The United Kingdom regulator in charge of corporate reporting wants to boost its transparency efforts by adding to its annual report the names of companies that have been asked to make significant corrections in their financial reports. The Financial Reporting Council (FRC), which oversees financial reporting and corporate governance in the U.K., is proposing to […]
Roberta Holland
Posted inAccounting & Auditing
EU Review Shows Shortcomings Persist in IFRS Compliance
A review by the European Union’s markets regulator found continued shortcomings in companies’ compliance with International Financial Reporting Standards (IFRS). The European Securities and Markets Authority (ESMA) released a report detailing its own activities as well as other accounting enforcers within the European Economic Area. The other enforcers include bodies like Germany’s Federal Financial Supervisory Authority, […]
Posted inEurope
U.K. Readying New Regulator to Oversee Lucrative Payment Systems Industry
Financial officials in the United Kingdom are laying the groundwork for a new regulator charged with overseeing the £75 trillion payment systems industry. The Payment Systems Regulator (PSR) was incorporated last month as a subsidiary of the Financial Conduct Authority, with plans to have the new agency fully operational by April 2015. The Banking Reform […]
Posted inEurope
Bribery Probe Ends with Charges Against Former GSK China Top Executive
China has wrapped up a 10-month bribery investigation into pharmaceutical giant GlaxoSmithKline’s operations there, resulting in bribery charges against the former head of GSK China, according to Chinese law enforcement and published reports. Mark Reilly, a British national who served as managing director of GSK China, is accused of ordering subordinates to commit bribery in […]
Posted inAccounting & Auditing
Global Accounting Standards-Setters Renew Commitment to Cooperation
The International Accounting Standards Board (IASB) last week issued an updated charter reiterating the global group’s commitment to deep cooperation with other accounting standards-setting bodies. Formed in 2001, the IASB oversees the International Financial Reporting Standards (IFRS), which are aimed at creating one universal set of accounting rules. The group is a private sector body […]
Posted inAnti-Bribery
Corporate Gift Giving, Hospitality a Little Less Posh in Era of U.K. Bribery Act
Corporate gifts have gotten a little less lavish in the wake of the U.K. Bribery Act. Executives are less inclined to gift luxury baskets, cases of wine, or expensive trips, and instead giving clients and prospects upscale pens and items marked with the company logo, according to a recent analyisis published on the International Meetings […]
Posted inEurope
European Banking Authority’s Risk Dashboard Highlights Risks Facing EU Banks
The European Banking Authority’s first risk dashboard of the year highlights a number of high-risk areas facing the banking sector in the European Union. The risk dashboard is a regular quarterly assessment conducted by the EBA. The report released this week was based on data from Q4 2013from 55 EU banks, and examined a number […]
Posted inAnti-Bribery
EU Anti-Fraud Office Touts Higher Caseload, More Results in 2013
The European Anti-Fraud Office (OLAF) logged a record number of tips last year, with 1,294 pieces of information coming into the office, a 35 percent increase from 2009, according to the agency’s annual report for 2013. Officials said the higher volume points to increased attention by citizens and institutions to anti-fraud efforts and increased confidence […]
Posted inAnti-Bribery
Mixed Anti-Corruption Grades for EU Institutions According to TI’s New Integrity Report
European Union institutions have some work to do in tightening their houses against corruption, according to the first-ever such assessment conducted by the anti-corruption watchdog Transparency International. The EU Integrity System Report, released last week, found that the EU institutions are vulnerable to corruption because of “loopholes and poor enforcement” in matters of ethics, transparency, […]
Posted inEurope
European Parliament Approves Law to Aid Damages Claims by Antitrust Victims
Companies and individuals seeking damages from antitrust violations will have an easier path under a new law approved by European Parliament last week. The new directive will aid victims of cartel activity, price fixing, and abuse of dominant market positions to seek compensation, including lost profits and interest. It will give victims better access to information […]