Technical Report – Accounting – Feb 2012

Future of Irish GAAP – Latest proposal

The Accounting Standards Board published its most recent proposals on the future shape and direction of Irish GAAP earlier in the week. While less radical than previous drafts, it does contain a number of mandatory changes as well as some optional elections that may serve to simplify the traditional corporate financial reporting structure.

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This members’ update is for general information only and should not be regarded as a substitute for tax, legal or ...

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Technical Update – Tax & Accounting – January 2012

Ernst & Young/Oxford Economics economic review for financial services for Winter 2012/2012

This report covers the main financial services areas, banking, insurance, asset management and has country forecasts for the major eurozone economies.  There is also an analysis of the proposed Financial Transactions Tax.
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Derivative Valuation

Recently, there has been an increase in the use of OIS as a basis for valuing derivatives in the financial markets.  Click here for a summary of the main strategic, operational and reporting  issues ...

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Outlook for Corporate Treasury Sector for 2012

The general feeling amongst Treasury professionals for 2012 is one of resignation; resignation of the fact that we are entering into a new year that will more than likely be increasingly akin to those years that have gone before.  The misplaced optimism that may have been evident in the preceding years since the start of the credit crunch (and subsequent sovereign debt crisis) is gone, as all participants in the market are now punch drunk with the negative sentiment and ...

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EACT Press Release – 7th November 2011

EACT highlights European Union’s failure to consider real economy impact of financial regulatory proposals.

The European Association of Corporate Treasurers (EACT) has sent an open letter to the Commissioners of the European Union, expressing grave concern over how in its development of financial regulatory proposals Brussels takes account of their impact on employment, growth and stability in the real economy.

The letter has been signed by 188 European companies and its release follows that of a similar letter in January 2010, in ...

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Technical Update: “The European Book of Jargon”

An interesting publication came to the attention of one of our committee members recently entitled the “The European Book of Jargon”.

The book is produced by Latham & Watkins LLP and in their introduction to the book they state:

The following is a link to the publication, which can also be downloaded as an iPhone, iPad and iPad Touch application.

We hope you enjoy it.
The Technical sub committee

This members’ update is for general information only and should not be regarded ...

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EACT – Comment Letter to IASB on Hedge Accounting

In response to the request for comment, the European Association of Corporate Treasurers (EACT) has submitted a letter to the International Accounting Standards Board (IASB) in respect of their proposal to overhaul the accounting rules in relation to hedge accounting.

While supportive of the IASB’s endeavours and aims, the comment letter does make a number of points from its membership where it considers that the proposals may not go far enough.

These include:

  • The need for the flexibility to de-designate hedges to be ...
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Technical Update: Accounting

Hedge accounting: practical implications of the IASB’s proposals

The International Accounting Standards Board (IASB) has issued an exposure draft that proposes to overhaul the current requirements for hedge accounting under IFRS. The proposals address general hedging of financial and non-financial items and relaxes many of the onerous requirements of the existing rules that prohibited economically sensible risk management practices from achieving hedge accounting. The key provisions include

  • The replacement of quantitative calculations (the 80% to 125% test) with a requirement for the ...
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