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.
Southern eurozone states' efforts to reduce risk should add impetus to the banking-union project, says Vitor Constancio, vice president of the European Central Bank. Financial Times (subscription required) (16 May.)
The European Commission will begin amending a 1996 EU "blocking statute" to include US sanctions on Iran as it tries to preserve the Iran nuclear deal, commission President Jean-Claude Juncker said. Revisions to prohibit EU countries from severing business arrangements with Iran because of US sanctions would require approval by EU states. Politico (17 May.)
JPMorgan Chase is exploring use of cryptocurrencies in corporate and investment banking and has appointed Oliver Harris to head the strategy, sources say. Co-President Daniel Pinto says the bank sees cryptocurrencies as real, "but not in the current form." Financial News (UK) (tiered subscription model) (18 May.)
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