Newsline

3 February 2012

It’s time to change rules of taxation for the global banking system – experts

Unrealistic principles of taxation and post-crisis changes in legislation approved to restrict risk exposure of banks and insurance companies cause quite the opposite effects and are not allowing optimal functioning of the global financial system.

3 February 2012

Russian insurers parted with banks

According to recent amendments to the law on organization of insurance business in Russia (which have recently passed their first reading in the State Duma), banks no longer will be able to act as insurance agents. In other words, they won’t be able to sell insurance products.

3 February 2012

CGMA launch focuses on non-financial value, long-term business strategies

A panel of executives meeting in the finance capitals of New York City and London discussed new research Tuesday on the importance of the human dimension and non-financial value in long-term business strategies. The event, hosted by the AICPA and the Chartered Institute of Management Accountants (CIMA), was part of the launch of the organizations’ global designation. The finance executives joined one another by satellite to mark the debut of the Chartered Global Management Accountant (CGMA) designation.

3 February 2012

Bank regulators in Russia fed up with unfair bankers

Banking supervision in Russia will be tightened. This was promised yesterday by the Central Bank’s chairman Sergei Ignatiev at the meeting with representatives of the banking industry. With especially close attention the CB will look after banks which set inflated rates on deposits and give credits to offshore companies, or issue credits secured on very illiquid property.

3 February 2012

AIA qualification recognized in the QCF

The Association of International Accountants (AIA) is delighted to announce that the AIA qualification has now been accepted and recognized within the Qualifications and Credit Framework (QCF) at levels 5, 6 and 7. AIA is the first professional accountancy body to submit, and have units accepted at the higher levels.

3 February 2012

IPSASs being adopted in Russia

The Ministry of Finance of the Russian Federation informs on close-to-completion status of the very last stage of work to prepare official translation of international public sector accounting standards (IPSASs) into Russian.

3 February 2012

IPSASB Publishes International Public Sector Conceptual Framework Consultation Paper For Comment

The International Public Sector Accounting Standards Board (IPSASB)released for comment a consultation paper as part of its project to develop a conceptual framework for the general purpose financial reporting of public sector entities.

1 February 2012

European Commission blocks Deutsche Boerse-Euronext merger

The European Commission prevented creation of the world’s largest stock exchange by blocking the merger between Deutsche Boerse and NYSE Euronext. On that informs the press-service of Deutsche Boerse. It now plans to recall its acquisition proposal.

1 February 2012

Minfin’s “Eurobond” tax may affect ADRs and GDRs

If the Ministry of Finance or the Federal Tax Service keep insisting on “word for word” compliance with the budgetary legislation (where it deals with sources of the state budget’s revenues), then taxation will affect not only Russian issuers of Eurobonds, but also banks and companies – issuers of ADRs and GDRs, together with companies which attracted syndicated loans.

1 February 2012

CB of Russia developed criteria for safe depositories

The Bank of Russia is now finishing its work on the set of requirements for depositories in which banks may safely keep their financial securities. Basically, those requirements deal with ratings assigned to depositories by national and international CRAs.