The narrative that management and auditor assessment of internal controls of financial reporting is too expensive is a very common, but undemonstrated, narrative regarding virtually every accounting, disclosure, and audit reform. Investors view the benefits of ICFR audits as exceeding the costs.
Our key takeaway from the Consultation is that the UK government’s most significant instrument of reform is an empowered audit regulator, replacing the Financial Reporting Council (FRC) with the new Audit Reporting and Governance Authority (ARGA).
At a recent CFA Institute event, I hosted Erkki Liikanen, Chair of the IFRS Trustees, where he spoke about the efforts of the IFRS Foundation to establish a Sustainability Standards Board (the… READ MORE ›
Our research reviewed how such a transformational interpretation of the role of central banks and their independence in conducting monetary policy could have unintended consequences for financial markets and the economy. CFA Institute also wanted to draw the attention of policy makers to the socioeconomic aspects of this crisis.
economic disruption, the US IPO market hit a record $170 billion in 2020, driven in large part by the unexpected surge in the use
of special purpose acquisition companies
(SPACs) to take private companies public. SPACs,
commonly referred to as blank-check… READ MORE ›
Finders with the right contacts among investors can play useful roles in bridging funding gaps. Unfortunately, however, the world of finders also has a dark side of fraudsters, market manipulators, and bad actors. The SEC's proposed exemption fails to acknowledge this.
The final DOL rule is a substantive improvement over the widely opposed original proposal, but industry participants remain concerned about its chilling effect on ESG investing and factor integration, as well as about the integrity of the rulemaking process.
SEC Rule 13F is seeking to raise the asset threshold for investment managers to report their holdings rom $100 million to $3.5 billion.
We asked firms if they comply with the 2010 edition, the 2020 edition, or neither. The majority of firms (74%) still claim compliance with the 2010 new edition. Only 9% have adopted the 2020 edition.
Beware the nudge: Many people do not realize this, but we often are swayed in our decision-making processes by our emotions, the methods by which products or services are marketed to us, and the context of our current situation or surroundings. Nudges strategically and effectively make use of biases and mental shortcuts to influence behaviour and decisions while preserving freedom of choice.
A brokerage scandal in India led to an immediate reform which did not go through a consultation process. The resulting rules have had a significant unintended impact on client experience, which has varied across brokerages.
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