Новости

Russia enters the market of hedge funds

The Federal Financial Markets Service (FFMS) is introducing new rules for funds which form their investment portfolios out of qualified investors’ money. Last week’s Wednesday first deputy chief of the “VTB Asset Managent” company Natalia Plugar told about the FFMS’s new order on asset structure of mutual investment funds of that type. Among other things, the document says about creation of new types of mutual investment funds – a hedge fund having large opportunities to invest in derivatives, and a commodity fund specializing on commodity futures.

GAAP-IFRS.com: important announcement!

IASC Foundation publishes IFRS Taxonomy 2008

The taxonomy is published in the same languages as the IFRS Bound Volume 2008 and includes support material such as the Taxonomy Architecture Paper and the Taxonomy Extenders Guide. The IFRS Taxonomy 2008 represents a complete review of past taxonomies and is also the first taxonomy to undergo an extensive external review by the XBRL Quality Review Team, which comprises experts from the preparer community, securities regulators, central banks, financial institutions and software companies.

SEC to Study Overhauling Financial Disclosures

The Securities and Exchange Commission plans to launch an ambitious project to re-examine how companies and other entities should make financial disclosures to take advantage of the latest technologies.

Russians go for foreign assets

Yesterday the “M&A-Intelligence” analytical group announced that the volume of “mergers and acquisitions” transactions with foreigners (made by Russian companies) amounted to 11.5 billion for the period January-May 2008. Most active (foreign) participants are organizations in metallurgy industry, oil and gas mining industry and building societies.

CB opposes MICEX-RTS merger

Yesterday the Bank of Russia’s deputy chair Konstantin Korishenko criticized possible consolidation of the Moscow Interbank Currency Exchange (MICEX) and the Russian Trading Systems (RTS). In doing that, he strongly opposed the Federal Financial Markets Service (FFMS) which supports merger of Russia’s two largest trade centers.

IFAC Proposes Principles-Based Guidance on Governance and Costing to Drive Organizational Performance

As part of its ongoing commitment to support professional accountants in business and their organizations in enhancing governance and in assessing and delivering organizational performance, the International Federation of Accountants (IFAC) Professional Accountants in Business (PAIB) Committee has released two new proposed International Good Practice Guidance documents for public comment. The proposed guidance addresses evaluating and improving governance structures and use of costing to support effective decision making.

PricewaterhouseCoopers Audit fights back

The case of PricewaterhouseCoopers Audit awaits another consideration. Yesterday the Moscow Arbitrary Court decided to give the company another opportunity to appeal.

Bankers not ready to disclose full value of credits yet

Starting from June 12th, bankers in Russia are required to disclose full value of credits, but it appears that not all of them are ready and are able to meet the Central Bank’s requirements. The Association of Russian Banks (ARB) wants the CB to delay all possible remedies for non-compliance, stating that banks need more time to put their IT-systems in order. Representatives of Russian IT-companies say this may take several days at most. Meanwhile, many banks still do not disclose effective rates on their credits.

IASB Work Plan updated

The IASB today published an updated version of its Work Plan as approved during the June Board meeting.