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Wednesday, December 31, 2008
The Securities and Exchange Commission (SEC) in the US have rejected a banking industry push to suspend accounting rules that force banks to value assets on their balance sheets at current market prices even if they plan to hold them for years.The SEC issued a report to Congress that recommended ma.....
Wednesday, December 31, 2008
The Financial Regulator has published the Registrar of Credit Unions (RCU) newsletter.A draft Guidance Note on Matters relating to Accounting for Investments and Distribution Policy has been prepared to remind credit unions to ensure that the accounting treatment which they adopt for investments co.....
Wednesday, December 31, 2008
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have announced the membership of the Financial Crisis Advisory Group (FCAG). The FCAG is the high-level advisory group set up by the boards to consider financial reporting issues arising from the.....
Wednesday, December 31, 2008
The International Accounting Standards Board (IASB) has this week published for public comment proposals to strengthen and improve the requirements for identifying which entities a company controls. The proposals form part of the IASB's comprehensive review of off balance sheet activities and addre.....
Wednesday, December 31, 2008
The Auditing Practices Board ('APB') has issued a Consultation Draft of an update of Practice Note (PN) 23 providing guidance for auditors on 'Auditing Complex Financial Instruments.'The current PN 23 was issued in April 2002 to provide guidance on auditing derivative financial instruments and is b.....
Tuesday, December 30, 2008
The ECB has published Working Paper No. 983 which explains the spread between the euro overnight rate and the ECB's policy rate. It was written by Tobias Linzert and Sandra Schmidt. Please click here to review the paper.....
Tuesday, December 30, 2008
The following are important dates coming up for the Committee of European Securities Regulators:09 Jan. 2009 : Deadline for comments to CESR's Consulation on MAD Level 3 - Third set of CESR guidance and information on the common operation of the Directive to the market23 Jan. 2009 : Deadline for co.....
Tuesday, December 30, 2008
At the annual accounting conference of the British Banking Association Mr. Arnoud Vossen, Secretary General of the Committee of European Banking Supervisors (CEBS) gave a presentation on CEBS work on behalf of ECOFIN.Please click here to view the presentation.....
Monday, December 22, 2008
New rates of interest on direct and indirect taxes and national insurance contributions paid late and overpaid will take effect from 6 January 2009. Legislation has also been put in place to enable HMRC to change faster its rates of interest following a movement in market rates. From 7 January 2009.....
Monday, December 22, 2008
This Brief outlines HMRC's view of what it means to be 'associated companies' for the purposes of the exception to the degrouping charge, following the Court of Appeal decision in Johnston Publishing.The case of Johnston Publishing (North) Ltd versus HMRC concerned the degrouping charge which may a.....