Новости

Canadian financial institutions may not early-adopt IFRSs

The Office of the Superintendent of Financial Institutions (OSFI) has issued a Notice to All Federally Regulated Financial Institutions (FRFIs) instructing them not to adopt IFRSs early, mainly for regulatory comparability reasons.

Audit checks of Russia’s tax services increased in efficiency

Desk audit and field audit checks by Russian tax authorities have greatly increased in efficiency, says the Administration Office of the Federal Tax Service - basing its conclusions on formal investigation procedures, thus confirming previously made announcements.

FASB on Subprime: “We Warned You”

Yet at a conference Thursday morning, FASB chairman Robert Herz reminded both investors and preparers that his staff issued an unusual six-page “reminder” back in December 2005 that warned that investments in subprime mortgages were risky. Unfortunately, the title of the document was not “Investments in Subprime Mortgages are Risky”.

IASB’s Jones: Insurance accounting is broken

Current accounting rules for insurance companies are so different from those in other industries that they may not show investors the true economic realities the firms are facing, a top international accounting rulemaker said on Tuesday.

Russian banks hit by liquidity crisis

Because of low market liquidity, numbers of loss-making credit organizations in Russian banking system has dramatically increased – states the Central Bank of the Russian Federation in its official statistical report for the first quarter of 2008. Mostly small and medium entities are making losses while larger credit institutions demonstrated sharp decrease in their profits (which are, however, still positive for most of them). Experts predict that if the government sticks to its usual “selective” methods of business support, then Russia’s banking system will loose many of its participants.

Recommendations Ready for Commission Action to Facilitate U.S. Investors’ Exercise of Rights in Overseas Mergers and Acquisitions

The Securities and Exchange Commission’s Division of Corporation Finance said today that it has completed its review of the Commission’s cross-border tender, exchange offer and business combination rules, and has prepared recommendations for consideration by the Commission.

Use fair value but disclose more - Fitch

In a report published today, Fitch Ratings said that better disclosure is required as to the rationale, assumptions and sensitivities behind these valuations.

Corporate governance is slowly improving

The National Council on Corporate Governance has completed its first issue of the “National corporate governance report”. It shows very low transparency of Russian companies and facts of minority shareholders’ interest infringements, however, demonstrates “slow but steady” improvements of Russia’s corporate governance.

Market concentration linked to higher audit fees

The research, commissioned by accountants and business advisers BDO Stoy Hayward and conducted by the world-renowned London School of Economics, assesses the consequences for investors, companies and auditors if another big audit firm were to leave the marketplace and the so-called “Big Four” auditors were to become the “Big Three”. It also highlights the potential benefits of increased choice of audit firms.

The Financial Accounting Standards Board and the China Accounting Standards Committee Sign Memorandum of Understanding

The Financial Accounting Standards Board (FASB) and the China Accounting Standards Committee (CASC) have issued a Memorandum of Understanding (MOU) articulating their commitment to strengthen cooperation and communication between the two standards-setting organizations. FASB Chairman Robert Herz and Liu Yuting, member of the CASC and Director-General of the Accounting Regulatory Department of the Ministry of Finance, signed the MOU at an April 18th meeting held at the FASB headquarters in Norwalk, Connecticut.