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Statements of Financial Accounting Standards No. 133, Accounting for Derivative Instruments and Hedging Activities, commonly known as FAS 133, is an accounting standard issued in June 1998 by the Financial Accounting Standards Board (FASB) that requires companies to measure all assets and liabilities on their balance sheet at “fair value”.
IFRS 9 began as a joint project between IASB and the Financial Accounting Standards Board (FASB), which promulgates accounting standards in the United States. The boards published a joint discussion paper in March 2008 proposing an eventual goal of reporting all financial instruments at fair value, with all changes in fair value reported in net income (FASB) or profit and loss (IASB). [1]
In the modern banking industry collateral is mostly used in over the counter (OTC) trades. However, collateral management has evolved rapidly in the last 15–20 years with increasing use of new technologies, competitive pressures in the institutional finance industry, and heightened counterparty risk from the wide use of derivatives ...
The European Market Infrastructure Regulation (EMIR) is EU regulation for over-the-counter (OTC) derivatives, central counterparties and trade repositories. [3] EMIR was introduced by the European Union (EU) as implementation of the G20 commitment to reduce systemic, counterparty and operational risk, and increase transparency in the OTC derivatives market. [4]
USIs were introduced in late 2012 in the U.S. in the context of Dodd–Frank regulation, where reporting of transactions to Trade Repositories first became mandatory. European financial market regulations followed suit, with reporting to Trade Repositories under EMIR requiring UTIs from February 2014 on.
The Construction Industry Institute (CII), based at The University of Texas at Austin, is a non-profit consortium of more than 130 owner, engineering-contractor, and supplier firms from both the public and private arenas. [2]
The scope of what constitutes ‘construction work’ has been increased. “Construction work” now means the carrying out of any building, civil engineering or engineering construction work and includes building temporary structures used for events, television, film and entertainment productions. [1]
The construction industry in the United States is one of the major sectors of the country's economy. [1] As of November 1, 2022 there are over 745,000 general contractor LLCs employing over 7.6 million in its workforce, putting up almost US$1.4 trillion worth of structures annually. [1]