Новости

U.S.-EU Seal Accounting Standards Pact

In the ongoing movement toward the convergence of U.S. and international accounting standards, President Bush and German Chancellor Angela Merkel have sealed an agreement that would clear a path toward a unified set of accounting standards by 2009.

20% of Russian banks are in fact non-bank credit institutions

According to the Russian Federal Law no 395-1 concerning banks and banking activity, the required minimal amount of capital is equal to ?5 million in ruble terms. If less, bank are forced to either stop any further business actively or go on with it, officially being a non-bank credit institution.

SOX Co-Author Supports Tweaking Act, Not Exemption

Former Senator Paul Sarbanes, D-Md., who, as the head of the Senate Banking Committee, co-authored the sweeping Sarbanes-Oxley reform act said he supports developing additional guidance for smaller filers but, not surprisingly, dismisses exempting those companies from compliance with the legislation’s rigid Section 404.

European Commission report on IASB/IASCF governance

The report was submitted to the EU’s Economic and Financial Affairs Council (ECOFIN).

The Agency will pay

In Russia, there will soon be an agency to guarantee rights of former employees of those companies that went bankrupt.

European Parliament resolution opposing IFRS 8

The Economic and Monetary Affairs Committee of the European Parliament has proposed a Parliamentary resolution.

Shares held for more than five years may become exempt from income taxes

A new legislation project was sent to Russia’s government for consideration. It completely exempts the stock market participants from income tax on securities held for 5 years or more.

Senate rejects attempt to weaken Sarbanes-Oxley

The U.S. Senate on Tuesday defeated a Republican attempt to weaken 2002’s post-Enron Sarbanes-Oxley laws by making it optional for many corporations to comply with a controversial section on internal controls.

Russian banks will more easily issue debt instruments

A new legislation project has recently been added to the State Duma of Russian Federation for its further consideration. If approved, the law would allow easier issuing of debt instruments by financial organizations, including banks.

KPMG Files Suit Against Fannie Mae

As expected, KPMG flung some mud of its own back at home mortgage giant Fannie Mae last week, accusing the government-subsidized company of breach of contract and fraudulent misrepresentation -- claiming that the problems leading to Fannie Mae’s $6.3 billion restatement were largely of the mortgage lender’s own making.