The United States Treasury and the Securities and Exchange Commission are not
discussing the future of fair value, the valuation technique at the centre of
billions of dollars of bank asset write-downs, Reuters has reported.
The news counters speculation, and demands, that the US government would
suspend the accounting rule. US stocks gained ground following comments by
Democrat senator Christopher Dodd that the rule could be amended.
Senator Dodd said it might be possible to soften fair value rules – which
call for assets to be valued at daily market prices – for banks with toxic
assets for which markets have failed, without abandoning the underlying
The International Accounting Standards Board has already announced some
easing but has been reluctant to follow up with the kind of far reaching demands
for suspension or reform that were coming from either the US or Europe.
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
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