Новости

Obama plans reorganization of financial supervision in the U.S.

This Thursday President Barack Obama announced his intention to improve job done be the U.S. financial regulators to stabilize the economy.

CB is coming to stock exchanges

Yesterday the Moscow Interbank Currency Exchange (MICEX) board of directors approved new rules to allow the Central Bank of the Russian Federation to the trading process – according to those regulations CB becomes a fully legitimate market participant.

APB issues Bulletin on going concern issues during the current economic conditions

The Auditing Practices Board (the APB) recognizes that current economic conditions challenge all involved with annual reports and accounts.

IAASB Nears Finalization of the Clarity Project with the Issuance of Eight Standards

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), moves closer to completion of its Clarity Project today with the release of seven clarified International Standards on Auditing (ISAs) and one clarified International Standard on Quality Control (ISQC), following the consideration and approval by the Public Interest Oversight Board (PIOB) of the due process.

Zero point finally reached

The US Federal Reserve announced yesterday that it had decided to set 0-0.25% as a target because the situation on the labor market is getting worse, and consumer spending together with capital investments and production had also decreased. Financial markets are still unstable and crediting is still very limited.

FASB Issues Proposed FASB Staff Position FAS 141(R)-a “Accounting for Assets Acquired and Liabilities Assumed in a Business Combination That Arise from Contingencies”

The Financial Accounting Standards Board (FASB) today issued proposed FASB Staff Position (FSP) FAS 141(R)-a “Accounting for Assets Acquired and Liabilities Assumed in a Business Combination That Arise from Contingencies”. The proposed FSP would amend FASB Statement No. 141 (revised 2007) “Business Combinations” related to the accounting for assets and liabilities arising from contingencies in a business combination. Constituents have until January 15, 2009, to review and provide comments on the proposed FSP.

GASB Issues Concepts Statement No. 5 “Service Efforts and Accomplishments Reporting” (an amendment of GASB Concepts Statement No. 2)

The Governmental Accounting Standards Board (GASB) today issued Concepts Statement No. 5 “Service Efforts and Accomplishments Reporting” (an amendment of GASB Concepts Statement No. 2). Concepts Statement 5 updates provisions in Concepts Statement 2 in order to reflect developments that have occurred since Concepts Statement 2 was issued in 1994. The proposed changes are based on the findings of extensive research by the GASB and others and the results of the GASB’s monitoring of state and local governments that have been using and reporting service efforts and accomplishments (SEA) performance information.

Ministries disagree on whether there is a recession in Russia or not

Recently the Ministry for Economic Development confirmed a recession in Russia, but the Ministry of Finance denies it. Which one of them is correct, is not known for sure, but it is already obvious that in 2009 GDP will be at least two times smaller than planned.

Russian banks punished for withdrawing financial aid abroad

The Bank of Russia has decided to punish banks which are withdrawing financial aid abroad despite all warnings of Prime Minister Vladimir Putin. In the very beginning of this initiative the CB lowered limits for foreign assets. It appears that each fourth credit organization receiving financial aid violates the new requirements. In general, those are subsidiaries of foreign entities.

EU Extends GAAP Reconciliation Waiver

The European Union has formalized its waiver allowing companies to file financial statements in European markets using U.S. generally accepted accounting principles - as well as the accounting standards of five other countries - without reconciling them to International Financial Reporting Standards.