Новости

Public Consultation on “Application of International Financial Reporting Standards (IFRS) in Japan”

Since October 2008, the Planning and Coordination Committee (the Committee) of the Business Accounting Council (BAC) has held discussions on the application of IFRS in Japan.

Minfin plans to set limits on bonuses to top-managers in banks

The Ministry of Finance of the Russian Federation plans to limit bonuses paid to top-managers of Russian banks – and especially the ones receiving the government’s financial support, promised its chief Alexei Kudrin. “The Ministry is working on proposals to be announced in the nearest future”, - he said. This is how Russia is following the scheme already in effect in many economically developed countries where managers aren’t able to set sky-high salaries for themselves.

John J. Brennan Elected Chairman of the Financial Accounting Foundation

The Financial Accounting Foundation (FAF) today announced the election of John J. Brennan as the new Chairman and a member of its Board of Trustees. The FAF is the independent, private-sector organization responsible for the oversight of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

CAQ Releases Internal Control Audit Lessons

The Center for Audit Quality has published a free online reference source for public company auditors with lessons on performing audits of internal control over financial reporting.

New IFAC Guidance on Corporate Governance Addresses Risks and Organizational Accountability

As part of its ongoing commitment to support professional accountants in business and their organizations in enhancing governance and in improving organizational performance, the Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has released a new International Good Practice Guidance document entitled “Evaluating and Improving Governance in Organizations”.

Russian banks hide illegal operations

This Wednesday chief of the Federal Financial Monitoring Service  Yuri Chihanchin disclosed some official data on financial information presented by banks. On average, banks report each 5th transition as “suspicious” – probably in fear of being fined by the regulator. At the same time, really illegal operations aren’t disclosed, so those “suspicious” are actually the ones banks can easily go on with.

Foreign financial securities will be allowed on Russia’s stock exchanges

Yesterday the State Duma’s committee on financial markets recommended deputies to approve a new project in its second reading to be held on February 18th. This one deals with trading of foreign financial securities on Russian stock exchanges.

State Duma’s deputies want to free printed media from VAT

Because of the financial crisis, deputies of the State Duma of the Russian Federation proposed to abandon value added taxation of production and distribution of newspapers and magazines. This provision will be reflected in the law project “On guarantees of economic independence for media” which is now being developed in its committee for public communication policy.

Audit Commission refund for IFRS

The Audit Commission is to use savings from its efficiency programme to help councils, primary care trusts and other local bodies with the cost of moving to International Financial reporting Standards in 2010.

BRIC no more

In 2001, Goldman Sachs came up with the idea to unite the world’s largest developing economies into a group of four, thus creating “BRIC”, a notion that stands for Brazil, Russia, India and China, respectively. Today it is time to think a bit on whether there is indeed much in common between those countries besides the volume of capital inflow and size of their economies – Standard and Poor’s proposed.