Новости

NAUFOR to assist Russian stock exchanges

Yesterday chairman of the National Association of Securities Market Participants (NAUFOR) Alexei Timofeev informed about development of a new risk-managements system to be implemented at Russia’s two largest stock exchanges – RTS and MICEX. It is expected that single mechanisms to evaluate reliability of listed companies will be developed.

SEC Finalizes XBRL Requirements

The Securities and Exchange Commission has posted the final version of its rule mandating Extensible Business Reporting Language for public companies.

EC announces plans to crackdown on cross-border tax evasion

The European Commission has adopted proposals for new directives aimed at improving co-operation between member states to help combat tax evasion and fraud. One of the key proposals is that member states would no longer be able use bank secrecy to reject cross border co-operation, according to tax-news.com.

It’s going to be even worse than that

Global economists still fail to predict when the financial crisis will end and with what results. It is the deepest since World War II because of its fundamental nature; it is incomparably widespread, and no actions taken by the world’s governments can do anything to ease its consequences.

Corporate legislation delayed in Russia

The concept of development of corporate legislation in Russia (approved in 2006 with expected two years of implementation) wasn’t implemented in time. Even 1 year ago it was already clear that the program is being introduced into practice much slower than expected – with at least 1-year delay. Today, most amendments to the corporate legislation are still just projects.

FASB Wants More Fair Value Disclosures

The Financial Accounting Standards Board has issued a proposed standard that would require disclosures about the fair value of financial instruments in interim financial statements as well as annual statements.

Premature settlement will be allowed for mortgage credits in Russia

The State Duma’s deputies Vladislav Reznik and Liana Pepelyaeva have introduced a legislation project to allow citizens to settle their mortgage credits prematurely and without any additional fees to be paid to banks. All they will have to do is to inform their banks in advance – for 1 month before the settlement date. However, the project in its current formulation gives no clues on whether borrowers are allowed to settle the whole amount of a credit or only its part.

Problematic banks mock financial accountancy

Almost all problematic banks receiving the government’s anti-crisis financial support are engaged into falsification of financial accountancy – says the Deposit insurance agency (DIA). In theory, they say, it is quite possible that any bank is able to hide real numbers from public for several months in a row.

FASB Plans to Clarify CDOs

The Financial Accounting Standards Board wants to bring more clarity to some of the complex credit derivatives that contributed to the financial crisis.

IEC and JHI Become Full Members of Forum of Firms

Two international networks of accounting firms, IEC and JHI, have been admitted as full members of the Forum of Firms after indicating that they have met the Forum’s membership standards. This includes reporting that they have implemented a globally coordinated quality assurance program, have policies and methodologies based on the International Standards on Auditing (ISAs), and have met other specific ethics requirements.