Новости

AIG being saved from bankruptcy

Today the U.S. government authorities are going to announce a plan to save the largest insurance company - American International Group (AIG). Yesterday the company disclosed its financial results for the year 2008 - and showed record-breaking losses amounting to 99.29 billion USD, most of which were incurred in the last quarter (AIG’s net losses were $61.66 billion despite the fact that revenues were also the largest for the whole period – $5.29 billion). In their official announcement AIG’s managers explained this by the global liquidity crisis.

The APB announces its intention to update UK and Irish Auditing Standards for the New International Standards on Auditing for 2010

Following a period of consultation, the Auditing Practices Board (APB) is announcing its intention to update its auditing standards for the new, clarified, International Standards on Auditing (ISAs) issued by the International Auditing and Assurance Standards Board (IAASB).  The new UK and Irish auditing standards will be effective for audits of financial statements for periods ending on or after 15 December 2010.

ICAEW members appeal for help

More than 900 members of the ICAEW have appealed for reduced membership fees as the recession starts to take its toll on the accounting profession. A spokesman for the institute said that the number of members asking for either a reduced or half rate was “approximately 10% more than last year”.

“All right, that’s enough!”

This was announced by presidential aide Arkady Dvorkovich at this Saturday’s economic summit in Krasnoyarsk. “One shouldn’t apply for a help now. The government won’t provide any. Ain’t gonna save anyone. One should take on all responsibilities and start working effectively”, - he said. Another official explained that it was the government’s new strategy.

FASB Retreats on Fair Value for Contingencies in M&A

Dejected by yet another new direction in merger and acquisition accounting, the Financial Accounting Standards Board is taking a major step back in its call for fair value for contingencies.

Commission gets rid of accounting requirements for micro enterprises in major burden reduction for the EU’s smallest companies

The European Commission has put forward a new proposal which would allow Member States to completely abolish financial reporting obligations for the EU’s smallest companies. In a deteriorating economic climate, the new rules are designed to alleviate the regulatory burden on micro entities. The aggregate administrative burden reduction potential is estimated at around ? 6.3 billion. The proposal, which was flagged in the European Economic Recovery Plan in November 2008, now passes to the European Parliament and the Council of Ministers for consideration.

IFAC Board Extends Ian Ball’s Appointment As CEO

Mr. Ball joined IFAC as its Chief Executive in March 2002, having previously served IFAC as Chair of its Public Sector Committee (now International Public Sector Accounting Standards Board) and as a member of its Nominating Committee. Prior to that, Mr. Ball was a Professor of Accounting and Public Policy, an international consultant in public management, an accounting standard setter, and a senior official in the New Zealand Treasury.

EU plans a financial regulation reform

The proposals under consideration deal with creation of new organizations which may potentially become the EU’s new financial regulatory authorities. If so, the European Central Bank’s role will be restricted to supervision over the economy in general, but not over separate credit organizations.

A “toxic fund” proposed by Russia’s financial markets service

At yesterday’s meeting with members of the National League of Management Companies chairman of the Federal Financial Markets Service Vladimir Milovidov proposed Russian managers to create a separate fund (the “toxic fund”) to transfer bonds of troubled companies there. According to him, this may cleanse portfolios of mutual insurance funds and non-state pension funds from bonds with a high default risk, total balance value of which is estimated at 60 billion rubles.

Russian government approves a program for competition development

The plan shifts priorities away from control (including antimonopoly supervision) over business units towards better control over government authorities. Authors of the plan propose to direct the Federal Antimonopoly Service’s resources to checking federal and municipal bodies in order to discover cases of raising unreasoned difficulties to business enterprises with their entrepreneurship.