The UK’s Accounting Standards Board (ASB) has issued a ‘Notice to Constituents’ drawing attention to the IASB’s first Draft Technical Correction (DTC1) to be made under its draft policy on technical corrections. DTC1 proposes a change to IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’, requiring a different treatment for exchange differences arising on certain intra-group loans denominated in a currency other than the functional currency of either party to the loan. This is a change to an explicit requirement of the standard, possibly requiring companies to change results previously announced as compliant with the requirements of the international standard. The proposals also have implications for the UK standard FRS 23, which is based on IAS 21. Ian Mackintosh, chairman of the ASB said: “It is quite a dramatic step for the ASB to propose changing its standards without a formal UK exposure draft: but this seems to be the best way forward in the circumstances, to avoid divergence between IASB standards and parallel UK standards.”
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
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Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more