ACCC head recommends review of penalties for breaches of consumer Act

Penalties for breaches of consumer laws might have to be increased from $1.1 million to deter listed companies that generate billions in revenue, according to the head of the consumer watchdog. The move is likely to be fought by Australia's largest companies. An upcoming review of the Australian Consumer Law needs to consider the size and reach of penalties companies face when they breach Australian Consumer [...]

2016-10-12T23:46:01+00:00 December 2nd, 2015|Categories: Compliance|Tags: , |0 Comments

IFRS 9 is radical enough

International Accounting Standards Board chairman Hans Hoogervorst has rejected accusations that the approach adopted in IFRS 9 to loan loss provisioning does not go far enough He thinks that requiring banks to recognise full expected lifetime losses on all loans as soon as they have been made, as the critics would have liked to have seen, “is not a good way to make banks safer”. At [...]

2016-10-12T23:46:04+00:00 September 25th, 2015|Categories: Compliance|Tags: , |0 Comments