Firm offers to write off half the Ministry of Finance

In return, the Finance Ministry proposed NPF annual financial statements reflect the assets at their last assessment in accounting: assets purchased after July 1, NPF 2008, will be judged on their cost, and for assets purchased before that date, NPF would indicate a value of reporting on June 30. This actually will not commit funds losses incurred in the second half of last year. President of the National Association of Pension Funds (NAPF), Konstantin Ugryumov on the official website said: "I regret to inform you that the abolition of the revaluation will not happen. We have agreed on the content of changes in accounting pronouncements and position on the abolition of re-evaluation with the Ministry and the Finance Ministry, and they agreed with our position. However, the Ministry of Finance holds requires Federal Financial Markets Service as a market regulator to send a letter to the address on the need to cancel the revaluation. " According to Constantine Ugryumova Mr. Milovidov took an uncompromising stance on the issue. Note that Vladimir Milovidov opposes the abolition of the revaluation of assets of NPF, believing that hiding losses may mislead investors. Treasury also proposed APF alternative. In late December, the leaders of the National League of Governors (NLU) and NAPF have received a letter with the explanation director of the department of regulation of state financial control, auditing, accounting and reporting Finance Leonid Schneidman. The ministry believed that if the estimate of the asset in the period from 1 July to 31 December 2008 will not reliably reflect the property condition and financial results of the organization, the asset is reflected in its latest assessment of the accounting. For example, assets acquired before 1 July 2008 can be assessed as at 30 June, and later acquired - at cost. In late November, NLU appealed to Russian President Dmitry Medvedev with proposals to prevent possible negative consequences of the crisis on the pension market. In a letter signed by President NLU Dmitry Alexandrov said that "in connection with the situation in the stock market value of securities quoted on the Stock Exchange, fell several times, some bonds lost quotations, which could lead to bankruptcy of 90% of pension funds and asset managers, working with the means of NPF. "The reason that provokes the bankruptcy of APF and the Criminal Code is an annual revaluation of investments of pension funds in the root does not correspond to the essence of pension money," - said in a letter to Mr. Alexandrov. Some participants in the pension market note that the volume of assets and liabilities revaluation does not affect, and therefore the need to abolish it do not see. They say that the Treasury simply allow NPF to choose between two options. President NPF Sberfond RESO Andrei Neverov said that the letter Finance Minister "has no right to evaluate all assets at June 30, but only provides such an assessment, if necessary, which has yet to substantiate". According to him, NLU and NAPF could calculate a fair price for each asset that funds could use them. "I am not a supporter of the abolition of the revaluation initially. If the revaluation of assets does not hold, the fund will freeze them for a sufficiently long period, - added Mr. Nevers. - As a result, it remains a small part of liquid assets and is unclear on what to earn in the next periods. In turn, the president of the NPF Socium Serhiy Puchkov believes that without the abolition of the revaluation of assets, many foundations will demonstrate insufficiency of reserves for future liabilities: ", respectively, closer to the summer can be shown the final position of the Federal Financial Markets Service: it's clear she is on this basis, revoke licenses SPF or not. "