Merkel backs the idea of a European Monetary Fund
The Dollar Business Bureau The German Chancellor Angela Merkel warmed to the idea of creating a combined European finance and the forming of a European Monetary Fund. This signalled a willingness on the part of the Chancellor to deepen the euro zone integration. On the idea floated by her finance minister Wolfgang Schaeuble, Merkel said she supported “the very good idea” to turn the euro zone’s rescue fund, the European Stability Mechanism (ESM), into a European Monetary Fund. In May 2010, the European Financial Stability Facility was formed which was later called the ESM. The ESM works alongside the IMF in assisting Europe’s financial programmes. The creation of ESM was a powerful step offering a powerful means to backstop sovereign debt markets and ...
Moody's favourable India ratings on a cautious note
The Dollar Business Bureau India according to Moody’s Investors Service is implementing extensive reforms, which if successful would gradually ease the government’s high debt burden and turn its credit profile positive. The reforms and the financial changes that the government has introduced, would according to the Moody’s ease its high financial burdens. In its just-released report, titled, “Government of India: Effective Implementation of Key Fiscal and Banking Sector Reforms Would Address Core Credit Challenges.” The report focusses mainly on 3 key reforms: The Goods and Services Tax (GST), the NPA resolution measures and the Fiscal Responsibility and Budget Management Act (FRBM) Committee recommendations. On GST, Moody's opines that the “short-term impact of GST reforms may not be visible, but its long-term benefits will include ...
Indian accounting standards to be made viable globally
The Dollar Business Bureau India is planning a new accounting standard that will bring it at par with more than 105 countries where International Financial Reporting Standards are mandatorily followed in a month’s time. The standards to be implemented voluntarily to the companies of financial year 2015-16 and on a mandatory basis from 2016-17 for all listed entities of over Rs 500 crore have been given in principle approval by The National Advisory Committee on Accounting Standards. “The notification for Ind-AS is going to happen in a month,” Ministry of Corporate Affairs Joint Secretary A S Bhatia said on the side-lines of a seminar on corporate governance organised by the CII and the Institute of Cost Accountants. The government’s commitment to adopt Ind-AS will further strengthen ...
