Новости

Joseph Stiglitz criticized Obama’s plan

Creation of the so-called “bad bank” would be a “cash for trash” strategy – said Joseph Stiglitz, the 2001 Nobel laureate in economics. Other initiatives of Mr. Obama do not look so great either – he added.

IASB proposes amendments to IFRIC Interpretations

The International Accounting Standards Board (IASB) published today for public comment proposals to amend IFRIC 9 “Reassessment of Embedded Derivatives” and IFRIC 16 “Hedges of a Net Investment in a Foreign Operation”.

Editorial correction to the press release on IFRIC 18 Transfers of Assets from Customers

The International Financial Reporting Interpretations Committee (IFRIC) issued today an Interpretation that provides additional guidance on the accounting for transfers of assets from customers.

Liquidation of Madoff’s pyramid will cost $500 million

Two banks - the Bank of New York Mellon Corporation and JPMorgan Chase & Company – have recently agreed to transfer 535 million USD to the liquidation committee’s account. This transaction will be considered by the bankruptcy court on February 4th.

IFA acquires Russian Vice President

Yesterday a celebration was held in Hilton Leningradskaya Hotel (Moscow) dedicated to the appointment of Dr. Igor Zhuravlev as a Vice President of the Institute of Financial Accountants.

“Death or glory” awaits IASB

The IASB must resist extreme pressure against a European carve-out from its standards around fair value accounting, and push towards convergence with the US or face going out of existence, warned Accounting Standards Board chairman Ian Mackintosh.

IFAC’s Accounting Education Standards Board Proposes New Framework to Enhance Clarity and Relevancy of Standards

The International Accounting Education Standards Board (IAESB), an independent standard-setting board within the International Federation of Accountants (IFAC), has undertaken a new initiative to enhance the relevancy, clarity and consistency of its standards as well as their applicability to IFAC members and associates.

Goodwill costs too much

European companies have to write down 214 billion USD for overpayments on M&A transactions, which is a record-breaking number for the last ten years. Bloomberg says that the previous “record” was set in 2002, but it was more than twice lower than that (“only” 93 billion USD). In general, companies expect huge write downs of goodwill, and it is another sign of the world’s global economic recession.

“Not guilty”, part 3

Moscow arbitration court satisfied the request of “Ernst and Young Vneshaudit” (Russian branch of the international audit company) to free it from additional tax charges amounting to 390 million rubles.

New SEC Chair Has Doubts about IASB

The incoming chair of the Securities and Exchange Commission, Mary Schapiro, criticized the International Accounting Standards Board and expressed reluctance to move to International Financial Reporting Standards.