Chief of the Federal Financial Markets Service of Russia Vladimir Milovidov is asking Russian professional market participants to remain calm and to apply weighted approach to information received from global financial markets.
The International Accounting Standards Board (IASB) today issued “Improvements to IFRSs” - a collection of amendments to seven International Financial Reporting Standards (IFRSs) - as its latest set of annual improvements.
The International Auditing and Assurance Standards Board (IAASB) released a proposed new assurance standard that addresses the process of compiling pro forma financial information included in prospectuses. Recognizing the increasingly integrated nature of global capital markets and the importance of pro forma financial information in the public’s investment decisions, the newly proposed standard is designed to enhance public confidence in how such financial information is produced.
British financial regulator – the Financial Services Authority (FSA) – has commenced checking of commercial banks for operations similar to the ones of Goldman Sachs. Largest banks will have to present their accounts on transactions with collateralized debt obligations (CDOs).
The Accounting Standards Board (ASB) has criticized the International Accounting Standards Board’s (IASB) derecognition project, accusing the regulator of potential inconsistencies in its approach to handling accounting for off-balance sheet instruments.
In February 2010, the comment period closed on the Accounting Standards Board’s initial proposals for fundamental reform of UK GAAP. A three-tier approach was envisaged. Broadly, publicly accountable entities would follow International Financial Reporting Standards (tier 1); non-publicly accountable entities would be eligible to apply the IFRS for SMEs (tier 2); and the Financial Reporting Standard for Smaller Entities would remain available to small entities (tier 3).
The International Federation of Accountants (IFAC) and The Prince’s Accounting for Sustainability (A4S) Project have entered into a memorandum of understanding to support the global accountancy profession’s role in developing sustainable organizations.
Germany’s Federal Chancellor Angela Merkel and the International Monetary Fund’s managing director Dominique Strauss-Kahn today warned on possible spreading of Greece’s financial crisis onto other European Union countries.
