Новости

Discussion Paper “The Financial Reporting of Pensions”

The ASB is delighted with this level of response and considers the paper has achieved its first objective of stimulating debate.

New York CPAs Leery of XBRL Deadline for Small Companies

The New York State Society of CPAs submitted comments to the Securities and Exchange Commission on the proposed requirement for filing financial statements in Extensible Business Reporting Language, saying it makes sense for the 500 largest companies to file in XBRL by the end of the year, but that smaller companies should not be held to any deadline just yet.

Trade legislation delayed in Russia

The new legislation project on trade in the Russian Federation which was expected to be approved this summer (or even earlier), hasn’t passed approval of the State Duma’s deputies: Russia’s First Deputy Prime Minister Igor Shuvalov said that the government had taken recommendations of the Ministry of Industry and Energy of the Russian Federation (aka “Minpromtorg”) into account and is ready to wait for a renewed version. The ministry explained that all key changes of the project dealt with softening of antimonopoly regulation and were aimed at further development of retail networks. Fate of the project rests upon results of the government’s struggle with inflation in the second quarter of 2008.

FASB Defers Accounting Model for Lessors

The Financial Accounting Standards Board has decided to defer the development of a new accounting model for lessors, saying the project will now only address lessee accounting.

FASB’s Herz calls for changes to revenue-recognition rules

In an appearance on a Center for Audit Quality panel today in Washington, Financial Accounting Standards Board chairman Robert Herz said U.S. revenue-recognition rules need to be changed because they are too difficult for auditors to apply and for investors to understand.

FRC cautions “inappropriate” development of IFRS

Financial Reporting Council chief executive Paul Boyle made the comment before senior members of the profession who had gathered for the FRC’s annual meeting.

Mechel under heavy fire

By the end of yesterday’s trade session on the New York Stock Exchange, Mechel, a large Russian mining and steel company,  lost it positions dramatically: more than $5 billion of its market capitalization lost, informed “RBC”. After the fall of Mechel’s American depository receipts (ADR), its market capitalization was only 9.51 billion USD – compare it with this Wednesday’s results of more than 15 billion USD. On the Russian “RTS”, shares of the company fell to $22.5 per share, which means a 38.5% loss with only two transactions.

CB to test banks in crisis conditions

The Central Bank of the Russian Federation is worried by how well Russian banks are ready for crisis and how thoroughly they evaluate risks – informed “Kommersant”. In order to check their risk-management procedures, the regulator demands to present insider documentation on methodologies to be employed in crisis situations. Based on the results of those checks, the Bank of Russia is expected to make it mandatory. Experts say that effectiveness of stress testing is yet to be proved, but will obviously result in million dollar losses. The ones who will be better-off are software producers.

EFRAG letter to IASB on work programme and MOU

The European Financial Reporting Advisory Group (EFRAG) has written to the IASB expressing support and also some concerns on the IASB’s work programme and the IASB/FASB memorandum of understanding.

Rospotrebnadzor to check Russian banks closely

Yesterday was the first time representatives of the Federal Service on Surveillance for Consumer rights protection and human well-being (also known as “Rospotrebnadzor”) met bankers in personal. In the second and the third quarter of 2008, the authority is planning to check how consumer credits are issued.