Новости

MICEX plans to develop new indexes for corporate bonds

During the first quarter of the next year 2008 Moscow Interbank Currency Exchange (MICEX) plans to develop a new set of indexes for corporate bonds. Being one of the largest trading places for that type of financial instruments, MICEX still has only one index for them– RCBI. Management companies are interested in more, in order to compare profitability of mutual investment funds and the market, however, they may be not interested in formation of index funds.

Roundtable on “IFRS for SMEs” ED in Russia

On September 18th, a roundtable dedicated to the Exposure Draft “IFRS for SMEs” took place in the Moscow’s State University – Higher School of Economics (HSE), organized by the National Accounting Standards Board of Russia (NASB).

New Zealand delays IFRS equivalents for small companies

The New Zealand Accounting Standards Review Board (ASRB) and the Financial Reporting Standards Board (FRSB) have announced a decision to delay the mandatory adoption of NZ IFRSs for certain small entities.

Criminal liability for bankers going bankrupt

Russian state corporation – Deposit Insurance Agency (DIA) – proposed new ways to fight illegal assets withdrawal in banks going bankrupt. In addition to subsidiary (appendant) liability of owners and managers, DIA proposed criminal liability as well for accountancy cooking actions. They also think it’s a good idea to allow the Central Bank to duplicate banks’ databases and archives of their documents. Lawyers agree this might prove useful.

Investors support publication of AIU reports

A survey of investors has shown overwhelming support of the accounting watchdog’s efforts to publish its reports of individual audit firms as of next year.

Banks in Russia won’t be able to lower interest rates for deposits

Some market participants say that, after the legislation is approved, banks may compensate this limitation with higher commission fees – for instance, fees for opening time deposits.

AICPA Issues Draft Guide for Airline Industry

The American Institute of CPAs has issued an exposure draft of a proposed audit and accounting guide for the airline industry and is looking for comments.

External audits slam US govt agencies

The US Defence Department and the Department of Homeland Security have failed to meet even basic accounting requirements, according to external audits of their books.

Russian insurance sector await liberalization

Nikolai Tabachkov, auditor of the Accounts Chamber of the Russian Federation, has come with a number of conclusions based on checking the work of the Federal Insurance Supervisory Authority (FISA). According to his observations, Russian insurance sector will soon be liberalized because of transition to the IFRS and the regulator’s plans for its further development. These ideas are represented in the Accounts Chamber’s bulletin, published last Friday on its official website.

EU is concerned about IASB SME proposal

In a presentation on Simplification of the Business Environment for Companies Charlie McCreevy, the European Commissioner for Internal Market and Services, expressed concern about whether the IASB’s Proposed IFRS for SMEs is “simple enough to be applicable for the bulk of SMEs in the EU”.