neoaccounting

Levels of corruption in Africa are symptomatic of the levels of moral decay that have engulfed African society. African society is drowning in a “have all, possess all” mentality that has become an endless orgy of spend and gain. Position and power have become keys to accessing resources meant for the general good and converting them for private good. We will be forgiven in concluding that the scrambles we see for power on our continent is no longer driven by a desire to serve but by waiting turns to loot. We have seen changes in ruling parties in various countries that have not resulted in a fall in levels of corruption. This situation is compounded by the messaging by those who seek to fight corruption. The anti-corruption message is made very complicated by a multiplicity of terms and definitions—fraud, misappropriation, money laundering, illicit financial flows, and so on and so forth! These have left average citizens wondering what this is all about. Should we not just use as ...

In February, protests erupted in Greece as migrants in the country’s refugee camps protested their living conditions. Scenes on the news showed attempts to block the migration minister from entering an airport to attract his attention to their cause. They demanded from the government official the most basic of human rights: access to adequate food and shelter. The protests demonstrate how compelled the migrants must have felt to hold the minister to account. Whether a migrant or a citizen, every person deserves to have their rights respected. And it is up to public service decision makers to ensure that they are. Public sector leaders must be held accountable, otherwise protests like the ones seen in Greece will be repeated. A “rights-based” approach to public financial management (PFM) could make a meaningful and significant difference to accountability in governments as it means that human rights are embedded in the planning, delivery, monitoring, and evaluation of public s...

Sharing Knowledge, Ideas, and Experience Following on the fundamental reorientation the IFAC Professional Accountants in Business Committee made to its meetings and communications in 2016, this report shares the knowledge, ideas, and experience of the committee on developing a future-ready profession. The main themes in the report, and in the meeting it flows from, are: digital disruption and rapid cognitive business development; the continued evolution of the profiles of finance leadership and accountants in business; effective risk management; how integrated reporting can lead to better reporting outcomes; and how the new media landscape is changing the way we communicate. The report is designed to be accessible, with improved navigation, summaries that enable a fast read; and clearly identified future actions and recommendations. This new approach to meetings and after-action reports is designed to: create effective connections between IFAC and professional acco...

Exposure Draft This proposed revision of  International Education Standard 7,  Continuing Professional Development , places greater emphasis on learning and development directly related to an accountant’s professional responsibilities rather than simply focusing on a minimum number of hours of continuing professional development (CPD). The proposed revisions enhance current requirements, encouraging professional accountancy organizations to develop CPD systems that address applicability, measurement, monitoring, and enforcement processes. CPD helps all professional accountants develop and maintain their professional competence to produce high-quality services for their clients, employers, and other stakeholders. NOTE: Get the full exposure by clicking the links below: http://www.ifac.org/system/files/publications/files/Proposed-International-Education-Standard-7-Continuing-Professional-Development-Revised.pdf http://www.ifac.org/system/files/publications/files/Sup...

The Global Accountancy Profession’s Call for Action by G20 Countries Global economic stability and transparency and the rebuilding of public trust will be greatly enhanced by a determined G20 push for stronger governance across all sectors. In advance of the G20 Summit 2017 in Hamburg, Germany on July 7-8, IFAC issued actionable recommendations for G20 countries that will support both the global economy and the G20’s 2017 objectives. IFAC calls on the G20 and other key stakeholders in the global economy to collaborate on: Raising governance standards across all economic sectors  to increase transparency and accountability, and help restore trust and inspire confidence in business and government, key to the G20’s aspirations to: build resilience, improve sustainability, and assume responsibility. Fostering greater transparency and regulatory consistency  to achieve growth, confidence, and stability. This requires an inclusive digital and economic environment for busine...

Debt securities (e.g. bonds) listed on other recognised exchanges can benefit from the advantages of an FMDQ quotations service. For a modest fee, debt securities listed on other recognised exchanges can be quoted and traded on FMDQ, availing the securities access to the full complement of an FMDQ quotation, thereby benefitting from, among others, global visibility, transparency, secondary market liquidity and effective price formation. Permitted Trading Status (PTS), which is the quotation of debt securities listed on other recognised exchanges on FMDQ’s OTC securities exchange, is granted on the basis of Rule 185 of the Securities and Exchange Commission (SEC) Rules and Regulation 2013. Pursuant to the provisions of the SEC Rule 185, the circumstance under which a debt security will be granted PTS is that the security must be registered and listed on a recognised securities exchange. As long as the security maintains its registration and listing statuses on its host securitie...

