Новости

IMF is short on money

All accumulated resources of the International Monetary Fund (IMF) may be not enough to help all countries in need in times of the financial crisis. Its chief Dominique Strauss-Kahn said that if the crisis got worse a bit further according to expectations, 150 billion USD more would be needed to assist poor and developing countries. Economically developed countries already face shortages with anti-crisis resources, and those developing countries with large gold and currency resources will provide additional financing only in case their influence on the International Monetary Fund increases – experts say.

Another government corporation being created in Russia

On March 2nd Russian government will discuss a new project of creation of a new government corporation (that is, controlled by the state) called “Russian Financial Agency” (RFA). This information is part of the plan which was discussed yesterday.

Indian accounting institute probes PwC

PricewaterhouseCoopers is to be investigated for its role in the accounting scandal that rocked Satyam Computer Services by the Institute of Chartered Accountants of India. The institute regulates the profession in India, and has powers to revoke the firm’s practicing license.

Broker-Dealer Auditors Need to Register with PCAOB

The Public Company Accounting Oversight Board said the financial statements of non-public broker-dealers now need to be certified by PCAOB-registered auditing firms.

Recession is still on

At the very beginning of 2009, world’s leading economists scared investors with even more pessimistic forecasts. According to the report published by “Blue Chip Economic Indicators” last Saturday, the current economic recession that started in the third quarter of 2008 will be the longest ever since World War II. Most of the 52 economists which participated in the survey are pretty sure that recovery of the U.S. financial system will start no sooner than in the middle of 2009 - and more or less evident success will have to wait until 2010.

Congressionally-Mandated Study Says Improve, Do Not Suspend, Fair Value Accounting Standards

The Securities and Exchange Commission today delivered a report to Congress mandated by the Emergency Economic Stabilization Act of 2008 that recommends against the suspension of fair value accounting standards. Rather, the 211-page report by the SEC’s Office of the Chief Accountant and Division of Corporation Finance recommends improvements to existing practice, including reconsidering the accounting for impairments and the development of additional guidance for determining fair value of investments in inactive markets, including situations where market prices are not readily available.

FASB Issues Staff Position FIN 48-3 “Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises”

The Financial Accounting Standards Board (FASB) today issued FASB Staff Position (FSP) FIN 48-3 “Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises”. The FSP defers the effective date of FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” for certain nonpublic enterprises, including nonpublic not-for-profit organizations, for fiscal years beginning after December 15, 2008.

Lehman wants a 6-months delay on bankruptcy

Lehman Brothers Holdings Inc asked the US court to delay presentation of its bankruptcy plan for 6 months in accordance with Sec. 11 of the Bankruptcy Code – referring to huge volume of financial information to be presented and general complexity of the procedure which will take more time than expected.

IASB and FASB announce membership of Financial Crisis Advisory Group

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today announced the membership of the Financial Crisis Advisory Group (FCAG). The FCAG is the high-level advisory group set up by the boards to consider financial reporting issues arising from the global financial crisis. The group includes recognized leaders from the fields of business and government with a broad range of experience in international financial markets.

TARP Bailout Companies Remain a Big Risk

The majority of banks and financial services companies bailed out by the Troubled Asset Relief Program are probably in worse condition than publicly disclosed, according to an new study.