Новости

FASB Issues Exposure Draft on Disclosure of Certain Loss Contingencies

The Financial Accounting Standards Board (FASB) today issued an Exposure Draft (ED) of a proposed Statement of Financial Accounting Standards “Disclosure of Certain Loss Contingencies” - an amendment of FASB Statements No. 5 and 141(R). The proposed Statement would be effective for fiscal years ending after December 15, 2008, and interim and annual periods in subsequent fiscal years.

Financial Reporting Review Panel announces approach to qualified accounts

The FRRP has today announced its approach to the review of accounts whose audit report is qualified for failure to comply with the Companies Act 1985.

“Fidessa” provides online access to Russian markets

Yesterday the “Otkritie” financial company made an announcement that it had connected to the global online trading system “Fidessa”, which means that foreign investor will now have a direct online access to Russian markets. According to the company’s estimates, share of foreigners in its securities markets turnover may reach 20%.

Deutsche Bank is uncomfortable with the new laws of Russia

Starting from June 3rd, the Deutsche Bank’s depository is closed for global depositary receipt (GDRs) of five major mining companies of Russia: “SeverStal”, NOVATEK, “Bashneft”, “Novolipetsk Steel” (NMLK) and “Polymetal”. As a result, investors aren’t able to convert shares of those companies into depositary receipts and vice versa. Deutsche Bank explains its decision by approval of a new legislation in Russia – the one that deals with foreign investments into Russia’s strategic segments of the economy.

IASB forms an expert advisory panel to discuss the valuation of financial instruments in inactive markets

At its May 2008 meeting, the IASB announced its plans for forming an expert advisory panel in response to the recommendations made by the Financial Stability Forum.

Expansion of the MICEX

In order to compete with the RTS’s FORTS section, the MICEX Stock Exchange introduces a bunch of new contracts which should appear before the end of this year – Igor Marich, vice president of the “MICEX, Ltd.” explained to “Kommersant”. “At the end of June, new futures for federal loan bonds will be launched, and in the third quarter, deliverable futures for shares of six more issuers (Sberbank, VTB, “Norilsk Nickel”, Gazprom, Lukoil and Rosneft) will appear”.

CB will closely monitor top-managers of Russian banks

In the nearest future, even more possible reasons for suspension of top-manager’s duties in commercial banks will be added to the list. Those managers to be put under closer supervision are chairmen of banks’ central offices and branches plus chief accountants and their deputies. The Central Bank’s experts proposed to dismiss them even for trying to conceal some information concerning their career or education.

SEC Chairman Cox addresses IOSCO on IFRSs

At the 33rd annual meeting of the International Organization of Securities Commissions (IOSCO) US SEC Chairman Christopher Cox spoke on International Financial Reporting Standards: The Promise of Transparency and Comparability for the Benefit of Investors Around the Globe.

Accounting Standard Makes Execs Rethink M&A Plans

A new accounting standard is giving executives second thoughts about plans for mergers and acquisitions.

Foreigners remain optimistic

Local and foreign investors differ in their estimation of Russian assets – and perspectives of Russia’s market for collective investments. While local mutual finds have been suffering losses for four months in a row, investors from abroad keep strengthening their presence on the market.