The International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) have held their eleventh meeting to review preparations for the convergence with and intended adoption of IFRSs in Japan. Led by Ikuo Nishikawa, Chairman of the ASBJ, and Sir David Tweedie, Chairman of the IASB, the meeting took place on 27 and 28 April 2010 in Tokyo.

The International Accounting Standards Committee (IASC) Foundation released the International Financial Reporting Standards (IFRS) Taxonomy 2010. The 2010 taxonomy is consistent with IFRSs and with the IFRS for Small and Medium-sized Entities (SMEs), and for the first time both have been integrated into a single taxonomy.

Recently there has been an increase in the number of modifications of acquired loans that fall under the scope of the “FASB Accounting Standards Codification”(TM) Subtopic 310-30, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality.

The International Monetary Fund and the European Union will provide joint anti-crisis support for Greece for the amount approximately 110 billion euro.

The financial crisis is over, and Russia’s government is getting back to its “mega” project to create an international financial center out of Moscow. All related orders were issued by Russia’s president Dmitry Medvedev.

The Trustees of the International Accounting Standards Committee (IASC) Foundation and the International Accounting Standards Board (IASB) launched today a programme to enhance investors’ participation in the development of International Financial Reporting Standards (IFRSs).

The proposals would amend the accounting for defined benefit plans through which some employers provide long-term employee benefits, such as pensions and post-employment medical care. In defined benefit plans, employers bear the risk of increases in costs and of possible poor investment performance.

The objective of this Update is to provide guidance on defining a milestone and determining when it may be appropriate to apply the milestone method of revenue recognition for research or development transactions.

Russia’s president Dmitry Medvedev has signed a new law on off-schedule checks of all businesses – large companies and, of course, small and medium enterprises. This will remarkably lower administrative burden on business in Russia as now regulators will have to agree their non-scheduled (irregular) checks of business structures with prosecutors’ offices.

The Federal Financial Monitoring Service, the Bank of Russia, and the Federal Financial Markets Service (FFMS) are together seeking for a solution to the problem of “double reconciliation” of internal control rules in banks that have licenses of professional market participants.