Financial Reporting Council

Thomas Cook inquiry - Government dragging its feet on corporate reforms

Retrieved on: 
Tuesday, July 14, 2020
Economy, Business, Corporate governance in the United Kingdom, Financial Reporting Council, Financial reporting, Department for Business, Energy and Industrial Strategy, Audit, Reporting and Governance Authority, Audit, Auditing

The Governments response to the Business, Energy and Industrial Strategy (BEIS) Committee on inquiry into Thomas Cook been published today.

Key Points: 
  • The Governments response to the Business, Energy and Industrial Strategy (BEIS) Committee on inquiry into Thomas Cook been published today.
  • In the original findings from its Thomas Cook inquiry (in October 2019), the BEIS Committee expressed disappointment the Government had not pressed ahead with audit reforms and brought forward legislation to replace the Financial Reporting Council with the Audit, Reporting and Governance Authority (ARGA).
  • Darren Jones, Chair of the Business, Energy and Industrial Strategy Committee said:
    Recent audit scandals highlight the need for the Government to tackle this issue as a matter of urgency.
  • The Government response was received on 15 June 2020 and is published today [note, in the Government response, the BEIS Committees original recommendations are in bold type, the Government response in plain type].

Cheniere Publishes Inaugural Corporate Responsibility Report

Retrieved on: 
Monday, July 6, 2020
Oil, Gas, Energy, Ethics, Articles, Economy, Euthenics, Corporate social responsibility, Cheniere Energy, Financial Reporting Council, Accounting standard, Sustainability accounting

Cheniere Energy, Inc. (Cheniere or the Company) (NYSE American: LNG) announced today that it has published its inaugural corporate responsibility report, titled First and Forward.

Key Points: 
  • Cheniere Energy, Inc. (Cheniere or the Company) (NYSE American: LNG) announced today that it has published its inaugural corporate responsibility report, titled First and Forward.
  • Chenieres corporate responsibility report includes disclosures aligned with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), the Sustainable Accounting Standards Board (SASB) and other leading reporting standards.
  • Chenieres corporate responsibility report is expected to be updated and published annually.
  • We are proud to publish our inaugural corporate responsibility report, a company-wide effort that represents a significant step forward in our transparency commitments on sustainability issues.

John W. Auchincloss Named Executive Director, Financial Accounting Foundation

Retrieved on: 
Thursday, February 27, 2020
Accounting, Professional services, Finance, Accounting, Accounting standards, Business, Economy, Financial Accounting Foundation, Governmental Accounting Standards Board, Financial Accounting Standards Board, GASB, Accounting Standards Board, Financial Reporting Council, Generally Accepted Accounting Principles, Teresa S. Polley

The Board of Trustees of the Financial Accounting Foundation ( FAF ) today announced that it has appointed John W. Auchincloss as the executive director of the Foundation.

Key Points: 
  • The Board of Trustees of the Financial Accounting Foundation ( FAF ) today announced that it has appointed John W. Auchincloss as the executive director of the Foundation.
  • The FAF is the organization that oversees the Financial Accounting Standards Board ( FASB ) and the Governmental Accounting Standards Board ( GASB ).
  • In 2019, following the departure of then-president Terri Polley, he was appointed acting president while a national search was conducted for an executive director of the Foundation.
  • Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

FAF Trustees Reappoint GASAC Chair, Announce New Members and Reappointments

Retrieved on: 
Wednesday, December 18, 2019
Finance, Banking, Accounting, Professional services, Other Professional Services, Accounting, Accounting standards, Economy, Business, Governmental Accounting Standards Board, GASB, Governmental accounting, Financial Reporting Council, Accounting Standards Board, Institute of Chartered Accountants of India, Financial Accounting Foundation, GASB 45

In addition to the three newly named members, the FAF reappointed six GASAC members including the reappointment of Alan Skelton as vice chairman.

Key Points: 
  • In addition to the three newly named members, the FAF reappointed six GASAC members including the reappointment of Alan Skelton as vice chairman.
  • The GASAC advises the Governmental Accounting Standards Board (GASB) on strategic and technical issues, project priorities, and other matters that affect standard- setting.
  • It is a pleasure to welcome our new GASAC members, who will play an important role in the GASB process, said Charles H. Noski, chairman of the FAF Board of Trustees.
  • The new GASAC members will serve a two-year term and are eligible to be reappointed for up to two additional consecutive terms.

SASB Appoints Globally Recognized Corporate Reporting Expert Paul Druckman to Its Governing Board

Retrieved on: 
Thursday, December 5, 2019
Accounting, Economy, Sustainability metrics and indices, Business, Corporate social responsibility, Sustainability Accounting Standards Board, Sustainable business, Sustainability accounting, Social accounting, Financial Reporting Council, Corporate governance

SAN FRANCISCO, Dec. 5, 2019 /PRNewswire/ -- The SASB Foundation, an independent nonprofit responsible for the funding and oversight of the Sustainability Accounting Standards Board (SASB), today announced the appointment of globally recognized corporate reporting expert Paul Druckman to its governing board.

Key Points: 
  • SAN FRANCISCO, Dec. 5, 2019 /PRNewswire/ -- The SASB Foundation, an independent nonprofit responsible for the funding and oversight of the Sustainability Accounting Standards Board (SASB), today announced the appointment of globally recognized corporate reporting expert Paul Druckman to its governing board.
  • This action follows the SASB Standards Board's recent prioritization of standard-setting activities to ensure the global applicability of its metrics.
  • Druckman comes to SASB after an impressive non-executive career that first focused on financial reporting and later extended to corporate governance, non-financial reporting and measurement, and sustainability.
  • His expertise and background will be an asset to the organization," said Robert K. Steel, Chair of the SASB Foundation Board.

