A Record of Success
Achieving increased Basel III regulatory capital flexibility for cooperative financial institutions from the Basel Committee.
Obtaining clearer guidance on correspondent banking anti-money laundering requirements from the Financial Action Task Force.
Exempting non-internationally active financial institutions from the Basel Committee’s Interest Rate Risk, External Auditing, and Total Loss Absorbing Capacity rules, among others.
Removing unfounded criticisms of co-operative governance from Basel Committee standards.
Attaining a “practical expedient” from the International Accounting Standards Board that limits the regulatory burdens of International Financial Reporting Standard 9 (IFRS 9) on smaller financial cooperatives.
Reducing the Basel III reserves required to hold term deposits made by financial cooperatives in other financial institutions, so that financial cooperatives can achieve better yields on their term deposit investments.
Cost versus value: Is GAAP obsolete?
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Hans Hoogervorst
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Reporting standards in the world of environmental, social and governance investing, long a thicket of competing frameworks, could converge within 12 to 24 months, said Janine Guillot, head of the Sustainability Accounting Standards Board.
Guillot spoke to
Barron’s in a joint interview with Brian Moynihan, CEO of Bank of America, this month. During the interview, Moynihan endorsed the work of SASB, which has a leading framework to report sustainable metrics. He also said that the apparently competing effort by the International Business Council of the World Economic Forum, which he leads, and the Big Four Accounting Firms is misunderstood. “We do endorse SASB,” said Moynihan, who added that his effort was geared to push companies to report on how they were working to achieve the U.N. Sustainable Development Goals, which were established by the U.N. in 2015 to provide a common set of economic, social, and environmental outcomes that member countr
GRI calls for mandatory sustainability reporting
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