February 20, 2006
Standards for Governance and Compliance have been Elevated
It is interesting that there is so much discussion in the US about how bad all the new internal control documentation and governance standards are. But it seems that unlikely entrants to this market are China and even parts of Africa.
It is evident that full disclosure and transparency are what financial markets require. Public companies may find it burdensome but these standards are becoming pervasive. There are still many markets in the world including the London Alternative and Japanese markets that have lower governance standards. It will remain to be seen if scandal will rock them and force higher standards there as well.
At some point, there may be nowhere to go if you do not want to comply with improved transparency but PRIVATE.
An excerpt from WWW.CFO.COM is here:
China to Adopt IFRS
State enterprises will be exempt from the "related-party" disclosure provisions.
Stephen Taub, CFO.com
February 17, 2006
Chinese government officials have announced that companies will adopt International Financial Reporting Standards (IFRS) used by nearly 100 countries, including those in the European Union, according to The Financial Times. Lou Jiwei, Beijing's vice finance minister, said China would adopt "one basic accounting standard," according to the report.
The new rules will apply to listed companies beginning January 1, 2007.
Follow these links to learn more about how Compliance Playbook(tm) and Compliance Partner(tm) can assist in your internal controls project for SOX 404 or MI-52-109/52-111 from Issues Central Inc and Thomson-Carswell.
It is evident that full disclosure and transparency are what financial markets require. Public companies may find it burdensome but these standards are becoming pervasive. There are still many markets in the world including the London Alternative and Japanese markets that have lower governance standards. It will remain to be seen if scandal will rock them and force higher standards there as well.
At some point, there may be nowhere to go if you do not want to comply with improved transparency but PRIVATE.
An excerpt from WWW.CFO.COM is here:
China to Adopt IFRS
State enterprises will be exempt from the "related-party" disclosure provisions.
Stephen Taub, CFO.com
February 17, 2006
Chinese government officials have announced that companies will adopt International Financial Reporting Standards (IFRS) used by nearly 100 countries, including those in the European Union, according to The Financial Times. Lou Jiwei, Beijing's vice finance minister, said China would adopt "one basic accounting standard," according to the report.
The new rules will apply to listed companies beginning January 1, 2007.
Follow these links to learn more about how Compliance Playbook(tm) and Compliance Partner(tm) can assist in your internal controls project for SOX 404 or MI-52-109/52-111 from Issues Central Inc and Thomson-Carswell.