BEIS Committee begins Thomas Cook inquiry

Retrieved on: 
Friday, October 11, 2019
Companies, Business, Service companies, Manny Fontenla-Novoa, PricewaterhouseCoopers, Corporate law, Ernst & Young, Financial Reporting Council, Novoa, Thomas Cook Group, Corporate governance, Chief financial officer

The BEIS Committees inquiry is focussing on issues around the stewardship of the company, executive remuneration, accounting practices and the role of auditors.

Key Points: 
  • The BEIS Committees inquiry is focussing on issues around the stewardship of the company, executive remuneration, accounting practices and the role of auditors.
  • Tuesday mornings evidence hearing is expected to focus on questions around Thomas Cooks rescue plan, corporate governance and the role of the Thomas Cook board, the debt taken on by the company, accounting practices, and the setting of CEO pay.
  • In future weeks, the Committee will question Thomas Cook auditors PwC and EY (on Tuesday 22nd October), the Financial Reporting Council and Insolvency Service, former Thomas Cook CFO Bill Scott, and former CEOs Harriet Green and Manny Fontenla-Novoa (dates tbc).
  • The Committee will also hear from witnesses including Manuel Cortes, General Secretary, TSSA.

BEIS Committee begins Thomas Cook inquiry

Retrieved on: 
Friday, October 11, 2019
Companies, Business, Service companies, Manny Fontenla-Novoa, PricewaterhouseCoopers, Corporate law, Ernst & Young, Financial Reporting Council, Novoa, Thomas Cook Group, Corporate governance, Chief financial officer

The BEIS Committees inquiry is focussing on issues around the stewardship of the company, executive remuneration, accounting practices and the role of auditors.

Key Points: 
  • The BEIS Committees inquiry is focussing on issues around the stewardship of the company, executive remuneration, accounting practices and the role of auditors.
  • Tuesday mornings evidence hearing is expected to focus on questions around Thomas Cooks rescue plan, corporate governance and the role of the Thomas Cook board, the debt taken on by the company, accounting practices, and the setting of CEO pay.
  • In future weeks, the Committee will question Thomas Cook auditors PwC and EY (on Tuesday 22nd October), the Financial Reporting Council and Insolvency Service, former Thomas Cook CFO Bill Scott, and former CEOs Harriet Green and Manny Fontenla-Novoa (dates tbc).
  • The Committee will also hear from witnesses including Manuel Cortes, General Secretary, TSSA.

BEIS Committee begins Thomas Cook inquiry

Retrieved on: 
Friday, October 11, 2019
Companies, Business, Service companies, Manny Fontenla-Novoa, PricewaterhouseCoopers, Corporate law, Ernst & Young, Financial Reporting Council, Novoa, Thomas Cook Group, Corporate governance, Chief financial officer

The BEIS Committees inquiry is focussing on issues around the stewardship of the company, executive remuneration, accounting practices and the role of auditors.

Key Points: 
  • The BEIS Committees inquiry is focussing on issues around the stewardship of the company, executive remuneration, accounting practices and the role of auditors.
  • Tuesday mornings evidence hearing is expected to focus on questions around Thomas Cooks rescue plan, corporate governance and the role of the Thomas Cook board, the debt taken on by the company, accounting practices, and the setting of CEO pay.
  • In future weeks, the Committee will question Thomas Cook auditors PwC and EY (on Tuesday 22nd October), the Financial Reporting Council and Insolvency Service, former Thomas Cook CFO Bill Scott, and former CEOs Harriet Green and Manny Fontenla-Novoa (dates tbc).
  • The Committee will also hear from witnesses including Manuel Cortes, General Secretary, TSSA.

Financial Accounting Foundation Reappoints Chairman Charles H. Noski; Appoints Two New Trustees

Retrieved on: 
Friday, April 19, 2019
Professional services, Accounting, Banking, Finance, Accounting, Financial Accounting Foundation, Economy, Business, GASB, FAF, Accounting standards, Financial Reporting Council, Charles Noski, Governmental Accounting Standards Board, United States Generally Accepted Accounting Principles

The Board of Trustees of the Financial Accounting Foundation ( FAF ) today announced the reelection of Charles H. Noski as chairman of the FAF Board of Trustees for an additional term ending December 31, 2019.

Key Points: 
  • The Board of Trustees of the Financial Accounting Foundation ( FAF ) today announced the reelection of Charles H. Noski as chairman of the FAF Board of Trustees for an additional term ending December 31, 2019.
  • The FAF also announced the appointments of two new Trustees, Mary E. Barth and David H. Lillard, Jr., effective April 16, 2019.
  • The FAF Board of Trustees is pleased to welcome Mary and David as its newest members, said Noski.
  • Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

Financial Reporting Council questioned on future of audit

Retrieved on: 
Friday, February 1, 2019
Corporate governance in the United Kingdom, Financial reporting, Corporate governance, Financial Reporting Council, Finance, Money, Stephen Haddrill, John Kingman, Audit

Committee examine examine questions around audit quality, and around the CMA and Kingman reviews

Key Points: 
  • The Business, Energy and Industrial Strategy (BEIS) Committee hold two evidence hearings as they continue their inquiry into the future of audit.
  • On Monday 4th February (from 5pm), the BEIS Committee will question Sir Donald Brydon about his Independent Review of the Quality and Effectiveness of the UK Audit Market.
  • On Tuesday 5th February (from 10am), the Committee will question a panel of witnesses including Stephen Haddrill, Chief Executive, Financial Reporting Council.
  • In his recent review of the Financial Reporting Council (FRC), Sir John Kingman likened the FRC to a 'ramshackle house that leaks and creaks'.