Новости

State Duma approves the law on joint-stock companies

The amendments are aimed at solving corporate conflicts and maintaining the balance of majority- and minority shareholders’ interests.

Proposals for new FRC funding arrangements

The Financial Reporting Council today publishes proposals for a new basis for funding its responsibilities for accounting, auditing and corporate governance. The need for new funding arrangements follows the Government’s announcement in February 2008 that these costs should in future be funded largely by market participants. At present, the Government pays about a third of these costs, approximately £3.5m a year.

Smaller businesses in Russia will be protected from militia’s checks

Those amendments, explained the minister, will part the Ministry of Internal Affairs and with its powers to check commercial enterprises. “Currently they have those powers, which allows them to intervene in smaller organizations’ business, sometimes without a sound reason”, - said Elvira Nabiullina.

“Rosfinmonitoring” will disclose terrorists

The Federal Financial Monitoring Service is planning to publish a list of legal entities and private individuals who participate in financing of terrorism. Russia’s banking society thinks this might be the way the authority is trying to attract attention to the problem of money laundering. Experts predict that this initiative imposes serious reputational risks to many entities.

FRC issues Guidance on Auditor Liability Limitation Agreements

The Financial Reporting Council (FRC) today published guidance on the use of agreements between companies and their auditors to limit the auditor’s liability, as provided for under the Companies Act 2006.

GASB Issues Statement No. 53 “Accounting and Financial Reporting for Derivative Instruments”

The Governmental Accounting Standards Board (GASB) today issued GASB Statement No. 53 “Accounting and Financial Reporting for Derivative Instruments”. Statement 53 is intended to improve how state and local governments report information about derivative instruments—financial arrangements used by governments to manage specific risks or make investments—in their financial statements.

Russian investors loose foreign securities

Yesterday was the last day for Russian investors to get their portfolios of foreign securities in line with the new requirements by the Federal Financial Markets Service. According to the National Depository Center, investors weren’t able to acquire classification codes for more than 1500 securities. To remind you, starting from today (July 1st), all securities without a code aren’t “securities” anymore, and their holders aren’t able to make transactions with them.

IFRS Date to Be Proposed, Sort Of

Securities and Exchange Commission chief accountant Conrad Hewitt said SEC staff members planned to propose a date for mandating the use of International Financial Reporting Standards by public companies, but the date would not be confirmed for two years, giving accountants some extra leeway.

IFAC’S International Accounting Education Standards Board Addresses Measurement of Continuing Professional Development

Entitled Approaches to Continuing Professional Development (CPD) Measurement, the paper explains the elements of an effective CPD program, examines current practices by accountancy and other professional associations, and discusses approaches to measure a program’s effectiveness.

Consolidation of larger banks allowed in Russia

The Federal Antimonopoly Service (FAS) decided to allow large mergers in the banking sector of Russia. The minimal volume of assets threshold, after which an official permission for merger is required, will be increased from 10 to 14 billion rubles. This was the official announcement of FAS’s deputy chief of the financial markets oversight committee Olga Sergeeva at the conference “Retail banking in Russia” last week. “We’ve received the Central Bank’s data on the volume of banks’ assets – we’re now working on the project”, - she said.