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New group for IAS 39
Europe strengthens advisory capacity to tackle financial instruments
EFRAG, the technical adviser to the European Commission, is beefing up its resources to tackle the current problems in accounting for financial instruments. It hopes to have a new..
Online Published Date:
01 December 2004
Appeared in issue:
19 - 01 December 2004
They said it…
"It is my responsibility to do the right thing."
David Prosser, chief executive of Legal & General, commenting on why his company is challenging the FSA over a £1mn fine imposed for alleged endowment misselling.
"The insurance industry..
Online Published Date:
01 December 2004
Appeared in issue:
19 - 01 December 2004
Industry practices under fire
Global insurance brokers have taken serious action in the light of a US investigation into practices connected with some commissions sought from insurers. While any regulatory breach is thought to be restricted,
IR&A
looks at the measures..
Online Published Date:
01 December 2004
Appeared in issue:
19 - 01 December 2004
State supervision in question
Post-Spitzer Senate hearing resurrects state vs federal regulation debate
Eliot Spitzer, the attorney-general of New York, has followed up his allegations against the insurance broking market with a call for fundamental reform at federal level...
Online Published Date:
01 December 2004
Appeared in issue:
19 - 01 December 2004
Finite reinsurance hits regulatory radar
Finite reinsurance, or finite risk, deals have been a grey area since it was raised as an issue in both the collapse of HIH and the demise of Equitable Life. In this article,
IR&A
takes a look at recent developments that have seen the US..
Online Published Date:
01 December 2004
Appeared in issue:
19 - 01 December 2004
Stability concerns fade over CRT
The credit derivative market raised regulatory eyebrows when it began to see growth outside the traditional banking sector. The knowledge of such transactions by newcomers, in particular insurers, was questioned and, together with concerns over the..
Online Published Date:
01 December 2004
Appeared in issue:
19 - 01 December 2004
Additional requirements
Beyond specifying how the disclosure should be made and extending its scope to associates of the broker, you could be forgiven for wondering how this rule changed the basic "if asked" disclosure. In case you missed it, the additional requirement by..
Online Published Date:
01 December 2004
Appeared in issue:
19 - 01 December 2004
Commissions: What a broker needs to disclose
The UK’s regulation of the insurance broking market is being challenged before it has begun in light of the investigation of contingent commissions in the US. With just weeks before the UK broking industry falls under statutory regulation,..
Online Published Date:
01 December 2004
Appeared in issue:
19 - 01 December 2004
AIM to mandate IFRS from 2007
AIM listed companies have been offered a further extension to comply with international accounting standards following a consultation and changes to AIM’s regulatory status. Several amendments have allowed AIM to delay the implementation of..
Online Published Date:
01 December 2004
Appeared in issue:
19 - 01 December 2004
Briefly noted
The new head of Which, Peter Vicary-Smith, has criticised the Financial Services Authority’s "conflicting remit".
In an interview with BBC Online, Mr Vicary-Smith questioned the balance of the FSA’s statutory objectives to protect..
Online Published Date:
01 December 2004
Appeared in issue:
19 - 01 December 2004
New IFRS rules on the cards for small & medium-sized firms
Small and medium-sized entities could be subject to their own set of international accounting standards following a consultation by the International Accounting Standards Board (IASB). A decision on the best way forward will follow full analysis of..
Online Published Date:
01 December 2004
Appeared in issue:
19 - 01 December 2004
ARC seeks to endorse remaining accounting standards
Fair value accounting standard IAS 39 has attracted much controversy but member states reached an agreement of a new version at the beginning of October. However, with only a matter of weeks before the implementation of international financial..
Online Published Date:
01 December 2004
Appeared in issue:
19 - 01 December 2004
Regulator presses ahead with 2005 IFRS interims
The Financial Services Authority (FSA) has confirmed that listed companies will have to prepare interim results for 2005 using International Financial Reporting Standards (IFRS), despite objections from some that existing standards should be used..
Online Published Date:
01 December 2004
Appeared in issue:
19 - 01 December 2004