Новости

IFRS the way to go for Indian cos in US

It will now be advisable for Indian companies listed on the US stock exchanges to comply with International Financial reporting Standards (IFRS) as spending money on the new US GAAP, which is financial accounting standard FAS 161 is not going to have long-term benefits.

Lehman goes ahead of Enron

Bankruptcy procedure of Lehman Brothers will be  the most expensive in the whole history of the United States: payments to lawyers, attorneys and other participating parties will exceed 900 million USD. It is even more that in case of the Enron’s bankruptcy (“only” 757 million USD). Experts say that, like in case of Enron, many investigations lay ahead for Lehman’s former management staff.

Bank of Russia allowed to trade on stock exchanges

Russia’s President Dmitry Medvedev has signed the law “On introducing amendments to the Federal Law “On the Central Bank of the Russian Federation (The Bank of Russia)” and Section 12 of the Federal Law “On financial securities markets”. The President’s press-service reminded that the law had been approved in its second and third reading by the State Duma on October 23rd 2008 (and endorsed by the Federal Council four days later).

ASB issues Amendments to Permit Reclassification of Financial Instruments

Further to its announcement on 16 October 2008 (in Press Notice 331), the Accounting Standards Board (ASB) has today issued amendments to FRS 26 (IAS 39) “Financial Instruments: Recognition and Measurement” and FRS 29 (IFRS 7) “Financial Instruments: Disclosures” that would permit the reclassification of certain financial instruments.

ICAI issues two accounting norms

The Institute of Chartered Accountants of India (ICAI) has issued the first two accounting standards for local bodies, accounting standard for local bodies (ASLB) 3 “Revenue from Exchange Transactions”, and Accounting Standard for Local Bodies (ASLB) 4 “Borrowing Costs”.

Four myths of the crisis

Experts of the Federal Reserve Bank of Minneapolis have destroyed most widespread myths of the financial crisis concerning the situation with the US economy. It is a known fact that any crisis is a good time for manipulation of public opinion. Sometimes myths are created intentionally, sometimes they appear out of nowhere, and famous politicians together with journalists spread them further.

IAASB Clarity Project Nears Completion

The staff of the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), has released a “Clarity Project Update” to help those with responsibilities relating to audits of financial statements set in motion plans to ensure that audits are effectively carried out under the clarified International Standards on Auditing (ISAs) when the standards come into effect.

FRC reviews Goodwill Impairment Disclosures

The Financial Reporting Council (FRC) has today published the results of a review of information disclosed by a sample of UK listed companies on their testing for impairment of goodwill.

Bankers Call for New Accounting Oversight Board

The dispute between the American Bankers Association and the Financial Accounting Standards Board heated up as ABA president Edward Yingling called for a new accounting oversight board that would hold sway over FASB.

S&P lowers Russia’s sovereign rating

The international rating agency Standard & Poor’s has decided to review Russia’s sovereign credit rating from “stable” to “negative”.