This week, the Financial Accounting Standards Board approved a new rule, which will be released today. The rule is designed to restrict the use of off-balance-sheet entities and force companies to consolidate them in their books.
Enron had set up hundreds of SPEs on the Cayman isles, and channelled loans from Citibank via the entities to present them as revenue to the energy company.
The new FASB rule will apply to new SPEs immediately, while existing entities need to be consolidated in company books by 1 July 2003.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned