FRS 102 and Financial CHOICE Act: Difference between pages

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''UK and Irish accounting.''
''US bank regulation''.


Financial Reporting Standard 102, 'The financial reporting standard applicable in the UK and Republic of Ireland', applies to larger unlisted companies and to certain other reporting entities.
A bill to repeal substantial parts of the Dodd-Frank Act, that was not fully enacted.


FRS 102 applies to reporting periods starting on or after 1 January 2015.
CHOICE is an acronym for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs.




FRS 102 - in conjunction with FRS 100, FRS 101 and FRS 103 - is designed to:
<span style="color:#4B0082">'''''Dodd-Frank replacement unveiled'''''</span>


# Implement an international-based financial accounting framework for all relevant UK and Irish reporting entities and users.
:In an ambitious plan to undo the US Dodd-Frank financial reform law, the head of the US House of Representatives banking panel has released a second draft of a replacement act.
# Use the same accounting language regardless of the size of the reporting entity.
# Retain a proportionate approach to disclosure in order to meet users’ information needs, without imposing undue reporting burdens.


:... Republicans including President Trump believe Dodd-Frank, which has not been fully enacted, is unduly burdensome on banks and businesses, and restricts lending.


==See also==
:''The Treasurer magazine, May 2017, p8''
* [[FRS 100]]
* [[FRS 101]]
* [[FRS 103]]
* [[UK GAAP]]




== Other links ==
<span style="color:#4B0082">'''''Financial CHOICE Act died, but parts of it were incorporated into other bills'''''</span>
[http://www.treasurers.org/node/9519 Filling the GAAP, Stanislav Varkalov, The Treasurer, November 2013]
 
:This bill would make sweeping changes to the financial regulatory system by revising the changes that were put in place after the 2008-2009 economic crash. The bill would weaken the Consumer Financial Protection Bureau, the Financial Stability Oversight Council, and regulations that prevent commercial banks from trading for their own gain, among other changes.
 
:This bill was introduced in a previous session of Congress and was passed by the House on June 8, 2017 but was never passed by the Senate. Provisions of this bill were incorporated into other bills.
 
:''US GovTrack, accessed May 2020.''
 
 
== See also ==
* [[Dodd-Frank]]
*[[Too Big To Fail]]
*[[Vickers Report]]
* [[Volcker Rule]]
 
 
===Other links===
 
[http://uk.practicallaw.com/3-502-8950 Summary of the Dodd-Frank Act: Swaps and Derivatives, Practical Law]


[[Category:Accounting,_tax_and_regulation]]
[[Category:Accounting,_tax_and_regulation]]

Revision as of 20:19, 1 April 2022

US bank regulation.

A bill to repeal substantial parts of the Dodd-Frank Act, that was not fully enacted.

CHOICE is an acronym for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs.


Dodd-Frank replacement unveiled

In an ambitious plan to undo the US Dodd-Frank financial reform law, the head of the US House of Representatives banking panel has released a second draft of a replacement act.
... Republicans including President Trump believe Dodd-Frank, which has not been fully enacted, is unduly burdensome on banks and businesses, and restricts lending.
The Treasurer magazine, May 2017, p8


Financial CHOICE Act died, but parts of it were incorporated into other bills

This bill would make sweeping changes to the financial regulatory system by revising the changes that were put in place after the 2008-2009 economic crash. The bill would weaken the Consumer Financial Protection Bureau, the Financial Stability Oversight Council, and regulations that prevent commercial banks from trading for their own gain, among other changes.
This bill was introduced in a previous session of Congress and was passed by the House on June 8, 2017 but was never passed by the Senate. Provisions of this bill were incorporated into other bills.
US GovTrack, accessed May 2020.


See also


Other links

Summary of the Dodd-Frank Act: Swaps and Derivatives, Practical Law