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Tag >> Risk and Compliance
Companies that look to banks for loan facilities are the ones that ultimately will pay for rising bank regulatory costs under Dodd-Frank, and a group of lenders are in the process of changing loan document standards to ensure that is the case.
New corporate loan documents are already seeing clauses added to shift the cost of Dodd-Frank compliance from the bank to the borrower, according to a report on Tuesday in the Wall Street Journal.
As companies come to terms with new 1099 reporting requirements, software firms are starting to build new solutions-or update their existing ones--to help make finance executives' lives a little easier.
The new 1099 reporting requirement that all vendors who supply more than $600 worth of goods or services within the tax year be sent a form 1099, which takes effect in 2012, could cause untold headaches for small, medium, and even large companies, given the vastly-increased reporting burden that it is likely to create.
In a survey of public sector CFOs by consultancy Grant Thornton, along with the Association of Government Accountants (AGA), and the National Association of State Auditors, Comptrollers and Treasurers (NASACT), finance executives expressed deep concern over effectively managing changing reporting requirements under the American Recovery and Reinvestment Act of 2009 (ARRA).
This not only affects the public sector finance execs that must report under the ARRA, but also affects all levels of businesses that received funds under ARRA programs by requiring more data and reporting—some of which they may not easily be able to provide.
The panel set up to look at establishing new accounting rules for private companies has completed its final public meeting and is one step closer to detailing how such rules should be developed.
The panel, set up at year-end last year by the Financial Accounting foundation (FAF), the American Institute of Certified Public Accountants, and the National Association of State Boards of Accountancy, made two major recommendations coming out of the final public meeting.
What a difference a strong stock market makes.
Thanks to the huge September surge in stock prices, the typical US corporate pension enjoyed its strongest one-month gain this year.
Richard Zabel, chief of the criminal division, US Attorney’s Office, Southern District of New York, made some big announcements Monday at the Practicing Law Institute’s all-day seminar on white collar crime, according to a piece on FA-mag.com.
The office is pouring more resources into white collar crime investigation and prosecution, according to Zabel. Those resources will be used to dramatically increase the number of prosecutors—to 25—and change divisional foci to look at specific aspects of white collar crimes—such as accounting fraud, complex instruments, insider trading, and Ponzi schemes.
Office products company Acco Brands Europe is implementing Basware’s invoice automation and purchase management offering to reduce costs in its supply chain, according to GTNews. The goal is to centralize and automate purchase-to-pay processes across the 12 countries in which Acco Brands operates.
Financial and treasury technology provider SunGard has launched MarketMap Mobile—a mobile version of its real-time market data and information terminal, for the Blackberry.