Новости

Schumer Presses Big Four on Mortgages

Sen. Charles Schumer, D-N.Y., has written letters to the Big Four accounting firms asking what they are doing to let their financial institution clients know about waivers on mortgage accounting standards that could let borrowers refinance their loans.

Russian banks want optimized accounting for credit history

Banks in Russia are no more satisfied by the “one request-one borrower” scheme. The Association of Russian Banks (ARB) asked the Central Bank of the Russian Federation to make needed amendments.

Sri Lanka will move to full IFRS compliance by 2011

It was also announced that Sri Lanka expects to adopt IAS 32 and IAS 39 in September 2007, to be effective in 2009.

Russian Minfin creates an advisory board for financial markets

Till the end this year the Ministry of Finance of the Russian Federation (the “Minfin”) plans to create a new consulting board for financial markets. This new division will be Minfin’s own consultant on key financial reforms issues and will include representatives from the Central Bank, the Federal Financial Markets Service (FFMS), investment banks and exchange markets.

BDO chief and KPMG audit head argue over “quality”

BDO Stoy Hayward managing partner Jeremy Newman has hit out at comments on the audit choice debate made by KPMG’s head of audit, Richard Bennison.

Foreign banks were allowed to enter Russian market

The Central Bank of the Russian Federation allowed a number of western and eastern foreign banks to buy more than 20% of share capital of largest Russian banks.

Fair value accounting a “bubble-blowing” model

“Instead of informing markets through prudent valuation and controlling management excess, “fair” values feed the prices back to the markets”, the academics wrote in the FT.

FFMS tries to attract foreigners to Russian markets

The Federal Financial Markets Service (FFMS) has come up with a better idea on how to attract foreign companies to Russian stock exchange markets. Last Wednesday its chairman Vladimir Milovidov promised to allow them to trade their securities directly. However, it is unlikely that the regulator will be able to force Russian companies to invest into foreign securities by any other way than through offshore zones. Besides, direct trading of securities will likely be chosen by companies from CIS-countries, but not from far-abroad.

FEE’s comments on simplification of financial reporting rules

The European Federation of Accountants (FEE) has published a Background Note on The European Commission’s Communication on Simplification of EU rules on Company Law, Accounting and Auditing.

NASDAQ abandons LSE for OMX

The US NASDAQ stock exchange is planning to sell 31% of shares of London Stock Exchange (LSE). According to its official accouchement, all proceeds from selling will be used to pay for its liabilities due.  However, experts say that the failure to acquire LSA forced US stock exchange to concentrate on attempts to purchase another European bourse – Scandinavian OMX. Otherwise it losses all its chances to enter European market to Bourse Dubai.