Новости

Worse than expected

The financial crisis has got Russia harder than it was initially expected. Gold and currency reserves have fallen by 141 billion USD, budget deficit in 2009 may reach 6% of the GDP value (as the Ministry for Economic Development predicts), and the CB’s deputy chairman Alexei Uljukaev expects a $100 billion outflow of capital. To make things look uglier, payments of Russian companies for foreign obligations may reach 160 billion USD in 2009.

IFRS could increase US corporate tax bills

US companies face paying more tax because international accounting standards rules out a particular form of inventory accounting.

FASB Pressured to Modify Fair Value Rules

Members of the Financial Accounting Standards Board came under pressure to relax fair value accounting rules when banking regulators would not change their capitalization requirements.

Gloomy year for Russia

Facing the crisis, Russia appeared to be among countries which suffered more than others – and, unfortunately, it wasn’t able to remain safe for investors. 2009 may change the situation, creating basis for future economic recovery and growth – or it will be the year of continuing crisis. It all depends on financial regulators - what will be the scenario, what will be the global economy’s condition and whether or not oil prices will finally stabilize.

FASB Issues Proposed Staff Position to Improve the Financial Reporting for Financial Instruments

These two FSPs are proposed to be effective for 2008 year end reporting and are part of the four short-term projects announced by FASB Chairman Robert H. Herz at the December 15th Board meeting that are intended to improve and simplify current practices for accounting for financial instruments.

Mark Allison Elected to Lead IFAC’s International Accounting Education Standards Board

The International Federation of Accountants (IFAC) has appointed Prof. Mark Allison, MA, CA, as Chair of the International Accounting Education Standards Board (IAESB), an independent standard-setting board under the auspices of IFAC. Mr. Allison’s appointment, which has been approved by the Public Interest Oversight Board (PIOB), is for a three-year term, beginning January 1, 2009. The PIOB oversees the IAESB’s activities to ensure that they are properly responsive to the public interest.

Banks will be checked by the Accounts Chamber as well

Apart from the Central Bank of the Russian Federation, banks receiving the government’s anti-crisis aid will be checked by the Accounts Chamber to ensure that funds received by them are spent properly. This “double check” is explained by huge amounts of the government’s aid passing through commercial banks, experts say, also pointing at the fact that this control should first of all be applied to government credit institutions that receive largest amounts.

Law on limited liability companies approved in Russia

This Wednesday Russian government approved the law on limited liability companies (Ltd.) in its third and final reading. The law prohibits managing partners to sell their shares (that is, to leave the entity) unless this possibility is stipulated in that entity’s regulations (charter).

IASB proposes additional disclosures for investments in debt instruments

The International Accounting Standards Board (IASB) today published for public comment proposals to require entities to provide additional disclosures on all investments in debt instruments, other than those classified in the fair value through profit or loss category.

APB issues Revised Guidance on the Audit of Charities

The previous version of PN 11 was issued in 2002 and supplemented by Bulletin 2005/1: “Audit risk and fraud – supplementary guidance for auditors of charities”.