Новости

EC proposed to spend ?200 billion to revive European economies

The European Commission proposed to spend 200 billion euros to help stagnating economies of the member states. This was announced by its chair Jose Manuel Barroso today.

Charity yields tax preferences

As part of its long-term taxation policy, Russia’s government plans to develop new rules for taxation of non-profit (charity) organizations.

FASB to Issue FSP FAS 140-4 and FIN 46(R)-8

The purpose of this FSP is to promptly improve disclosures by public entities and enterprises until the pending amendments to FASB Statement No. 140 “Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities”, and FASB Interpretation No. 46.

FRC announces new funding arrangements to start in 2009/10

The Financial Reporting Council, the UK regulator responsible for promoting confidence in corporate reporting and governance, has announced new arrangements for funding its core operating activities in relation to accounting, auditing and corporate governance. The changes will come into effect from 1 April 2009.

MICEX and RTS plan to merge

The question whether Russia’s two largest stock exchanges will unite should be solved by their shareholders. It is up to them to decide, and the government should step aside and not intervene – announced today Ivan Oskolkov, chief of the corporate governance department of the Ministry for Economic development.

Russia wants easier foreign investments

Yesterday the All-Russia Union of Insurers published its “Strategy for medium-term development of the insurance business in Russia”. The document was prepared by the Ministry of Finance and approved by the Prime Minister Vladimir Putin. According to it, insurance premiums in 2009 are expected to fall at the rate of 5%, but in all subsequent years, they will rise at 17-20%.

SEC Improves Disclosure for Mutual Fund Investors

The Securities and Exchange Commission today voted unanimously to improve mutual fund disclosure by requiring that funds provide investors with a concise summary - in plain English - of the key information they need to make informed investment decisions. The new summary prospectus will appear at the front of a fund’s prospectus.

BAS sets out next steps on Actuarial Mortality Assumptions

The Board for Actuarial Standards (BAS) received 38 responses to its discussion paper on Actuarial Mortality Assumptions. The BAS has now published an analysis of the responses, which generally indicated that the discussion paper had helped to stimulate debate and that it presented a balanced view.

Cyprus agreed to disclose real owners of Russian offshore companies

A Memorandum of Understanding was signed between the Cyprus Securities and Exchange Commission (CYSEC) and the Federal Financial Markets Service. Vladimir Milovidov, chief of the FFMS, explained that the MoU provides both organizations with a possibility to acquire information from the opposite party on request.

Russia lowers taxes

The massive scale economic crisis has already made the government double its efforts in solving many problems stockpiled for years. Starting from January 1 2009, orientation of the whole system of taxation in Russia will be shifted towards business.