The next Accounting Regulatory Committee will be considering the adoption of IAS 39 either in its full form (with exclusion from the entire standard for banks if need be) or alternatively a partial adoption. We write to indicate a strong level of support from the UK corporate sector for full adoption.
The Association of Corporate Treasurers has today responded to the DTI’s consultation on the ‘Draft Regulations on the Operating and Financial Review’.
In general terms the ACT supports the direction the DTI is going. There are however numerous very important points of detail where we believe changes and improvements could be made.
Important Market Participants Request Additional Time to Comment
In response to institutions’ need for additional time, the period for comments on an Exposure Draft of the “Code of Standard Practices for Participants in the Credit Rating Process” has been extended to June 30, 2004.
Developed by three leading global treasury and finance associations, the Code of Standard Practices is designed to restore confidence among issuers, credit rating agencies, investors and the regulators who oversee the credit rating process.
US, UK and French corporate treasury associations, with the support of the international grouping of national treasury associations today issued an exposure draft of a ratings industry code of practice.
The Associations represent most corporate issuers of rated debt and many users of ratings. A robust code of practice, globally followed, has the advantage of uniformity and flexibility, and helps avoid the possibility of fragmentation of global financial markets inherent in national and regional regulation.
