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15 January 2016

Finance on Friday - 15th January

This week's discussion focused on four big areas: Brexit, banking, Capital Markets Union and accounting standards IFRS.

Graham Bishop and Nick Crosby of Cambre Associates talk about four big issues that have been topical this week in the European Union:

Brexit: David Cameron appeared on the BBC's Andrew Marr show and said that he hopes to wrap up negotiations in February and hold vote in the summer - whatever the outcome, he will stay as Prime Minister. City AM published an opinion article warning against the fact that a small but interesting chorus of voices in The City is beginning to put flesh on the bones of the idea that Britain could go it alone. EU expert Jean-Claude Piris reminded the UK voters that Brexit is the easy bit, meaning that the long, tortuous way after a vote against EU membership and the cost in terms of prosperity and security might be one they are not prepared to pay.

Banking: the revised market risk framework and work programme for the Basel Committee has been endorsed by its governing body (GHOS). The British Bankers’ Association identified the 7 banking trends to watch in 2016, with a particular interest in the costumer experience which can be improved with the help of Big Data.

Capital Markets Union: in its Quarterly Report, ICMA argued that Capital Markets Union may also have a microeconomic impact through its reforms of the structure of capital markets.

International Financial Reporting Standards: IFRS9 is expected to come into force soon, being its most important element the introduction of an expected loss model for credit losses. IASB Chairman Hoogervorst took part in an exchange of views with the Committee on Economic and Monetary Affairs and talked about this and other important issues on accounting such as leases. The IASB issued a new accounting Standard, called IFRS 16 Leases, in a major revision of the way in which companies account for leases. 


© Graham Bishop

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