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The requirement to apply international financial reporting standards (IFRS) for any accounting period commencing on or after January 1 2005 has raised questions relating to whether the use of IFRS could result in accounting profits (and as a result taxable profits) appearing in the accounts of Irish structured finance special purpose vehicles (otherwise known as Section 110 Taxes Consolidation Act 1997 companies) where previously no such profits would have arisen.

The Danish Government has recently proposed a new form of charge over the assets of businesses. In English terms, the virksomhedspant would be recognized as a form of a fixed and floating charge. If introduced, the proposal could benefit financial institutions and corporations by simplifying the structure for taking security over assets of businesses. The vehicle would be a special mortgage deed registered in a public registry with reference to the assets (or, in a restricted form, to the portfolio of trade receivables). Previously, in Denmark, the regime for taking security required that individual assets be recognized and identified and the security over them established with reference to those particular assets.

The recent publication of the Implementing Regulations (Official Gazette (Umm Al-Qura) edition 4021) to the Capital Market Regulations (Royal Decree M/30, 2/6/1424H), has given rise to some uncertainty for prospective issuers in an increasingly active IPO market in the Kingdom.

For many observers, Argentina's debt restructuring has promised much and delivered little in terms of offering new solutions to future crises. Despite this, there are important lessons to be learned from the world's biggest sovereign exchange.

Ben Maiden reports on how SEC proposals could cut the flow of information to investors rather than encourage it

Japanese authorities are adopting stricter disclosure rules, triggered by high-profile cases in which companies were found to have made false statements.

Philip Stopford, head of the projects group at White & Case, led a legal team advising the project sponsors on Qatargas II, the largest project financing in the world, which closed in January.

Dennis Block, Cadwalader Gillette: a $57 billion target Davis Polk & Wardwell and Cadwalader Wickersham & Taft are advising on one of the biggest ever mergers as a rush of large deals continues in the US. Cadwalader is acting for Procter & Gamble on its acquisition of the Gillette Company for about $57 billion. Dennis Block is the lead partner for Cadwalader on the deal. Davis Polk's corporate team for Gillette includes partners George Bason, Arthur Golden and Leonard Kreynin.

The European high-yield market set new records in 2004, but European issuers continue to turn to US law firms for advice. Dan Andrews explains why

An influential European parliament report has rejected proposals for a directive on clearing and settlement because of the risk of disrupting Eurobond and domestic settlement.