Ukraine’s unique invention, VAT (value added tax) bonds were originally expected to be issued by the government before 1 July 2010. Those long-term financial securities are expected to be used for automatic VAT recovery.
US court again refused to left the freeze on Broco Investments’ account for half a million dollars. To remind you, all operations on that account were blocked earlier this year upon Securities and Exchange Commission’s request.
The Financial Reporting Council (FRC) today publishes its Annual Report for 2009/10, which shows how, in partnership with its stakeholders, the FRC has responded proactively to the financial crisis.
Joint administrators from PricewaterhouseCoopers have announced innovative plans to speed up the process for determining unsecured creditor claims in the Lehman Brothers International (Europe) (LBIE) administration.
The bridge between US and international fair value rules may lie in a third proposal, which could offer account users a convenient means to reconcile the two divergent accounting standards. The International Accounting Standards Board (IASB) and its US counterpart the Financial Accounting Standards Board (FASB) have taken differing approaches to classification and measurement of bank assets; an issue at the centre of accounting issues highlighted by the crisis.
UK Chancellor of the Exchequer George Osborne informed that the Bank of England, currently acting as the country’s Central Bank, would be given exclusive powers to control the whole financial sector.
This week Russia’ government introduced amendments to the law on insurance business in Russia. If approved by the State Duma, they will increase capital requirements, so that insurers will more thoroughly look after their financial condition.
The Association of Regional Banks (ARB) proposed to introduce a new institute in Russia – the one of financial ombudsman to investigate private complaints of banks’ clients (below 100 thousand rubles).
PricewaterhouseCoopers has surveyed a group of investors and analysts to gauge their attitudes toward the different approaches taken by the accounting standards boards to account for financial instruments, including loans.
Ernst & Young faces fresh scrutiny into its audit of Lehman Brothers after the UK’s accounting watchdog announced it would investigate the alleged use of accounting gimmicks by the collapsed US bank.
