Impairment and Parliamentary Commission on Banking Standards: Difference between pages

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imported>Doug Williamson
(Link with IFRS 9 page.)
 
imported>Doug Williamson
(Precis main recommendations of June 2013 report & add link to summary report.)
 
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1.  
(PCBS).


''Financial reporting''. 


A reduction in the recoverable amount of an asset below its carrying amount.
The Parliamentary Commission on Banking Standards was established by the UK Parliament in 2012 to:


Impairment may apply, among other assets, to tangible fixed assets, goodwill, loans or inventory.
'''A.'''


Relevant accounting standards include IAS 36, Section 27 of FRS 102 and IAS 2.
Consider and report on:


1. Professional standards and culture in the UK banking sector, taking account of regulatory and competition investigations into the LIBOR rate-setting scandal.


2.  
2. Lessons to be learned about:


The related accounting adjustment required to reduce the carrying amount of the asset in the balance sheet - to the new lower recoverable amount - and to recognise an impairment loss.
2.1. Corporate governance.


2.2. Transparency.


3.  
2.3. Conflicts of interest.


More generally, any weakening, damage or reduction in value.
2.4. Their implications for regulation and for UK Government policy.


Causes of impairment may include damage, obsolescence and declining credit quality.


'''B.'''


== See also ==
Make recommendations for legislative and other action.
* [[Fixed assets]]
 
* [[FRS 102]]
The Commission's 2013 report proposes:
* [[Goodwill]]
 
* [[IAS 2]]
(1) Making the individual responsibility of senior bankers a reality.
* [[IAS 36]]
 
* [[IFRS 9]]
(2) Reinforcing each bank's own responsibility for its own soundness and the maintenance of its standards.
* [[Impaired loan]]
 
* [[Net book value]]
(3) Creating better functioning and more diverse banking markets.
* [[Net realisable value]]
 
(4) Reinforcing regulators's responsibility to exercise judgement in deploying their powers.
 
(5) Specifying the responsibilities of the UK Government.
 
 
The Commission's report setting out its conclusions and recommendations can be downloaded below:
 
[http://www.publications.parliament.uk/pa/jt201314/jtselect/jtpcbs/27/27.pdf: PCBS final report June 2013]
 
 
==External link==
*[http://www.parliament.uk/bankingstandards UK Parliament: PCBS]
 
[[Category:Regulation_and_Law]]
[[Category:Control_and_Reporting]]
[[Category:Policy_and_Objectives]]
[[Category:The_Treasury_Professional]]

Revision as of 12:16, 28 June 2013

(PCBS).


The Parliamentary Commission on Banking Standards was established by the UK Parliament in 2012 to:

A.

Consider and report on:

1. Professional standards and culture in the UK banking sector, taking account of regulatory and competition investigations into the LIBOR rate-setting scandal.

2. Lessons to be learned about:

2.1. Corporate governance.

2.2. Transparency.

2.3. Conflicts of interest.

2.4. Their implications for regulation and for UK Government policy.


B.

Make recommendations for legislative and other action.

The Commission's 2013 report proposes:

(1) Making the individual responsibility of senior bankers a reality.

(2) Reinforcing each bank's own responsibility for its own soundness and the maintenance of its standards.

(3) Creating better functioning and more diverse banking markets.

(4) Reinforcing regulators's responsibility to exercise judgement in deploying their powers.

(5) Specifying the responsibilities of the UK Government.


The Commission's report setting out its conclusions and recommendations can be downloaded below:

PCBS final report June 2013


External link