The IASB is trying to resolve asset/liability mismatch problem arising from its insurance accounting plans. Meanwhile, a further paper on Solvency II is awaited

The UK Financial Services Authority (FSA), Britain\'s chief financial services watchdog, is setting up an independent review into the \"significant divergence\" between how Standard Life, Europe\'s largest mutual insurer, calculated its liabilities last year and more recently.

As the Parmalat scandal unfolds in Europe and external audit firms begin to define pass/fail criteria, many US listed companies may still be overly optimistic about their chances of passing their Sarbanes-Oxley section 404 exams. The consequences could be serious, says Tim Leech.

BASEL, Switzerland, January 8 - Global banking regulators will decide next week whether any adjustments are needed to a key amendment they proposed in October to the credit risk aspects of the controversial Basel II upgrade of international rules for bank safety.

WASHINGTON, January 11 - Proposals by global banking regulators to drop expected losses from the credit risk capital requirements of the Basel II upgrade of bank safety rules lack specifics and need clarification on several points, an influential international banking organisation said today.

BASEL, Switzerland, January 15 - Global banking regulators said they continue to make progress with the Basel II upgrade of international bank safety rules and will achieve their goal of finalising the rules by mid-year.

LONDON, January 21 - The outcome of the latest round of discussions between regulators negotiating the new international bank capital accord has been greeted enthusiastically by financial firms and organisations in Europe and the US.

LONDON, January 21 - Any delay in reaching final agreement on the Basel II accord upgrade of international rules for bank safety would threaten the already tight timetable for bringing the European version into law, the UK Financial Services Authority (FSA) said this week.

Davos, Switzerland, January 25 - The US Senate Banking Committee will have to revisit the Basel II bank capital proposals, committee chairman Richard Selby has said. He also expressed serious reservations about whether the US could ever adopt Basel II, the UK Independent newspaper reported over the weekend.

LONDON, January 27 - UK regulators will continue pushing ahead in the coming year with their risk-based capital proposals for both life and general insurance sectors, covering both direct insurers and re-insurers, Britain\'s chief financial regulator said today.