As part of its key strategic mandates to develop the market, FMDQ provides a robust platform for the quotations of Commercial Papers (CPs). Quotation of CPs on FMDQ gives issuers access to a wide range of knowledgeable and capitalised investors (qualified institutional investors & eligible individual investors) through FMDQ Members. Liquidity is enhanced through the trading of the instruments by FMDQ Dealing Members and other stakeholders such as Pension Fund Administrators (PFAs), Fund Managers etc. on FMDQ OTC securities exchange. On the other hand, investors are able to diversify their portfolios and also improve the returns on their investment. Improved liquidity serves to ensure ease of entry and exit from the CP market by these investors. Desirous of entrenching transparency and governance in the Nigerian financial market, FMDQ identified the need for a robust structure around the issuance and quotation of CPs. Consequently, FMDQ developed a process to revitalise th...

The Financial Markets Review Report (FMRR) is a bi-monthly analytical review of the activities in the OTC markets under FMDQ’s purview. The Report includes a detailed analysis of the turnover and trade intensity of the various traded products (FX, Bonds, T.Bills, Repos/Buy-Backs and Unsecured Placements/Takings), a summary of the exchange’s surveillance activities over its Dealing Members and a league table indicating Members’ performance within the review period. FMRR has been migrated to   FMDQ e-Knowledge  which is available only to FMDQ Members  (all membership categories) . For access to FMDQ e-Knowledge only, become an   FMDQ Affiliate Member .  Click here for more information  or contact  bog@fmdqotc.com

As a debt capital-focused securities exchange, FMDQ also provides a robust platform for the listing of Mutual and Exchange Traded Funds. Mutual Funds   are investment vehicles operated by money managers, which typically pools funds from investors for the purpose of investing the funds in securities such as stocks, bonds, and money market instruments. They are also classified according to the types of securities invested in. Fixed Income Mutual Funds, which are focused primarily on investments in government and corporate bonds; and Money Market Mutual Funds (or Money Market Funds) which are focused on investments in short-term debt securities such as treasury bills and commercial papers, are permitted for listing and trading on FMDQ, in line with the provisions of the FMDQ Bond Listing and Quotation Rules. Exchange Traded Funds (ETFs)   are marketable securities that track an index, a commodity, bond, or a basket of assets. Unlike mutual funds, ETFs are traded on an exc...

FMDQ OTC Securities Exchange provides an efficient platform for registration, listing, quotation and valuation of bonds. FMDQ through its trading and surveillance systems and and the publication of FMDQ Daily Quotations List has empowered the Nigerian sovereign bonds and other classes of bonds with price discovery, transparency and market integrity. Bonds listed and admitted on FMDQ are traded by its Dealing Members some of which act as primary dealers to the sovereign domestic bonds. FMDQ Dealing Members act as market makers to the Nigerian sovereign bonds and some other classes of bonds thereby providing trading liquidity to the Nigerian bond market. The OTC securities exchange is responsible for circa 100% of bonds traded in Nigeria. As part of its mandate to provide exceptional levels of information transparency, FMDQ provides continuous disclosure of relevant information on fixed income issues listed on its platform. This information includes amongst others – issue siz...

As an OTC securities exchange focused on empowering the Nigerian debt capital market, FMDQ provides an efficient platform for the quotation, valuation and trading of Nigerian Treasury Bills (NTBs). NTBs are short-term Federal Government of Nigeria (FGN) debt instruments maturing in one year or less, sold at a discount and redeemed at par. The FGN, under the authority of the Debt Management Office (DMO), issues Treasury Bills through the Central Bank of Nigeria (CBN), to provide short-term funding for the FGN budget deficit. Through its mission to be credible and innovative in support of the Nigerian economy, FMDQ provides market transparency and global visibility to the quoted NTBs through the FMDQ Bloomberg E-Bond Trading and Surveillance System, the Quotations page on its website and the publication of the FMDQ Daily Quotations List (DQL), promoting credibility for the NTBs and enhancing investor confidence in the instruments. Secondary market liquidity is e...

The Rules below comprise various guidelines governing the trading, listing and quotation of securities as well as the conduct of Members on the FMDQ OTC securities exchange. Members of FMDQ are bound by these Rules and must ensure strict compliance at all times. The Rules may be subject to periodic review and amendments to keep in line with global best practices. Securities Registration, Listing & Quotation Rules ► FMDQ Commercial Paper Registration and Quotation Rules – May 2017 ► FMDQ Sukuk Listing Rules (SEC Approved – April 18, 2017)) ► FMDQ Short-Term Bonds Registration Process and Listing Rules (SEC Approved – October 6, 2016)) ► FMDQ Bond Listing and Quotation Rules ( SEC Approved – December 5, 2014 ) ► Extract From SEC Approved FMDQ Bond Listing and Quotation Rules –   Exchange Traded Funds (ETFs) Codified Rule Books ► FMDQ Codified Rule Book for FGN Bonds ( SEC Approved – December 5, 2014 ) ► FMDQ Codified Rule Book for Treasury Bills ► FMDQ C...