*/ /*–>*/ The European Commission has told the audit profession that it faces a major overhaul later this year, warning that “the status quo is not an option.” Speaking at an event on the future of auditing in Brussels, Internal Market Commissioner Michel Barnier, the man responsible for regulating the profession in Europe, said action […]
Neil Baker
Posted inFrom the Archive
United Kingdom Refuses to Change iXBRL Deadline
*/ /*–>*/ The U.K. government has rejected an eleventh-hour plea from the accounting profession that it delay the introduction of compulsory iXBRL filing of company returns, which is due to start from April 1. Six accounting bodies joined forces to warn the government last week that the move was “imposing unacceptable burdens on business,” but […]
Posted inEurope
European Tax Plan Would Up Compliance Costs
Ambitious plans to create a common corporate tax base across Europe would increase companies’ compliance costs by an average 13 percent, rather than reduce them as planned, according to a study by accountants Ernst & Young. Germany and France are leading the charge to introduce what they argue would be a far simpler way for companies to […]
Posted inAnti-Bribery
OECD Attacks U.K. Bribery Delay
*/ /*–>*/ The Organization for Economic Cooperation and Development has criticized the United Kingdom’s decision to delay the start date of its long-awaited anti-bribery laws, branding the move “very disappointing.” Mark Pieth, chairman of the OECD’s working group on bribery, said U.K. companies could be put on a corruption “blacklist” if the laws were not […]
Posted inRisk Management
Regulator Warns on Risk Disclosure
*/ /*–>*/ A corporate reporting regulator has warned U.K.-listed companies to rethink the way they give shareholders information about their main risks and uncertainties. The Financial Reporting Review Panel issued its warning after deciding that too many companies were not complying with their legal responsibilities in this area. The panel said it had recently “challenged […]
Posted inFrom the Archive
South Africa Takes Lead on Integrated Reporting
*/ /*–>*/ South Africa has published what it says are the world’s first guidelines for companies on how to produce “integrated” shareholder reports that have a far wider scope than traditional financial accounts. Its authors say the guidance will be relevant to public companies around the world, which are under pressure to give stakeholders a […]
Posted inFrom the Archive
London Compliance Job Market Booming
*/ /*–>*/ The demand for London-based compliance professionals in the finance industry remained strong last year as firms adjusted to tougher regulatory scrutiny, according to a jobs market survey from recruitment agency Barclay Simpson. “During the last twenty years it is unlikely that there has ever been a better time to be working in compliance,” […]
Posted inFrom the Archive
Proxy Agency Wants Wider Pay Scrutiny
*/ /*–>*/ British public companies should be encouraged to recruit a wider mix of people to their remuneration committees as a way of getting executive pay under control, according to an influential proxy agency. PIRC said it wanted to see more employee and shareholder representatives involved in board-level pay decisions. Its call forms part of […]
Posted inFrom the Archive
U.K. Audit Committees Boost Financial Skills
Britain’s top listed companies are increasingly turning to people with financial experience when they look for new audit committee chairmen, according to new research. The trend reflects an effort by companies to improve their board-level risk-management capability in the wake of the financial crisis, said executive search firm Egon Zehnder International, which carried out the […]
Posted inFrom the Archive
United Kingdom Rethinks Bribery Law
The U.K. government is reviewing the potential impact of its tough new bribery and corruption laws amid concerns that they could damage the country’s economic recovery. The Ministry of Justice confirmed that the Bribery Act, which is due to take effect in April, will be looked at as part of the government’s wider “Growth Review,” […]