Новости

AIC calls for reform of IASB governance

The Association of Investment Companies has urged the International Accounting Standard Board to raise its global accounting standards to improve the quality of financial reporting.

Bank of Russia toughens control over banks’ shareholders

The Central Bank of the Russian Federation plans to toughen control over purchasing of banking shares. The regulator wants to acquire information on changes of banks’ owners on quarterly basis – not once in a year, as it is now. For that, a set of amendments to the law “On securities markets” has been developed. Representatives of the CB explained that the existing practice allowed making transactions with banking shares without any control from the regulator’s side.

US fear IFRS will change executive pay

The warning of the changes, which will add to the workload of finance departments, comes from Deloitte US tax partner Grace Melton.

FM&FM are down by more than 80%

Following this Sunday’s announcement by Henry Paulson, Fannie Mae’s and Freddie Mac’s shares have lost more than 80% in value.

FFMS cancels “Central Depository” project

The Federal Financial Markets Service has officially abandoned the idea of a single system of payments for Russian stock exchanges – informs “Kommersant”. Instead, the proposed “Strategy for development of financial markets of the Russian Federation until 2020” votes for creation of a holding structure instead of the Central Depository. Absence of the CD will lower risks of issuers, but at the same time, will negatively affect foreign investments into Russia.

Accountancy NOS up for review

Standard setting body the Financial Services Skills Council (FSSC) has secured funding for full review of National Occupational Standards (NOS) for accountancy and for payroll administration.

Fannie Mae and Freddie Mac put under control

Henry Paulson, secretary of the U.S. Treasury, officially announced this Sunday that two largest mortgage agencies which have been suffering huge losses for the last several months, are put under the government’s direct managements.

FAS developed criteria for “good” insurers

The Federal Antimonopoly Service of the Russian Federation is on its way to develop common rules for communication between banks and insurance companies (to prevent cartels & collusions, of course). Taking the case of Rosbank (and 27 insurance companies, all accused in violation of the law “On competition”) as an example, FAS has developed its preliminary views on how banks should choose business partners.

Financial instruments with characteristics of equity

Deloitte has submitted a Letter of Comment on the IASB’s Discussion Paper: Financial Instruments with Characteristics of Equity. They strongly support development of a standard addressing how to distinguish between liabilities and equity. They do not support any of the three approaches outlined in the Discussion Paper, but they believe that the basic ownership approach is a suitable starting point.

IFAC’s IPSASB Proposes Modifications to Borrowing Cost Accounting

The International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting board within the International Federation of Accountants (IFAC), is seeking comments on its proposed changes to IPSAS 5 “Borrowing Costs”, set forth in exposure draft (ED) 35 “Borrowing Costs (Revised 200X)”.