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Weekly Catch-Up 20th November

Thursday 21 November 2019

Supreme court halt Trump court order

A ruling requiring President Trump’s lifelong accountancy firm to turn over his accounts has been temporarily blocked by the Supreme court on Monday. The order was signed by Chief Justice John Roberts and gives the Democratic controlled House Committee on Oversight and Reform until Thursday to respond.

A state aide said The Supreme Court’s temporary stay order was expected, and the Oversight Committee did not oppose a brief stay. The Committee will provide a response by Thursday. 

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Credit loss and lease accounting standard delayed

The effective dates of new accounting standards are to be delayed by the US Financial Accounting Standards Board. Standards on current expected credit losses, leases, hedging and long duration insurance contracts have been deferred, with some being pushed back until January 2024.

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Accountants at British Steel to pocket half proceeds from sale

Accountants Ernest & Young LLP, are set to receive half of the proceeds from the sale of British Steel Ltd assets to China’s Jingye group Co., in a report by the Sunday Times. Appointed as “special managers”, the accountants are set to receive £1m per week under their contract.

The Chinese company will be buying British Steel’s Scunthorpe plant as well as other assets in the UK, France and Holland.

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General Takaful Accounting Regulation approved by SEPC

The general Takaful Accounting Regulation 2019 has been approved by the policy board of the Securities and Exchange Commission of Pakistan. Under the chairmanship of Khalid Mirza, the board met on Saturday and also approved Provisional Manager and Official Liquidator Regulations 2019, Corporate Rehabilitation Regulations 2019, directive on adoption of IFRS-14 Regulatory Deferral Accounts under Section 225 of the Companies Act.

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