Mohini Singh, director of financial reporting policy at CFA Institute, discusses the Financial Accounting Standards Board’s recent initiative to develop separate accounting standards for private companies. She provides background on the private company project, examines recent developments, and provides investor perspectives on the initiative.
Vincent Papa, PhD, CPA, FSA Credential, CFA, is director of financial reporting policy at CFA Institute. He is responsible for representing the interests of CFA Institute on financial reporting and on wider corporate reporting developments to major accounting standard setting bodies, enhanced reporting initiatives, and key stakeholders. He is a member of ESMA’s consultative working group for the Corporate Reporting Standing Committee, EFRAG user panel, and a former member of the IFRS Advisory Council, Capital Markets Advisory Committee, and Financial Stability Board Enhanced Disclosure Task Force. Prior to joining CFA Institute, he served in investment analysis, management consulting, and auditing roles.
Jair Bolsonaro, the conservative candidate for president of Brazil, has increased his lead over leftist opponent Fernando Haddad, a poll shows. Among expected voters, 59% said they support Bolsonaro, while 41% backed Haddad, according to the survey. Folha de S.Paulo (Brazil) (English online version) (19 Oct.)
Chinese President Xi Jinping said his government appreciates the importance of private enterprise and will continue to encourage the development of private firms. "You should focus on innovation and ... jointly making a better tomorrow," he wrote in an open letter to private business owners. South China Morning Post (Hong Kong) (21 Oct.)
The two parties that make up Italy's coalition government have broken deadlock over a draft budget. However, a source says Italian leaders anticipate the European Commission will reject the proposal for not adhering to an EU deficit limit. Politico (21 Oct.)
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