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Latest News
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KPMG INDIRECT TAX UPDATE 2008
03 July 2008
KPMG has published its Indirect Tax Update 2008. Please click through to our full news article for the download link [AP].
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IFRS ADOPTION GAINING MOMENTUM, BUT U.S. COMPANIES NEED MORE PREPARATION AND EDUCATION: DELOITTE SURVEY
03 July 2008
A new survey by Deloitte indicates that U.S. companies' interest in adopting International Financial Reporting Standards (IFRS) is steadily increasing. Thirty percent of CFOs and other senior finance professionals surveyed said they would consider adopting IFRS, if given a choice by the U.S. Securities and Exchange Commission (SEC) within the next three years. Another 28 percent of respondents said they either lacked sufficient information to make a decision about IFRS, or they were simply undecided, leaving room for IFRS use to increase further. Please click through for further details [AP].
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CANADIAN REGULATORS TO CONSIDER EARLY ADOPTION OF IFRS
02 July 2008
The Canadian Securities Administrators have issued CSA STAFF NOTICE 52-321 “EARLY ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS, USE OF US GAAP AND REFERENCE TO IFRS-IASB.” Staff have developed views on where to allow IFRS and US GAAP for Canadian reporters. See our news page for more information.
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LATEST RELEASE OF FASB DOCUMENTS - SOP 94-3-1 AND AAG HCO-1
02 July 2008
The Financial Accounting Standards Board has announced that Final FSP SOP 94-3-1 and AAG HCO-1, Omnibus Changes to Consolidation and Equity Method Guidance for Not-for-Profit Organizations , which was issued on May 19, 2008 is now available on the FASB website [AP]
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RISING LIFE EXPECTANCY COSTS PENSIONS £40BN, KPMG SURVEY FINDS
02 July 2008
UK plc's expectations for life expectancies rise yet again - with increases adding £40 billion to pension costs over the past three years according to KPMG research. The KPMG survey can be downloaded by NEW DUTCH LEGAL REQUIREMENT - INFORMATION ON ACCOUNTANTS FEE IN FINANCIAL STATEMENTS
02 July 2008
In the notes to the financial statements prepared on or after 27 June 2008 large Dutch companies will need to provide information on the scope and structure of the accountant fee. This new legal requirement (wetsartikel 382a in Titel 9 Boek 2 BW gepubliceerd in het Staatsblad van 27 juni 2008) arises from the implementation of the EU Directive 2006/43/EG in the Dutch legislation. More in our full news item. [NR]
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DUTCH MARKET SEES WAVE OF MERGERS
02 July 2008
In the first half of 2008 accountant.nl counted 25 mergers and acquisitions of accountants firms, suggesting a wave of mergers compared to twelve and eight announced mergers and acquisitions in the same period of 2007 and 2006, respectively. More in our full news item. [NR]
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AUASB INTRODUCES THE FIRST ASSURANCE STANDARD IN COMPLIANCE ENGAGEMENTS
02 July 2008
The Australian Auditing and Assurance Standards Board (AUASB) announced this week the release of ASAE 3100 Compliance Engagements, which will assist with the audit or review of an entity’s compliance with requirements under legislation, regulation, company policies, statutory requirements, and enforceable contractual obligations. More in our full news item. [AL]
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AUASB ISSUES GUIDANCE ON NEW SECTION IN AUDITOR REPORT ON REMUNERATION DISCLOSURES
02 July 2008
The Australian Auditing and Assurance Standards Board (AUASB) this week issued Guidance Statement GS 008 The Auditor’s Report on a Remuneration Report Pursuant to Section 300A of the Corporations Act 2001. The Guidance Statement provides guidance to auditors when expressing an opinion on whether the remuneration report, contained within the directors’ report, complies with section 300A of the Corporations Act 2001. More in our full news item. [AL]
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DISCLOSURE OF OFF-BALANCE SHEET ARRANGEMENTS UNDER UK COMPANIES ACT
02 July 2008
The UK Accounting Standards Board’s Urgent Issues Task Force (UITF) has been addressing the issue of what is the legal definition of an off-balance sheet arrangement. Neither the relevant Eu Directive nor UK Companies Act provides one. See our full news item for further details of their findings. [AL]
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Journal of the Month
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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