ASB to issue Amendments to Permit Reclassification of Financial Instruments

At its meeting today the Accounting Standards Board (ASB) approved 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.

GT explained how to survive the credit crisis

In order to minimize losses in times of the crisis, companies should do their best to cut their expenses, accurately estimate credibility of their clients and suppliers, learn the rules of tax minimization and get ready for the worst.

A new fund to repurchase banks’ shares is advised in Russia

The Russian Union of Industrialists and Entrepreneurs (RSPP) has expressed its own vision of implementation of proposed anti-crisis strategies in Russia. For practical realization of those schemes experts from the RSPP advise to create a separate entity – the National stabilization fund for financial markets – which will repurchase shares of financial companies. RSPP doesn’t think it is a good idea to make the Bank for Development and Foreign Economic Affairs purchase all shares by itself because concentration of risks in that case is very likely.

IASB proposes improvements to financial instruments disclosures

The International Accounting Standards Board (IASB) today published for public comment proposals* to improve the information available to investors and others about fair value measurements of financial instruments and liquidity risk.

FRC publishes revised Guidance on Audit Committees

The Financial Reporting Council today published updated Guidance on Audit Committees. The revised guidance encourages audit committees to consider the risks associated with their external auditor leaving the market and to disclose more information about the process by which the auditor was selected in the company’s annual report, and provides guidance on the factors to be considered if a group is considering engaging firms from more than one network to work on the audit.

French parliament approves Sarkozy’s bailout plan for the economy

French lower house of Parliament has approved a plan to maintain the economy’s financial stability. The scheme rests upon provision of 360 billion euros as guarantees for the banking sector that national banks won’t go bankrupt. Apart from that, this measure may potentially “unlock” credit markets.

Russian tax inspections want get rid of loss-making companies

The Federal Tax Service (FTS) demands that its inspection units liquidate all loss-making companies. One of its representatives, chief of field checks department, explained the logic in his interview to the “Accountancy, Taxes and Law” business edition: if an organization fails to increase its profitability even after all inspections, it has to be liquidated by a standard procedure in court.

IASB amendments permit reclassification of financial instruments

The International Accounting Standards Board (IASB) today issued amendments to IAS 39 “Financial Instruments: Recognition and Measurement” and IFRS 7 “Financial Instruments: Disclosures” that would permit the reclassification of some financial instruments.

ABA calls on SEC to override recent FASB guidance on fair value

The American Bankers Association sent a letter today to SEC Chairman Cox requesting that among other things, the SEC override the Financial Accounting Standards Board Staff Position issued last week on how banks and their auditors are required to apply FASB Statement No. 157.

EC told member states how to provide support for their banks

The European Commission has defined a set of restrictions for anti-crisis measures to be possibly employed in the member states of the European Union.

News 5401 - 5410 из 6228
назадназад 1 ... 539 540 541 542 543 ... 623 дальшедальше