Fraudulent financial reporting by U.S. public companies often results in bankruptcy or business failure, according to a new study, and often results in significant immediate losses for shareholders and penalties for executives.
The debt crisis in Europe forced global investors to rethink major pricing mechanisms for financial securities: it appears that corporate financial instruments may be even safer than governments bonds.
The Ministry of Finance and the Federal Insurance Supervision Service of Russia are discussing amendments to the law that provides imposition of temporary administration to insurance companies which are not meeting their obligations.
The Federal Antimonopoly Service of Russia (FAS) is finishing its third “antimonopoly package” which is expected this July. Chairman of FAS Igor Artemiev promised slight liberalization of today’s requirements.
The Senate voted Thursday evening to approve a historic financial regulatory reform bill that would make sweeping changes in how the financial system is regulated.
The Professional Oversight Board has today published its review of the UK professional accountancy bodies’ monitoring of their members who provide non-regulated accountancy services (such as accounts preparation, payroll, tax and bookkeeping but not audit and insolvency work).
The Public Company Accounting Oversight Board (PCAOB) today published a list of more than 400 non-U.S. companies whose securities trade in U.S. markets, but whose PCAOB-registered auditors the Board currently cannot inspect because of asserted non-U.S. legal obstacles.
Analysts of Swiss business school IMD published their traditional rating of competitiveness for global economies this week – the IMD Competitiveness Yearbook, which is an alternative to the World Bank’s estimation of global investment climate.
Greece awaits a wave of loud taxation-related scandals that deal with colossal amounts of taxes underpaid to the budget. According to the finance ministry, local tax inspectors are currently studying financial accounting records of four largest legal firms in Athens.
The Central Bank of the Russian Federation imposes no additional requirements for bank accountancy under IFRS. The only thing it does is periodic publication of its methodological recommendations which aren’t required to follow if the bank has own-developed practice.
