Новости

It may be not safe for banks to buy other banks’ shares

Under current legislation, the Central Bank of the Russian Federation requires commercial banks to decrease the amount of their own funds by the value of their investments into other banks’ shares. Exception is made for cases where less than 1% of targets bank’s shares are purchased and their value does not exceed 5% of the acquiring bank’s capital. Banks are displeased and are trying to find sound arguments against this approach.

FASB Issues Invitation to Comment on Agenda Proposal: Accounting for Insurance Contracts by Insurers and Policyholders

The Financial Accounting Standards Board (FASB) today issued an Invitation to Comment, An FASB Agenda Proposal: Accounting for Insurance Contracts by Insurers and Policyholders, including the IASB Discussion Paper, Preliminary Views on Insurance Contracts. The FASB issued the Invitation to Comment to gather information from its constituents to help decide whether there is a need for a project on accounting for insurance contracts. It also asks whether the FASB should undertake this project jointly with the IASB.

Russian government approves Memorandum for the Bank for development

The Memorandum contains no restrictions on participation of the Bank in investment projects that can be financed by commercial credit organizations. Russian banking society, feeling displeased by the fact, proposes constant monitoring of the Bank’s activities to trace any possible violations.

SEC Chairman Cox Announces Members of Advisory Committee on Improvements to Financial Reporting

Securities and Exchange Commission Chairman Christopher Cox today announced the appointment of the following members to the SEC Advisory Committee on Improvements to Financial Reporting. The advisory committee, established last month, will hold its first meeting on Thursday, August 2, at 10 a.m. at the SEC’s Washington D.C. headquarters.

“Russian Standard” changed its mind

The Federal Antimonopoly Service of the Russian Federation (FAS) is almost done checking the “Russian Standard” bank, one of the largest and influential participants in Russian banking sector. One month ago, it was asked to do so by the General Prosecutor’s Office. It recently announced that most likely its actions forced the bank to change its service conditions and to lower its effective rates on credits.

Investors Oppose SOX Reform

Two-thirds of investors would be concerned about any easing of Sarbanes-Oxley rules, according to a national survey by the Center for Audit Quality, released in conjunction with the five-year anniversary of the legislation.

ICAS qualification heads for Europe

The Institute of Chartered Accountants of Scotland is poised to offer its first CA qualification course outside of the UK.

PCAOB Exposes KPMG Problems

The Public Company Accounting Oversight Board released its report on its 2006 inspection of KPMG’s auditing work, outlining a number of deficiencies.

The General Prosecutors Office will check Russian payment terminals

Last week Pavel Medvedev, deputy chairman of the banking committee of the State Duma of the Russian Federation sent a request to Yury Chaika, Prosecutor General of Russia asking to make sure that individual retail transfer payments made via computerized payment terminals are kept in order.

India announces convergence with IFRSs for public interest entities from 2011

The decision is an important milestone in achieving full convergence with IFRSs as India will join 102 countries which presently require or permit use of IFRSs in preparation of financial statements in their countries.