How banks and other financial institutions account for dynamic risk management activities in their financial statements is being retooled as the International Accounting Standards Board investigates new rules regarding macro hedging. The IASB, the body which oversees the International Financial Reporting Standards, released last week a discussion paper on accounting for macro hedging. The goal […]
Roberta Holland
Posted inEurope
European Parliament Approves New Rules for Non-Financial Disclosure
Large companies in the European Union are facing new rules regarding the disclosure of non-financial data, under amendments to the EU Accounting Directive approved this week by European Parliament. The amendments will require companies with more than 500 employees to disclose information relating to environmental, social, and human rights issues, as well as anti-bribery and corruption […]
Posted inEurope
U.K. Fines Three Estate Agents for Violating Anti-Money Laundering Rules
As one of its final acts before its responsibilities were dispersed to other agencies, the U.K.’s Office of Fair Trading (OFT) fined three estate agents a combined £246,665 for “widespread” failures to comply with anti-money laundering rules. The OFT ceased operations 31 March, as part of a government reorganization. Before it was shuttered, the OFT […]
Posted inEurope
European Commission Backs Greater Shareholder Rights, Power Over Executive Pay
The European Commission this week approved a corporate governance package, which for the first time includes a “say on pay” provision that strengthens shareholders’ weight on executive compensation throughout the 28-nation bloc. The commission’s proposal would affect about 10,000 companies listed on European stock exchanges. The package consists of revisions to the Shareholders Rights Directive, increased […]
Posted inAnti-Bribery
U.K. Regulator Hits Besso Ltd. With £315,000 Fine for Anti-Bribery Lapses
The Financial Conduct Authority (FCA) has fined insurance broker Besso Limited £315,000 for lapses in its anti-bribery and corruption systems, the United Kingdom regulator announced recently. In its final notice released 19 March, the FCA said the London-based firm failed to take reasonable care in setting up and maintaining adequate systems to counter risks of […]
Posted inEurope
Money Laundering Hits All-Time High on Management’s Agenda, KPMG Survey Says
Anti-money laundering has climbed to an all-time high on the radar screen of senior management, according to KPMG International’s 2014 AML survey. The consulting firm said the 88 percent of respondents who said AML issues are at the top of their agenda was the high mark in its decade of conducting similar surveys, and a […]
Posted inFrom the Archive
U.K.’s Tullow Oil Breaks Ground in Providing Full Disclosure on Government Payments
United Kingdom-based Tullow Oil this week became the first extractives company to release detailed government payments on a project by project basis, a year ahead of new transparency requirements for the industry. The European Union’s Accounting and Transparency Directive, which was approved last year, requires oil, gas, mining, and logging companies listed or registered in […]
Posted inEurope
Fight Against Tax Evasion Picks Up Steam in EU as Austria, Luxembourg Sign On
After a five-year delay, the European Union directive on automated sharing of tax information is now poised to move forward throughout the bloc as Austria and Luxembourg withdrew their objections to the law last week. Designed to crack down on tax evasion and bank secrecy, the EU Savings Tax Directive calls for the automatic exchange […]
Posted inEurope
EU Lawmakers Reach Landmark Compromise on Bank Wind-Down Mechanism
After a marathon negotiating session, European Union lawmakers this week reached a compromise on the method for winding down failing banks in the bloc, a contentious yet crucial piece of the planned EU banking union. The Single Resolution Mechanism (SRM) would be triggered by the supervisor of the European Central Bank (ECB), based on either […]
Posted inAccounting & Auditing
European Commission Adopts Technical Standards for Capital Requirements
The European Commission last week adopted a package of Regulatory Technical Standards (RTS) affecting bank capital standards, which are part of the larger Capital Requirements Regulation and Directive. The nine RTS, which were developed by the European Banking Authority, are part of the effort to create and implement a single rule book for banking throughout the […]