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Weekly Catch-Up 10th September

Tuesday 10 September 2019

IFRS 17 – some changes still possible

There are still some uncertainties around the amendments and stakeholders have until 25 September to respond to the June 2019 Exposure Draft, “Amendments to IFRS 17”.

“Even though it is now over two years since the ‘original’ publication of the final standard, there remains a spread of views and expectations as to which accounting approach under IFRS 17 will be used by large parts of the reinsurance industry.”

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Charity Commission investigating seven charities over accounting discrepancies

The Charity Commission in the UK will be investigating seven charities mostly based in North London as a proactive exercise as a number of discrepancies have been found in their accounts. The Commission has frozen the bank accounts of size of the charities in order to protect charitable funds.

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Did the Obama administration pull off the biggest accounting fraud in history?

The Wall Street Journal’s editorial board has recently suggested that the Obama administration may have been responsible for the largest accounting fraud in history with student loans when eliminating the role of private lenders in the federal student lending market.

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Does the new FASB lease accounting rule just create more work for accountants?

It’s very important that there is an FASB but “sometimes if you have a large body of individuals who primary responsibility is writing guidelines, they get bored if there is nothing to do. They cannot leave well enough alone. Many new accounting standards released in recent years have been overkill. They have added significant complexity without any benefit to management, investors, lenders and regulators.”

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