Новости

Way open for US companies to adopt new accounting standards by 2010

US companies could be producing accounts under international rules in little more than a year, according to detailed plans produced by the Securities and Exchange Commission.

FASB, IASB say they won’t be rushed by G20

Despite efforts by the G20 group of nations to accelerate changes to financial reporting, accounting standard-setters said they will continue their projects as planned in the next few months. “There’s a lot of things already under way”, - Sir David Tweedie, chairman of the International Accounting Standards Board, said at the Current Financial Reporting Issues conference in New York on Monday.

Dmitry Medvedev confirms financial crisis in Russia

Yesterday Russia’s President Dmitry Medvedev confirmed three facts, until now denied by officials. He had to admit there was a crisis situation in Russia in general (1), in the real sector of its economy in particular (2), and that there was a massive unemployment threat (3). For the first time, Russian President disclosed the value of the anti-crisis aid: 5 trillion rubles – which won’t be enough to save the economy according to the opinion of some experts because the government still has to estimate the value of the anti-crisis aid specifically for the real sector industries.

Two more accounting standards approved in Russia

The Ministry of Justice has registered the Minfin’s order, thus officially approving two Russia’s national accounting standards AS 1/2008 “Accounting policies” and AS 21/2008 “Changes in accounting estimates”. Those will be effective starting from January 1, 2009.

Hans Hoogervorst and Harvey Goldschmid to Co-Chair Advisory Group Considering Financial Reporting Issues Arising from Global Economic Crisis

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today announced that Hans Hoogervorst, Chairman of the Netherlands Authority for the Financial Markets (AFM), the Dutch securities regulator and Harvey Goldschmid, former Commissioner of the United States Securities and Exchange Commission (US SEC) have agreed to co-chair the high-level advisory group formed to consider financial reporting issues arising from the global economic crisis.

Robert Bunting Assumes Presidency of IFAC

Leaders of over 100 accountancy organizations worldwide met in Rome on November 11-14 to participate in the International Federation of Accountants’ (IFAC) Board and Council meetings, where they addressed the global financial crisis, convergence to global auditing and ethics standards, and the profession’s role in sustainable development. At the conclusion of the meeting, President Robert Bunting of the United States assumed the IFAC Presidency for a two-year term ending in November 2010. Göran Tidström of Sweden assumed the position of Deputy President.

The Ministry for Economic Development plans a response to the crisis

Russia’s Ministry for Economic Development is almost done with a set of amendments to the existing legislation on financial markets – including tax legislation to lower tax burden on businesses. At the conference held by the Association of European Businesses of the Russian Federation Stanislav Voskresensky, deputy Minister for Economic Development, said that they would be ready with all need legislation projects before the end of December 2008.

Life assurers look to delay new reporting rules to retain profits

Several British life assurers are seeking to delay new financial reporting rules that would sharply reduce their profits and valuations after pressure on their balance sheets from weak stock and bond markets.

E&Y sued over Lehman audit

Executives of Lehman Brothers and their accountants at Ernst & Young have been sued by an investment pool, for more than $150m (£102m).

G20 leaders agreed upon common anti-crisis policies

The solution is stipulated in a communiqué signed by all leader presented at the summit. “We discussed the causes of and policy responses to the global financial crisis, and shared perspectives on scenarios going forward, with a particular focus on ensuring financial stability, supporting global growth and maintaining recent achievements in poverty reduction and social inclusion”, - says the document.