Новости

Bonuses turn into taxes

90% of bonuses to top managers of companies under financial support of the government should be returned to the budget – decided the US Parliament. The reason for that is a scandal with the AIG group which spent almost $165 million as premiums. One should not really expect a similar law in Russia.

Kudrin awaits second wave of the financial crisis

Today chief of the Ministry of Finance once again disappointed Russian economists. In the nearest future, said Mr. Kudrin, Russian financial system will face a wave of defaults on credits in the real sector of the economy.  He also said that demand stimulated by means of the government’s budget is somewhat artificial and short-term by its nature.

Ministry wants more transparency for natural monopolies

Head of the Ministry for Economic Development Elvira Nabiullina called for development of new information disclosure standards for natural monopolies in 2009. She wants more transparency of their policy in respect to tariffs, so it becomes clear how it is connected with expenses and general efficiency.

ASB Constituents back economic cycle reserving

The idea of an “economic cycle reserve” (ECR) to bolster bank balance sheets, as proposed in the Turner Review, is supported by a wide range of UK investors, auditors and preparers of accounts.

IASB and FASB Launch Public Consultation on a Future Standard on Lease Accounting

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today launched a public discussion on lease accounting by publishing their preliminary views in a joint discussion paper.

Obama didn’t even expect to face problems like that

The US financial system may collapse if largest banks continue to go bankrupt, says President Barak Obama. He noted that there would be big problems if the government didn’t lower risks. And in case a number of large financial institutions fails, many smaller ones will be drowned as well, thinks Mr. Obama.

Moscow scared foreign investors away

In today’s crisis conditions, some countries have more advantages as compared to others in respect to economic development. American experts have drawn up a rating of countries with most favorable business conditions - and it appears that Russia didn’t even make it to top-100.

ASBJ and IASB meet to review progress in achieving convergence in accounting standards

The Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) have held their ninth meeting to accelerate convergence of Japanese generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs). Led by Ikuo Nishikawa, Chairman of the ASBJ, and Sir David Tweedie, Chairman of the IASB, the meeting was held in Tokyo on 11 and 12 March 2009.

IASB clarifies the accounting treatment for embedded derivatives when reclassifying financial instruments

The International Accounting Standards Board (IASB) today clarified the accounting treatment of embedded derivatives for entities that make use of the reclassification amendment issued by the IASB in October 2008.

Bank bailouts intensify IFRS headache

The government’s multi-billion pound package of bank guarantees is set to cause the Treasury an IFRS nightmare, while it also copes with other central departments struggling to get to grips with the standards.