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Billionaire Sought by U.S. Holds Key to Putin Gas Cash
March 24th, 2014
A detained billionaire who made a fortune as a middleman in Russia’s murky gas trade with Ukraine may hold the key for U.S. lawmakers seeking harsher sanctions against President Vladimir Putin’s inner circle. Ukrainian Dmitry Firtash, arrested in Vienna ...
FRC issues temporary filler for insurance accounting
March 24th, 2014
THE FRC has issued new accounting and reporting requirements as a potentially temporary fill for a gap for the insurance industry. Financial Reporting Standard (FRS) 103 will be used by companies that currently use FRS 102 in the UK ...
FASB issues update for private companies on consolidation of variable interest entities
March 21st, 2014
The Financial Accounting Standards Board (FASB) today issued guidance intended to improve private company financial reporting regarding consolidation of lessors in certain common control leasing arrangements. FASB Accounting Standards Update No. 2014-07, Applying Variable Interest Entities Guidance to Common ...
Pimco Replaced by TCW as Manager of $1.3 Billion Strategy
March 21st, 2014
Bill Gross’s Pacific Investment Management Co., which suffered record redemptions from its main mutual fund last year, was dropped as manager of a $1.3 billion bond fund offered by Columbia Management Investment Advisers LLC. Columbia replaced Pimco with TCW ...
Oscar Pistorius could take stand next week in murder trial
March 20th, 2014
The prosecution in the Oscar Pistorius murder case expects to rest early next week, prosecutor Gerrie Nel announced unexpectedly on Wednesday. Nel has only four or five more witnesses to call, he declared to the shock of the courtroom ...
European IPOs boom as bull market runs
March 20th, 2014
Europe is enjoying a boom in companies going public, driven by rising market confidence and pent-up demand for new shares after a five-year drought. Initial public offerings on exchanges in the U.K., the Netherlands, Denmark and Spain have raised ...
Parliament negotiators rescue seriously damaged bank resolution system
March 20th, 2014
European Parliament negotiators on Thursday reached a deal with their member state counterparts on the single resolution mechanism to deal with failing banks. Many elements fell into place early in the morning after 16 hours of talks. The elements ...
IRS Employee Took Home Data on 20,000 Workers at Agency
March 20th, 2014
A U.S. Internal Revenue Service employee took home a computer thumb drive containing unencrypted data on 20,000 fellow workers, the agency said in a statement today. The tax agency’s systems that hold personal data on hundreds of millions of ...
Lease Accounting Standard Inches Forward
March 20th, 2014
Despite disagreements about how to report leases, standard setters held firm Wednesday on putting all of them on the balance sheet. Rather than going back to the future, the Financial Accounting Standards Board apparently moved closer to the completion ...
ASIC reports on penalties for corporate wrongdoing
March 20th, 2014
ASIC, the Australian Securities and Investment Commission, has released Report 387 Penalties for corporate wrongdoing (REP 387). REP 387 reviews penalties in Australia for corporate wrongdoing to assess whether they are proportionate and consistent. It compares ASIC’s penalties with: ...
