- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Maria L. Murphy2020-03-19T14:33:00
FASB has issued a temporary standards update intended to reduce the costs and complexities surrounding reference rate reform.
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The Financial Accounting Standards Board announced a proposed standard update that would defer for two years the end date of relief provided by transition guidance for businesses shifting away from the London Interbank Offered Rate.
Examiners from the Federal Reserve are being encouraged to consider supervisory actions against firms not ready to stop issuing LIBOR-based contracts by Dec. 31.
The U.K. Financial Conduct Authority put the nail in the coffin of LIBOR, confirming the widely used benchmark interest rate will cease to be available in most forms at the end of this year.
Chinese authorities banned PwC’s Chinese unit from performing audits in the country for six months, labeling the subsidiary’s flawed audit work as complicit in the failure of giant property developer Evergrande.
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
Software company Autodesk said it won’t restate several years of financial statements following an audit committee investigation into potential accounting misconduct.
