US Treasury Secretary Janet Yellen has said the US is ready to rejoin the fight against climate change “after sitting on the sidelines for four years”.
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The European Commission (EC) is making stringent new demands on companies’ reporting of their impact on the environment, as it looks to drive investors’ money towards the greenest firms.
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Impact of lockdowns could hold up verification of financial accounts Regulators are warning that reporting of annual results for listed companies could be delayed because of the coronavirus pandemic. The Financial Conduct Authority (FCA) and the Financial Reporting Council (FRC) said in a joint statement on 27 January that listed companies whose financial year ended […]
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Reform is an “urgent priority”, says accountancy body chief The accounting industry is urging the government to prioritise reform of the sector following the appointment of Kwasi Kwarteng as business secretary. Michael Izza, chief executive of the Institute of Chartered Accountants in England and Wales (ICAEW), said Kwarteng needed to make reform of corporate governance […]
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Coffee chain misdoings alerted regulators to potential irregularities with overseas companies listed in the US Luckin Coffee will pay a $180m fine to settle accounting fraud charges as the US Securities and Exchange Commission (SEC) ramps up scrutiny of Chinese companies. The watchdog’s investigation discovered that the coffeehouse chain fabricated sales transactions and defrauded investors […]
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Chinese companies face US stock exchange delisting US lawmakers are ramping up pressure on Beijing’s oversight regime Congress has passed legislation that could result in Chinese companies being delisted from US stock exchanges if they do not comply with accounting rules. The House of Representatives approved the bill in early December after it was passed […]
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UK commits to new accounting watchdog, despite delays The UK government has pledged to push ahead with a new authority to oversee corporate governance standards, following criticism from a top business committee over its inaction to date. In an open letter to the Business, Energy and Industrial Strategy (BEIS) committee, the government promised to push […]
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“Exploitative” Chinese companies face new battle to list in US Chinese companies looking to list on US exchanges are set to face tougher scrutiny, thanks to moves to protect investors by Senators and a homegrown accounting scandal. On Wednesday (May 20), the US Senate passed the Holding Foreign Companies Accountable Act by unanimous consent. The […]
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US authorities are placing greater scrutiny on Chinese companies and other emerging markets listed in the US following the fallout from the Luckin Coffee fraud scandal. A recent success story among investors, having raced to a Nasdaq listing within 18 months of its foundation, and challenging coffee giant Starbucks in the Chinese market, Luckin Coffee’s […]
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FRC: Expectations and standards ‘still apply’ The Financial Reporting Council (FRC) has moved to remind companies that expectations and standards have not changed, despite the ongoing Covid-19 crisis. At the same time, however, the FRC clarified that it had not increased pressure on auditors to be tough. In an update, the Council said auditors should […]
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