Новости

Deutsche dodges loss thanks to accounting rules

Deutsche Bank dodged a loss in the third quarter of the year thanks to new accounting rules which softened the blow of writedowns that otherwise would have topped 2 billion euros ($2.6 billion).

Russia FAS softens its voice

The Federal Antimonopoly Service (FAS) has been working on legislation to fight anti-competitive behavior for quite a long time. This week, its chairman Igor Artemiev announced most recent conclusions reached by the body’s experts. It appears that FAS has decided to get rid of the notion of “market power abuse” which was initially planned to be added to the law “On protection of competition”. The notion, disliked by Russian businesses from the very beginning, is to be replaced with another: “market dominance”.

Mutual Fund Regulatory Filings to Be Available to Investors Online

The Securities and Exchange Commission has adopted rule revisions to require that mutual funds and other companies seeking exemptions under the Investment Company Act submit their applications electronically. This change will enable investors to access these filings sooner and the Commission to consider them more quickly.

APB issues a Bulletin providing guidance on certain Miscellaneous Reports by Auditors Required by the Companies Act 2006

The purpose of the Bulletin is to provide guidance with respect to those reports and statements required to be made by a statutory auditor (or a person who is eligible to be appointed as statutory auditor) under the Companies Act 2006 that are not dealt with in other Bulletins published by the APB.

Russia’s government takes new steps to fight the crisis

Today the government of Russia is discussing additional responses to negative consequences of the financial crisis. Those discussions were announced yesterday by the Prime Minister Vladimir Putin.

Bank of Russia allows reclassification

Following the current global trend, the Central Bank of the Russian Federation has proposed to allow banks to switch certain financial securities’ portfolios because fair value is seriously pushing their profits down.

Japan to ease accounting rules

Japan will ease controversial accounting rules that are forcing banks to write down the value of illiquid securities, the country’s finance minister said on Tuesday.

FFMS plans to stop trading process in case of any 10% deviation of indexes

The Federal Financial Markets Service has developed mechanisms to stop trading on Russian stock exchanges in cases of rapid falls (or jumps) of basic market indexes. Its chief Vladimir Milovidov announced today that the body was coordinating the project with the Bank of Russia.

“Not guilty”

It looks like a continuous struggle of Russian “PricewaterhouseCoopers Audit” has come to an end: last Friday, Moscow Arbitration Court concluded that the company wasn’t guilty for audits of Yukos. Thus, additional tax charges of 290 million rubles levied on the company may be revoked by the decision of the Supreme Arbitration Court. As for the criminal investigation against PwC, it is already stopped.

FRC publishes feedback on Audit Quality Framework

Recognizing that audit quality is a dynamic concept and that the drivers and indicators of audit quality may change over time, the FRC stated that it will periodically update the Framework in light of comments received. Comments were invited by 30 June 2008 to support the first review; this press notice summaries the comments received.