Audit Committee Insights

November 11, 2009

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FINANCIAL REPORTING ISSUES

On Convergence, Speed Is In; Hubris Is Out

CFO.COM

FASB and the IASB rework their approach amid calls for an end to America's love affair with U.S. GAAP.

SEC 5-Year Plan Backs Global Standards

WEBCPA

The U.S. Securities and Exchange Commission has drafted a five-year strategic plan that calls for a single set of global accounting standards.


SURVEYS AND TRENDS

Britain and U.S. Split on a 'Crisis'

INTERNATIONAL HERALD TRIBUNE

The United States and Britain voiced disagreement over a proposal that would impose a new tax on financial transactions to support future bank rescues.

France Brings in New Bank Bonus Rule

BREAKINGNEWS.IE [LEXISNEXIS]

New banking rules in France will require executive bonuses to be spread out over several years in an attempt to cut down on risky decision-making.


SHAREHOLDER ISSUES & NEWS

Dark Pools Account for 4% of Europe Trades: Study

MARKET WATCH

A small but growing percentage of European equity trading is occurring in dark pools -- where buyers and sellers place anonymous orders on trading platforms.

Financial Services UK and International Update

MONDAQ BUSINESS BRIEFING [LEXISNEXIS]

The Financial Services Authority in the U.K. and the Securities and Exchange Commission in the U.S. plan common approaches to reporting and other regulatory requirements for hedge funds and their advisers.

SEC Issues Proposals to Shed Greater Light on Dark Pools

CPI FINANCIAL [LEXISNEXIS]

U.S. regulators are hoping to add light to use of dark-pool trading.

Fulbright's Litigation Survey: Companies Experience New Litigation, Anticipate More

FULLBRIGHT & JAWORSKI

A wave of corporate litigation in the U.S. is expected in 2010, say respondents to Fulbright’s 6th Annual Litigation Trends Survey Report.


COMMENTARY AND PERSPECTIVES

The Conference Board Leading Economic Index for the Euro Area Continues to Recover

Economic growth in Europe is fledgling, threatened by continued high unemployment and the end of government stimulus spending.

Exit, Followed by a Bear

ECONOMIST.COM [LEXISNEXIS]

Now that some economic growth has begun, a debate has ignited over how to reverse the extraordinary monetary and fiscal measures used to halt the crisis.

Companies Play Credit Catch-Up

CFO.COM [LEXISNEXIS]

Credit managers report seeing signs of economic growth as their customers begin to pay off their overdue balances.

IRS Begins Section 409A Audits

MONDAQ BUSINESS BRIEFING [LEXISNEXIS]

Some companies that offer deferred compensation plans have received audit notifications from the U.S. Internal Revenue Service for possible violation of Section 409A of the IRS Code.
 

KPMG ANALYSIS

Thought Leadership

Planning for the Recovery - Examining Transfer Pricing in the Current Environment and Beyond

Multinational companies may want to take a careful look at tax-authority guidance as they consider their transfer pricing policies.

The Risk Behind Every Reward

A healthy attitude about risk should encourage sensible growth and prevent financial implosion. Can the errors of the recent past show us a new way forward?

Events

ACI's 2009 Fall Roundtable Series - 28 U.S. Cities

Going Forward: Risk, Reform, and Recovery - Implications for Audit Committee Oversight

 

The Roundtables bring together directors and executives around the country to discuss issues such as:

- How boards and audit committees are monitoring the impact of cost reductions at their companies in response to the economic crisis

- The risks posed by these cost reductions

- Leading practices and emerging trends for board oversight of risk

- SEC and congressional initiatives regarding risk

- Key public policy initiatives – such as healthcare, tax, and environmental reforms – that may impact the company’s compliance, risk, and governance processes.

 

More Thought Leadership from ACI

 

About Insights

 

 

 

 

The ACI is interested in readers’ insights, ideas, and feedback: What challenges are your boards / organizations facing? What issues do you see on the horizon? What topics should we examine in greater depth?

 

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