Sadly - or gladly, depends on who's asking - the project was withdrawn from the State Duma's agenda. This was officially announced recently by Alexander Koval, deputy and chairman of the All-Russia Union of Insurers and the one who introduced
The Financial Accounting Standards Board (FASB) today issued FASB Statement No. 162 "The Hierarchy of Generally Accepted Accounting Principles". The new standard is intended to improve financial reporting by identifying a consistent framework, or hierarchy, for selecting accounting principles to
World's leading investment banks named ruble the most stable and promising currency and positively advised their client on its purchases. Russian experts say this is a sign that a ruble is step-by-step turning into world's reserve currency.
Securities and Exchange Commissioner Paul Atkins announced today that he intends to leave the SEC following the end of his term. Appointed by President Bush, Commissioner Atkins began the first of two terms in August 2002. He plans to stay
The Association of Russian Banks (ARB) has prepared a set of proposals concerning possible amendments to the Internal Revenue Code of the Russian Federation, sending an official letter to the Minister of Finance Alexei Kudrin. Some of those amendments were
Current accounting rules for insurance companies are so different from those in other industries that they may not show investors the true economic realities the firms are facing, a top international accounting rulemaker said on Tuesday.
XBRL US, the nonprofit group working to develop the Extensible Business Reporting Language in the U.S., said it has finished codifying collections of financial and business terms for U.S. generally accepted accounting principles in XBRL format, along with an accompanying
Desk audit and field audit checks by Russian tax authorities have greatly increased in efficiency, says the Administration Office of the Federal Tax Service - basing its conclusions on formal investigation procedures, thus confirming previously made announcements.
The Office of the Superintendent of Financial Institutions (OSFI) has issued a Notice to All Federally Regulated Financial Institutions (FRFIs) instructing them not to adopt IFRSs early, mainly for regulatory comparability reasons.
Because of low market liquidity, numbers of loss-making credit organizations in Russian banking system has dramatically increased - states the Central Bank of the Russian Federation in its official statistical report for the first quarter of 2008. Mostly small and
Yet at a conference Thursday morning, FASB chairman Robert Herz reminded both investors and preparers that his staff issued an unusual six-page "reminder" back in December 2005 that warned that investments in subprime mortgages were risky. Unfortunately, the title of
Ernst & Young (R&Y) faces many difficulties when embarking on its plan to merge all its European partnerships at the same time, according to the co-head of KPMG Europe, the only accountancy firm to have integrated firms.
More than 90% of all Russian companies have already employed internal audit departments (more than a half of those were created during the last five years while almost one quarter - during 2007) - shows a report based on joined
The Securities and Exchange Commission's Division of Corporation Finance said today that it has completed its review of the Commission's cross-border tender, exchange offer and business combination rules, and has prepared recommendations for consideration by the Commission.
In a report published today, Fitch Ratings said that better disclosure is required as to the rationale, assumptions and sensitivities behind these valuations.
The National Council on Corporate Governance has completed its first issue of the "National corporate governance report". It shows very low transparency of Russian companies and facts of minority shareholders' interest infringements, however, demonstrates "slow but steady" improvements of Russia's
