Public ownership of banks stimulates banking-sector strength and resilience in the face of economic disruptions, says a new study by the World Bank ( www.worldbank.org/research/interest/policyresrpt.htm ).
Research by the European Federation of Accountants reveals that in nearly half the countries it surveyed, there is no system for enforcing accounting standards ( www.fee.be/publications/LatestPubs.htm ).
Speaking at a conference in Oslo, an SEC official proposes the International Accounting Standards Board lead national standard-setting bodies toward adopting the highest quality standards possible ( www.sec.gov/news/speech/spch494.htm ).
The Organisation for Economic Cooperation and Development adopts IFAC’s public-sector accounting standards for its own financial reporting. IFAC’s objective in issuing the standards was to improve decision-making, financial management and accountability by the world’s governments ( www.ifac.org/News/LastestReleases.tmpl?NID=99185632316518 ).
The European Federation of Accountants says current accounting directives need to be modernized before European companies can apply international accounting standards ( www.fee.be/publications/LatestPubs.htm ).
The United Kingdom’s accounting standards board publishes an exposure draft of an amendment to its financial reporting standard for smaller entities ( www.asb.org.uk ).