The European Commission has refused to adopt a new standard on financial assets published by the International Accounting Standards Board (IASB). IASB released its new standard, “IFRS 9 Financial Instruments,” on November 12 after calls from the G20 nations to simplify accounting in this area, which had been exposed during last year’s financial crisis. But […]
Global Glimpses
Posted inRegulatory Enforcement
FSA to Appeal Block on SEC Help
The U.K Financial Services Authority is to appeal a court ruling that blocked its efforts to obtain confidential evidence for the Securities and Exchange Commission. In August, a court ruled that the FSA had overstepped the mark when—acting on a request from the SEC—it tried to force a London accounting firm to hand over confidential […]
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Companies Struggle With Narrative Reporting
U.K.-listed companies are struggling to comply with the country’s narrative reporting disclosure rules, according to a review by the Accounting Standards Board. Two of the biggest problem areas are reporting principal risks and non-financial performance indicators, the review found. These are both areas where previous ASB studies have told companies to do better. ASB chairman […]
Posted inEurope
European IFRS Lessons for U.S. Real Estate Sector
U.S. real estate companies planning for a possible move to International Financial Reporting Standards should learn some key lessons from the experience of their peers in Europe, says a new report from Deloitte. The study, “Experiences from across the pond – Ten lessons from European IFRS conversion in the Real Estate industry,” says a move […]
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Velti Seeks Compliance Calm in Ireland
Mobile phone marketing business Velti is set to become the latest listed company to move its parent organization out of the U.K to escape what it says are growing tax and compliance costs. The company is seeking to move its parent company from the U.K to Jersey and to become tax resident in Ireland. The […]
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U.K. Narrative Reporting Regime Called Disfunctional
U.K.-listed companies have to contend with disclosure demands that are “diverse, disjointed, different, and disfunctional,” according to a Deloitte analysis of annual reports to shareholders. The study, “A telling performance,” argues that listed companies have to navigate “competing disclosure regimes” and calls on the country’s Accounting Standards Board (ASB) to provide some clarity. “Businesses would […]
Posted inAccounting & Auditing
Briefing Compares G20 Exec Pay Rules
Leaders of the G20 nations agreed on a global approach to the governance of executive pay in the financial sector at their recent summit in Pittsburgh, but that does not mean compliance professionals can ignore the national-level requirements that many countries are introducing, according to law firm Freshfields Bruckhaus Deringer. Some observers have criticized the […]
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Regulator Gets Tougher on Fit and Proper Test
U.K. regulator the Financial Services Authority will be getting far more involved in the recruitment decisions made by the firms it regulates, according to a letter it has sent to the CEOs of some 5,000 companies. Firms that want to appoint someone to a “significant influence function” already have to seek approval from the regulator. […]
Posted inAccounting & Auditing
U.K Looks at Audit Cross-Selling Ban
The body that sets ethical rules for U.K audit firms has published its expected consultation paper on the cross-selling of audit services, reopening a debate that has long dogged the accounting profession. The paper is the first step in a process that could lead to new restrictions on the services that accounting firms are allowed […]
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U.K. Protects Audit and Reporting Whistleblowers
The U.K. is extending its whistleblower laws to protect employees who report concerns to the country’s auditing and financial reporting watchdogs. The Employment Rights Act 1996 lists the public bodies to which employees can disclose information about wrongdoing without facing disciplinary action. An amendment to the Act that took effect on October 1 adds the […]