There are many causes of the current financial turmoil. ACCA believes, however, that a failure in corporate governance is a major contributor to the credit crunch. Regulatory boxes may have been ticked but fundamental principles of good governance were breached. The charitable explanation for this failure is that those responsible did not understand the risks that were being taken.
In 18 months, Thai banks need to start complying with a new Basel III liquidity risk management standard recommended by the Basel Committee on Banking Supervision. Called the Net Stable Funding Ratio (NSFR), banks will need to manage an interplay of this additional Net Stable Funding Ratio (NSFR) requirement alongside the existing Liquidity Coverage Ratio (LCR) requirement.
The Malaysian Accounting Standards Board (Board) has issued MFRS 16 Leases to replace the existing Standard on Leases, MFRS 117. MFRS 16 is word-for-word IFRS 16 Leases as issued by the International Accounting Standards Board, and has the same effective date of 1 January 2019. Earlier application is permitted provided MFRS 15 Revenue from Contracts with Customers is also applied.