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Latest News
FRC QUARTERLY STRATEGIC PROGRESS AND PLANNING REPORT - JANUARY 2009
06 January 2009
The Financial Reporting Council (FRC), the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance, has today published a report on its work in the quarter October-December 2008. See full details in our news item. [AL]
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UK PENSION IS 100 YEARS OLD!
06 January 2009
In the UK anyone reaching the milestone of 100 years gets a personal letter from the Queen. One hundred years ago this week, the first pensioners went to the Post Office to collect a State Pension of 5 shillings a week. In 1909 half a million people over 70 got a pension. Now they number over 12 million, with more than 700,000 people reaching State Pension age in 2009 alone. Read more on our full news item about this key social payment that has revolutionised the lives of the many of the UK's population since its inception, but is under fire currently for failing to provide the socail net it once did for Uk retirees. [AL]
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IASB AND FASB ANNOUNCE MEMBERSHIP OF FINANCIAL CRISIS ADVISORY GROUP
06 January 2009
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) this week announced the membership of the Financial Crisis Advisory Group (FCAG). The FCAG is the high-level advisory group set up by the boards to consider financial reporting issues arising from the global financial crisis. The group includes recognised leaders from the fields of business and government with a broad range of experience in international financial markets. More in our full news item. [AL]
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OUTCOMES - IPSASB MEETING OCTOBER 2008
06 January 2009
Meeting Highlights from the IPSASB's most recent meeting in Zurich, Switzerland are now available in English and French. At the October 2008 meeting, the IPSASB discussed the following topics, among others: Agriculture, Conceptual Framework, Intangible Assets and Service Concession Arrangements. Further details, and a link to fuller information, can be found in our full news item. [AL]
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GLOBAL FINANCIAL CRISIS - PUBLIC SECTOR IMPACTS
06 January 2009
At its October 2008 meeting, the IPSASB discussed the current global financial and economic crisis and its impact on the public sector. Matters that were raised in the discussion included the importance of strong financial reporting standards to contribute to transparency in public sector financial reporting. In that light, the IPSASB emphasized the urgent need to develop public sector accounting standards on financial instruments. Therefore, the IPSASB will strive to approve exposure drafts for global IPSASs based on IAS 32, Financial Instruments: Presentation, IAS 39, Financial Instruments: Recognition and Measurement, and IFRS 7, Financial Instruments: Disclosures as soon as possible, ideally as early as February 2009. [AL]
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PROCESS FOR REVIEWING AND MODIFYING IASB DOCUEMENTS FOR PUBLIC SECTOR USE
06 January 2009
It is IPSASB's policy to converge (accrual basis) IPSASs with the corresponding IFRSs to the extent that these are appropriate for the public sector. In 2007, the IPSASB developed guidance, entitled Process for Reviewing and Modifying IASB Documents, to outline the IPSASB process for reviewing and modifying IASB documents for use in the public sector. The latest version has now been posted on the IPSASB website. Click through for more details and to access this document. [AL]
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KPMG IFRS BRIEFING SHEET - ISSUE 121
01 January 2009
KPMG has published its IFRS Briefing Sheet, Issue 121. This IFRS Briefing Sheet summarises the International Accounting Standards Board’s (IASB or Board) Exposure Draft (ED) Embedded Derivatives – Proposed amendments to IFRIC 9 and IAS 39, which was published on 22 December 2008. Comments are due by 21 January 2009. Please click through to our full news article for the download link [AP].
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DATA LOSSES SET TO SOAR, PREDICTS KPMG
30 December 2008
KPMG’s Data Loss Barometer predicts that the number of people affected by data loss around the world could soar to 190 million in 2009, compared to 92 million in the previous year, as the credit crunch deepens. In the three months to November 2008 the number of people affected by data loss incidents (47.8 million) was more than for the first eight months of the year combined – and 38 per cent higher than the same period in 2007 (34.5 million). Please click through for further details [AP].
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PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD INSPECTION REPORTS UPDATE
25 December 2008
The Public Company Accounting Oversight Board has updated its audit firm inspection reports. Please click through for the latest reports [AP].
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IASB PROPOSES ADDITIONAL DISCLOSURES FOR INVESTMENTS IN DEBT INSTRUMENTS
24 December 2008
The International Accounting Standards Board (IASB) this week published for public comment proposals to require entities to provide additional disclosures on all investments in debt instruments, other than those classified in the fair value through profit or loss category. Click through for further details in our full news item. [AL]
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Accounting, Auditing and Accountability Journal
SPECIAL OFFER! - Emerald is pleased to offer all users of AccountingEducation.com FREE access to selected articles from AAAJ. The journal, now in its 21st volume, will publish eight issues in 2008, and at least one article from each issue will be freely accessible!
Access articles from the 2008 volume here.
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