Deferred income and Parliamentary Commission on Banking Standards: Difference between pages

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''Accounting''.  
(PCBS).


Income for which payment has been received by the business but which has not yet been earned. 


Deferred income is recorded as a credit balance in the balance sheet. 
The Parliamentary Commission on Banking Standards was established by the UK Parliament in 2012 to:


(The related accounting entries being DEBIT Cash and CREDIT Deferred income.)
'''A.'''


Consider and report on:


Deferred income is a liability of the reporting entity to provide the services that the customer has already paid for.
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:


For reporting presentation purposes it is often aggregated with Accruals as 'Accruals and deferred income'.
2.1. Corporate governance.


2.2. Transparency.


== See also ==
2.3. Conflicts of interest.
* [[Accrual]]
 
* [[Accruals accounting]]
2.4. Their implications for regulation and for UK Government policy.
* [[Accrued income]]
 
* [[Balance sheet]]
 
* [[Credit]]
'''B.'''
* [[Debit]]
 
* [[Financial reporting]]
Make recommendations for legislative and other action.
* [[Liabilities]]
 
* [[Prepayment]]
The Commission's 2013 report is designed to address:
* [[Reporting entity]]
 
* [[Revenue]]
(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' 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 here:
[[Media:PCBS report June 2013.pdf|PCBS final report June 2013]].
 
 
==External links==
*[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 13:38, 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 is designed to address:

(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' 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 here: PCBS final report June 2013.


External links