Day: March 3, 2015

FELDA Global Ventures Holdings Bhd’s (FGV) ills go beyond accounting standards; under the rules of “fair value accounting”, the company is compelled to make provisions for its land lease agreement (LLA)

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http://www.thestar.com.my/Business/Business-News/2015/02/28/FGVs-ills-go-beyond-accounting-standards/?style=biz

FGV’s ills go beyond accounting standards

Saturday, 28 February 2015

FELDA Global Ventures Holdings Bhd’s (FGV) worst enemy is turning out to be the new accounting standards, so say the top executives of the plantation giant that draws more attention for its political prowess than commercial interest. But is this really the case, or is the suffering of the plantation company now due to the lack of medication and care rendered to the plantation assets and related investments when it was under Felda? And is it because FGV is viewed as a political entity rather than a listed company?

Right from the beginning, FGV was a tricky listing proposition because it had some elements that would not have gone down well by normal commercial standards. An example is the age profile of its trees, which is 20 years and above that forms some 50% of its total plantation assets. Continue reading →

Companies Drag Feet on Updating Fraud Safeguards; Some feel no urgency to adopt new standards, even after clock runs out on old ones

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http://www.wsj.com/articles/companies-drag-feet-on-updating-fraud-safeguards-1425346394

Companies Drag Feet on Updating Fraud Safeguards

Some feel no urgency to adopt new standards, even after clock runs out on old ones

MAXWELL MURPHY

March 2, 2015 8:33 p.m. ET

Corporate safeguards to prevent financial errors and fraud are like armor: unpolished they rust, and by then it’s too late. The most widely followed standards for these safeguards—or internal controls—were updated more than a year and a half ago. A deadline to adopt the new, more detailed standards passed in December.

But that hasn’t stopped more than 300 companies, with a combined market value of more than $450 billion, from sticking with internal-control guidelines that were written more than two decades ago, according to a review of regulatory filings by The Wall Street Journal. That number is expected to climb as more companies close their books for 2014 and disclose whether they have made the switch. Continue reading →

Investors and brokers want Singapore Exchange stripped of regulatory powers

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http://www.scmp.com/print/business/article/1727464/investors-and-brokers-want-singapore-exchange-stripped-regulatory-powers

Investors and brokers want Singapore Exchange stripped of regulatory powers

Monday, 02 March, 2015, 10:34am

Reuters in Singapore

Singapore Exchange (SGX) may have just begun its search for a new chief executive but investors and brokers already know what change they want to see: the bourse stripped of its regulatory powers and a rebuilding of its stock market business. Continue reading →