Новости

Russia’s insurance laws await improvements

Yesterday the Federal Insurance Supervisory Authority’s Advisory council discussed a legislation project, among other things concerning insurance contracts – “RBC Daily” informed. The project, developed by the insurance market’s participants at FISA’s request, is introducing a number of positions not stipulated in the Russia’s current legislation on insurance. For instance, for the first time ever, mechanisms to protect insurees’ interests in case of unfair formulation of an insurance contract are introduced.

Trustees publish proposals on enhancements to public accountability and to IASB composition

The document contains proposals that are dealt with in the first phase of the organization’s five-yearly Constitution Review.

GASB Exposes Proposed Technical Bulletin That Would Provide Guidance Regarding the Annual Required Benefit Contribution for Postemployment Benefits

This document will clarify that the use of actual known amounts for purposes of calculating the annual required contribution (ARC) adjustment relating to pensions and other postemployment benefits (OPEB) is consistent with the intent of existing standards.

SEC against “naked” shorting

This Monday was the day when new regulations against market manipulations by the U.S. Securities and Exchange Commission came into force – the ones prohibiting “naked” short selling (or “shorting”).

Smaller businesses left without credits

The Bank of Russia worries about worsening of quality of corporate credits and toughens control over their issuing. The regulator sent its recommendations to banks, advising to change currently employed approaches for evaluation of borrowers’ financial position. The initiative may potentially exclude smaller entities from the population of borrowers and lead to increase in interest rates for corporate credits. Apparently, this goes against the government’s policy of support for SMEs in Russia.

ARC okays endorsement of 5 IFRSs, defers on IFRIC 12

The European Commission’s Accounting Regulatory Committee (ARC) met on 11 July 2008.

Accountant petition “attracts growing support”

The Association of Chartered Certified Accountants (ACCA) has given its approval to a petition which wants the term accountant to be legally recognized.

FFMS allowed use of futures contracts by management companies

Management companies in Russia will soon be able to use futures contracts to manage assets of mutual investment funds and pension reserves of pension funds – the Federal Financial Markets Service has developed a set of regulations to control risks from possessing those instruments.

FAS to watch state corporations

There will be a control over state corporations in the status of non-commercial organizations in Russia.

Trustees announce conclusions from July meeting in Washington, DC

The Trustees of the International Accounting Standards Committee (IASC) Foundation, the oversight body of the International Accounting Standards Board (IASB), today announced the conclusions reached at their meeting in Washington, DC on 8 and 9 July.