Deloitte Touche Tohmatsu has submitted to the IASB our Letter of Comment on Exposure Draft 2009/12 “Financial Instruments: Amortized Cost and Impairment”. The ED, issued on 5 November 2009, proposes requirements for how to include credit loss expectations in the amortized cost measurement of financial assets.

With the UK public sector recession now underway, PricewaterhouseCoopers LLP (PwC) is warning of the increased risk of fraud in the public sector as staff reductions and fears of redundancy increase the risk of fraud and economic crime.

American tax regulators have launched investigation against clients of the HSBC bank who are suspected in hiding their accounts in India and Singapore from taxation. Experts think it is very unlikely the officials will be satisfied with UBS clients and will certainly look for tax dodgers around the world.

The National Bank of Ukraine (NBU) proposed the government to spend 10 billion for creation of the “bad” (or, as it is commonly know here, the “sanation”) bank – that is, the bank to save other credit institutions in trouble.

Proposed banking rules, born out of the crisis, will be “practically impossible to implement” and encourage “boilerplate” disclosures, according to Barclays. Barclays’ finance director Chris Lucas is the latest to voice opposition to the accounting rules, which may force banks to calculate and disclose the proportion of loans which will turn bad.

The Auditing Practices Board (APB) of the FRC has today issued for comment a consultation draft of a revision of Practice Note 25 “Attendance at stocktaking”. The consultation period ends on 5 October 2010.

BP commenced searching for a strategic investor to help it escape hostile takeover in conditions like that, when its shares fell for more than 50%. The company proposes to purchase 5-10% of shares which are now worth $4.5-9 billion. Analysts named Exxon Mobil Corp. and Royal Dutch Shell among most probably buyers.

The President of Ukraine Viktor Yanukovych proposed a new law project to the Verkhovna Rada. The proposal deals with certain amendments to the current legislation which regulates operations of the National Bank of Ukraine (NBU). It is aimed at more independence for the main banking regulator in the country.

Securities and Exchange Commission Chairman Mary Schapiro and Japan Financial Services Agency (JFSA) Commissioner Katsunori Mikuniya met in Washington, D.C., this week as part of the annual SEC-JFSA Bilateral High-level Dialogue. The purpose of the Dialogue, established in 2006, is to provide a forum whereby the senior officials of the two agencies can meet to identify and discuss issues of common concern affecting the U.S. and Japanese capital markets and promote areas of future collaboration.

Ernst & Young will appoint non-executive directors to help oversee its global operations it announced today.