Новости

FFMS is about to allow direct investments into foreign securities

The Federal Financial Markets Service has approved an order for equal requirements for classification of Russian and foreign financial securities. From now on, foreign issuers receive a possibility of direct access to Russian market, and Russian funds will be able to invest into foreign financial instruments. Also, it is expected that the volume of investments carried out through offshore zones will be decreased.

FASB Accounting Standards CodificationTM Approaches Constituent Verification Phase

The Financial Accounting Standards Board (FASB) today announced its plan for the late-2007 or early-2008 release of the FASB Accounting Standards CodificationTM (Codification) for verification by constituents. During the one-year verification period, the FASB will make the Codification available through a new web-based research system to solicit feedback from constituents to confirm that the Codification accurately reflects existing U.S. generally accepted accounting principles (GAAP) for nongovernmental entities.

Russian Ministry of Finance writes off all debts in liquidated banks

The problem of overdue tax payments, which still persists – long after the well-remembered financial crisis of August-1998 – may be finally solved in nearest future. Minfin (the Ministry of Finance of the Russian Federation) has prepared a law project that may write of these overdue liabilities once and for all, and all taxpayers, whose payments were stuck inside liquidated credit organizations, won’t have to make new payments to the State.

Japan plans oversight of foreign audit firms

The Japanese Financial Services Agency (FSA) has invited comments on proposed regulations (known as Proposed Cabinet Orders and Cabinet Office Ordinances) that would implement revised Certified Public Accountants Laws that were passed by the Diet (Japanese parliament) in June 2007.

Securitization of financial assets under new rules

Vladimir Gusakov, deputy chairman of the Federal Financial Markets Service (FFMS), recently announced that until November 20th, the government planned to introduce an amended version of the legislation for securitization of financial assets. It provides securitization of any monetary rights, including those coming out of possession of securities.

IAASB Issues Exposure Drafts on External Confirmations and the Use of the Work of an Audit Expert

At its most recent meeting in Madrid, Spain in September, the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), approved two sets of new proposals. The first exposure draft addresses concerns about the use and reliability of external confirmations as audit evidence. External confirmations are written responses to the auditor from a third party. The second exposure draft proposes stricter requirements when an auditor uses an expert to obtain audit evidence.

Banks in Russia were given a bit more freedom in interbank crediting

The Central Bank of the Russian Federation is about to allow interbank crediting among members of the same banking group without any restrictions. As Alexei Simanovsky, head of a department in the CB, noted, this comes out of changes in order of calculation of maximum amount of risk per one borrower (or group of affiliated borrowers), the “N6” normative standard. Market participants already predict which bank will most eagerly help its affiliated structure – thinking about “VTB” and its retail subsidiary “VTB 24”, respectively. Also, this might provide population with enough credits and overcome current liquidity crisis.

IFRS one year on – ICAEW assesses implementation

Appointed by the European Commission in 2006 to undertake a study on the first year of implementation across the EU of International Financial Reporting Standards (IFRS) and the Fair Value Directive, the ICAEW has now gone public with its findings.

No deferral for FAS 157 and 159 fair value standards

The US Financial Accounting Standards Board decided not to do a wholesale deferral of the effective dates of FASB Statement 157 “Fair Value Measurements” and FASB Statement 159 “The Fair Value Option for Financial Assets and Financial Liabilities”.

Amendments to the “About banks and banking” legislation finally approved in Russia

A long-discussed set of amendments to the “About banks and banking” legislation was approved yesterday by the State Duma of the Russian Federation during its third and final reading. These amendments will restrain banks from stipulating the possibility of one-sided lowering of interest rates for deposits, shortening terms to maturity as well as increasing commission fees in client contracts.