Новости

Anti-crisis policy in Russia

Russia’s President Dmitry Medvedev has signed a federal order that will allow the Central Bank of the Russian Federation to provide unsecured loans to credit organizations which have a credit rating above a certain level and for the period of up to 6 months.

FASB Amends Fair Value Measurements

The Financial Accounting Standards Board has provided new flexibility to allow banks and other financial institutions to re-price their assets during the credit crisis by amending its standard on fair value measurements.

IASB starts work on urgent “reclassification” project

The work begins among IASB members and will go on all week as the board attempts to match work being undertaken by the US standard setter. Reclassification will allow some assets to be moved from “held for sale” to “held for investment” and avoid a fair value.

G7 gives birth to a dead-born bailout plan

Due to general disagreement, it is unlikely G7 will be able to stop sharp decline of stock exchanges. According to the plan approved in Washington this weekend, it is vital to ensure survival of all major financial institutions, to attract investments from both private and public sectors and to guarantee banks’ and other financial institutions’ access to liquid funds. It is important to implement sound national deposit insurance programs, and if necessary, to guarantee proper functioning of secondary mortgage and other financial securities markets.

First “strategic” deals with foreign investors approved by Russia’s government

Russian governmental commission for foreign investors approved two deals in strategic industries last Friday. De Beers acquires 49.99% of the Arkhangelsk diamonds, and Swiss World’s Wing SA under Italian government’s control may get 25% plus 1 share of Sukhoi Company, JSC (of its division of civilian aviation). De Beers will control Arkhangelsk diamonds together with the “Lukoil” oil company, currently possessing 99.37% of its shares. World’s Wing SA will have Sukhoi Company, JSC as its partner for the civilian aviation division.

FASB Issues Exposure Drafts on Going Concern and Subsequent Events

The Financial Accounting Standards Board (FASB) today issued two separate but related Exposure Drafts (EDs) for public comment. The documents contain two proposed FASB Statements, Going Concern and Subsequent Events, intended to improve financial reporting by incorporating accounting guidance that originated as auditing standards into the body of authoritative literature issued by the FASB while converging U.S. generally accepted accounting principles and International Financial Reporting Standards.

Forum of Firms Focus on Audits of Financial Institutions

Over 60 partners from 21 international networks of accounting firms met yesterday to share their experiences, industry insights and current practices for audits of financial institutions at a symposium on the Audit of Financial Institutions organized by the Forum of Firms.  Several panels of experts were assembled with the support of the six large networks to lead discussions on various topics including valuation and impairment, liquidity, market confidence, and going concern.

Trustees support IASB’s accelerated steps on the credit crisis

At their meeting in Beijing today, the Trustees of the IASC Foundation announced their unanimous support for the approach that the International Accounting Standards Board (IASB) laid out last Friday to accelerate its response to the credit crisis.

France plans a new structure to repurchase banks’ shares

A new organization for fast and easy purchasing of any bank’s shares (if it experiences serious troubles because of the financial crisis) is being created in France. This was announced this Wednesday by the prime-minister Francois Fillon.

“Taxation risks” defined

Russia’s Federal Tax Service has added one more to its list of 11 criteria by which companies may estimate the probability of additional tax charges. It is called “administration of financial and economic activity with high taxation risks”.