Новости

Militia will stay away from smaller business in Russia

This Monday Russia’s government presidium approved legislation projects potentially capable of lifting administrative barriers for smaller entities. State control over entrepreneurs will be eased, and procedures to open a new business will be simplified. In fact, you may become a businessman in one day.

CESR Publishes For Consultation A Statement On Fair Value Measurement And Related Disclosures Of Financial Instruments In Illiquid Markets

CESR launches today a consultation on a statement entitled “Fair value measurement and related disclosures of financial instruments in illiquid markets” (Ref. CESR/08-437). This statement allows CESR, as an organization composed of securities regulators and enforcers, to stress the importance of appropriate application of measurement and disclosure requirements.

FRC Quarterly Strategic Progress and Planning Report

The Financial Reporting Council (FRC), the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance, has today published a report on its work in the April-June quarter of its 2008/09 year, together with expected developments in the current quarter.

Russia will control foreign investments from both sides

Russia’s going to pay close attention to foreign investments. Two bodies are to be created soon for control purposes: a government’s committee chaired by Prime Minister Vladimir Putin and a special division of the Federal Antimonopoly Service (FAS). The decision on their creation was made last week. It is still unclear how the authorities will cooperate – as many say, only “time will show”. However, experts predict that it is very unlikely the Prime Minister will let anyone else decide future of Russia’s strategic industries.

European Statement on the current market turmoil

EFRAG, the ASB in the UK, the CNC in France and the GASB in Germany have discussed the considerable difficulties many capital and other financial markets have experienced over the last months and do not believe that financial reporting has caused the crisis as some have claimed.

IFAC Program Sparks Initiatives to Strengthen the Accountancy Profession and Achieve Convergence to International Standards

The International Federation of Accountants (IFAC) Member Body Compliance Program, launched four years ago, has reached a major milestone in its mission to encourage accountancy organizations worldwide to work together with their members, regulators, standard setters, and other key stakeholders to strengthen the profession… The Compliance Program is now in this third phase and, today, the actions plans of IFAC members from six countries were publicly released on the IFAC website.

Rating agencies accused of misconduct

After extensive 10-months research the US Securities and Exchange Commission (SEC) pointed at three world’s leading credit rating agencies - Moody’s Investors Service, Standard & Poor’s and Fitch Ratings. The problem is indicated in the SEC’s report, but no solution is proposed.

MICEX asks to stop cancellation of banking licenses for money laundering

This Wednesday president of the Moscow Interbank Currency Exchange (MICEX) Alexei Mamontov sent a letter to Russia’s president Dmitry Medvedev advising him to stop cancellation of licenses of banks caught in violation of anti-money laundering legislation.

SEC, FRB Sign Agreement to Enhance Collaboration, Coordination and Information Sharing

Securities and Exchange Commission Chairman Christopher Cox and Board of Governors of the Federal Reserve System Chairman Ben Bernanke today signed a memorandum of understanding (MOU) between the two agencies that will deepen their information sharing and cooperation, permitting both agencies to better perform their responsibilities.

US set to adopt first international standard

The US standard setters are set to adopt their first IFRS rule wholesale into US accounting, in the form of IAS 12, which deals with tax.