The Association of Corporate Treasurers (“ACT”) and of the Association Française des Trésoriers d’Entreprises (“AFTE”) have submitted a joint response to the Committee of European Securities Regulators’ consultation paper over its technical advice to the European Commission on possible measures concerning credit rating agencies (“CRAs”) issued in November 2004.
An issue of bondholder rights The extent of bondholders’ rights in relation to a borrower has been an issue for some time, given these investors’ growing demands for minimum covenants, improved d
The Financial Reporting Council (FRC) today issued a consultation document on the Turnbull guidance on internal control.
The FRC is seeking views on the effectiveness of the guidance, in what ways it may need to be updated, and what information companies should be asked to disclose to their shareholders. If changes are proposed as a result, there will be a second consultation on draft revised guidance in mid-2005. The intention is that any revised guidance to directors will take effect for accounting periods commencing on or after 1 January 2006.
CARVING SOMETHING OUT OF THE IAS 39 CONUNDRUM It is strange that no sooner has IAS 39 been endorsed by the European Union (EU), that there have been calls to take it back to the drawing board.
ASB Issues Draft Standard On The Operating and Financial Review
Following a Government announcement on 25 November, the Accounting Standards Board (ASB) has today issued an Exposure Draft of a Reporting Standard (RED 1) on the Operating and Financial Review (OFR)
This review examines whether the application of pre-emption rights when new shares are issued may hinder certain public companies from raising finance flexibly for innovation and growth and, as far as there are problems, to recommend possible solutions.
The study follows on from representations, primarily from the biotechnology industry, that current application of pre-emption rights in the UK makes it difficult and expensive for companies to finance research and product development.
The Chairmen’s Task Force of the Technical Committee of the International Organization of Securities Commissions has published for public consultation this Consultation Report on Code of Conduct Fundamentals for Credit Rating Agencies.
