing

The Ministry for Economic Development and the Ministry of Finance (aka “Minfin”) finally came to an agreement on how to control transfer pricing in companies.

IASB Responds to G20 Recommendations and US GAAP Guidance

The International Accounting Standards Board (IASB) today responded to recent recommendations of the leaders of Group of Twenty (G20) countries regarding accounting standards and to recent decisions taken by the US Financial Accounting Standards Board (FASB).

PCAOB Discloses Information Related to its International Inspections Program

The Public Company Accounting Oversight Board today published the list of non-U.S. jurisdictions in which there are registered firms that the Board intends to inspect in 2009.

US banks may ask for more

A bit later this month US Treasury is due to publish results of “stress-testing” of largest American banks. This is the way the US government wants to check the banking sector’s ability to handle harder-than-expected economic conditions and to try to estimate their needs for additional capital inflows.

Supervisory boards of public companies in Russia are put under control

Members of the Federation Council of Russia proposed controversial amendments to the federal law “On joint-stock companies”, thus introducing new requirements for members being chosen to companies’ boards of directors. Representatives of business community reacted negatively.

GASB Issues an Invitation to Comment on Pension Accounting and Financial Reporting

The Governmental Accounting Standards Board (GASB) has issued an Invitation to Comment (ITC) on Pension Accounting and Financial Reporting. The ITC is intended to obtain feedback from constituents at an early stage of the Board’s reexamination of its pension accounting and financial reporting standards. Interested parties are encouraged to review and provide input on the ITC by July 31, 2009.

US insurers want to analyze inefficiencies of today’s rating system

The National Association of Insurance Commissioners (NAIC) of the United States has created a group of experts to look for possible reasons of inefficiencies of today’s ratings set by credit rating agencies (CRAs) and their possible consequences.

Russia looks “almost like Africa” to investors

The Emerging Market Private Equity Association (EMPEA) and the “Coller Capital” fund indicate that the financial crisis did not actually scared investors away from developing markets, but what it surely did is a big change in priorities. 78% of those investors are ready to increase their inputs within 5 years, 49% - within the next two years. 35% of those who are not working on developing markets at the moment are ready to do so in 2009-2010.