During his speech on the results of the G20 and G8 summits Russia’s President Dmitry Medvedev informed that they had managed to agree upon principles of financial institutions’ bankruptcy and mechanisms to protect taxpayers during that procedure.
The “Group of Twenty” countries vowed to prepare new standards for capital before the next summit which should take place this fall in Korean Seoul – says the final communique of G20.
During the summit in Toronto the “Group of Twenty” failed to approve the idea on coordinated tax on banks which was proposed by many Western nations as a way to compensate part of financial funds that had been spent to support financial institutions during the crisis.
Plans by global regulators to compel banks to set aside billions of dollars in extra capital to cope with future crises are to be pared back after intense lobbying by the industry.
In a letter issued this week, the International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in more than 120 countries, calls for broad and swift action by the G-20 leaders at their June 26-27 meeting in Toronto, Canada, to greatly improve government transparency and accountability as a means toward global fiscal sustainability.
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment a draft standard to improve and align the financial reporting of revenue from contracts with customers and related costs.
Ukraine’s bankers welcomed the changes, also saying that while liquidating a bank or imposing a temporary administration during the financial crisis, the NBU’s representatives frequently used their own subjective judgment.
Investors (as well as financial regulators) demand more and more transparency from private companies’ financial accounts. At the same time, more than a half of business owners are sure that increased transparency is one of the main advantages.
RTS isn’t paying enough attention to development of its technologies and trading systems, the Federal Financial Markets Service’s chairman Vladimir Milovidov informed yesterday.
The Governmental Accounting Standards Board (GASB) today issued its revised Exposure Draft (ED) “Accounting and Financial Reporting for Service Concession Arrangements”. The revised ED was unanimously approved for re-exposure.
