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DOUBLE ENTRIES 14.35 | | Authors: | Andrew Priest and Andy Lymer | | Type: | Double Entries Archive |
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AccountingEducation.com's
Double Entries
The oldest continuous online accounting newswire in the world
ISSUE 14.35
OCTOBER 30, 2008
Course of the Week
Cass Business School, London, offers the widest range of Specialist Masterscourses in Europe.
Find out more about our International Accounting and Finance MSc and our full range of part-time and full-time finance MScs. All courses are backed by world-class teaching, research and resources.
news.
AUSTRALIA
[01] REVIEW OF THE TAX ARRANGEMENTS APPLYING TO MANAGED INVESTMENT TRUSTS
[02] RELEASE OF INSPECTOR-GENERAL OF TAXATION REPORT INTO THE TAX OFFICE'S MANAGEMENT OF MAJOR COMPLEX ISSUES
[03] AUSTRALIA TO COMMENCE REVISED TAX TREATY NEGOTIATIONS WITH THE UK
CANADA
[04] MEETING OF THE CANADIAN ACCOUNTING STANDARDS BOARD, OCTOBER SUMMARY
[05] TIME OF UNCERTAINTY IS TIME OF OPPORTUNITY FOR PRIVATE EQUITY SAYS PWC
[06] RECLASSIFICATION OF FINANCIAL ASSETS – TYPESCRIPT
INTERNATIONAL - IASB
[07] IASB PUBLISHES EDUCATIONAL GUIDANCE ON THE APPLICATION OF FAIR VALUE MEASUREMENT IN INACTIVE MARKETS
[08] KPMG IFRS BRIEFING SHEET - ISSUE 110
INTERNATIONAL - OTHER
[09] PUBLIC PERCEPTION OF ACCOUNTING STUFFY IMAGE DOES NOT ADD UP ACCORDING TO NEW CCH RESEARCH
[10] NON-FINANCIAL REPORTING GAINS CURRENCY BUT STILL HAS WAY TO GO
UNITED KINGDOM
[11] UK FRRP ANNOUNCES PRIORITY SECTORS FOR 2009/10
[12] NEW RESEARCH REPORTS FROM ACCA - ON MANDATING IFRS & NARRATIVE REPORTING
[13]FRC CHIEF EXEC CITES PRELIMINARY LESSONS FROM FINANCIAL CRISIS
[14] ACCA HIGHLIGHTS CAPITAL GAINS TAX DOUBLE WHAMMY FOR UK GOVERNMENT
[15] FRC STATEMENT ON DEVELOPMENT OF ACCOUNTING STANDARDS
[16] MORE UK NEWS ONLINE AT ACCOUNTINGEDUCATION.COM
ASB ISSUES UITF ABSTRACT 46 (IFRIC INTERPRETATION 16) 'HEDGES OF A NET INVESTMENT IN A FOREIGN OPERATION'
KPMG INDIRECT TAX UPDATE 4308
FRC PUBLISHES FEEDBACK ON AUDIT QUALITY FRAMEWORK
UNITED STATES
[17] OUTCOMES - FASB OCTOBER 15, 2008 BOARD MEETING
[18] AJILON FINANCE RELEASES 2009 FINANCE AND ACCOUNTING SALARY GUIDE
[19] ACCOUNTING AND FINANCE PROFESSIONALS' OVERALL CONFIDENCE DECLINES
[20] PCAOB ANNOUNCES 2009 STANDING ADVISORY GROUP MEMBERS
[21] PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD INSPECTION REPORTS UPDATE
Editorial
Welcome to the 35th issue of Double Entries 2008. Our lead news story this week is more a fun story. Apparently accountants are sexy, well according to Facebook group which has more than 12,000 members! However, Andy goes are to report that 'accountants are still unfairly branded as being behind the times, according to independent research commissioned by tax and accountancy information provider, CCH, part of Wolters Kluwer UK.' More details can be found in Andys contribution. Maybe more work has to be done on the image of accountants. See the presentation my students have been doing in the past four weeks, I feel that they are far from stuffy or behind the times, rather they are dynamic switch on people with personalities!
Till next week ....
Andrew Priest & Andy Lymer, Editors, Double_Entries@accountingeducation.com
JOBS UPDATE
AccountingEducation.com host academic and related jobs in our Job Archive and Career Centre. Access the current jobs listed here.
The following positions have been added to the AccountingEducation.com Academic Vacancy Centre during the past two weeks:
PhD position in accounting
Employer: University of Amsterdam
Location: Amsterdam, The Netherlands
Deadline for applications: 21st November, 2008
For further details please see our jobs database entry
JOURNALS UPDATE
Our Accounting Journals Abstracts database tracks all the key journals in our field. Each week we add newly announced Journal listings to the database. The following Journal's contents has been added to the database during the past week.
Click here to access our full Journals database to see these recent entries and to search the full database going back for many journals over 10 years!
Journal of Accounting Research 46, 5.
How Much New Information Is There in Earnings? - RAY BALL AND LAKSHMANAN SHIVAKUMAR
Altering Investment Decisions to Manage Financial Reporting Outcomes: Asset-Backed Commercial Paper Conduits and FIN 46 - DANIEL A. BENS AND STEVEN J. MONAHAN
Investor Sentiment and Corporate Disclosure - NITTAI K. BERGMAN, AND SUGATA ROYCHOWDHURY
Mandatory IFRS Reporting around the World: Early Evidence on the Economic Consequences - HOLGER DASKE, LUZI HAIL, CHRISTIAN LEUZ, AND RODRIGO VERDI
Corporate Governance and Agency Conflicts - AIYESHA DEY
Client Characteristics and the Negotiation Tactics of Auditors: Implications for Financial Reporting - RICHARD C. HATFIELD, CHRISTOPHER P. AGOGLIA, AND MARIA H. SANCHEZ
On the Optimal Relation between the Properties of Managerial and Financial Reporting Systems - THOMAS HEMMER AND EVA LABRO
Disclosure Quality and Management Trading Incentives - JONATHAN L. ROGERS
On the Value Relevance of Asymmetric Financial Reporting Policies - JEROEN SUIJS
Accounting, Organizations and Society Vol 33 Issues 7-8 2008
An egocentric model of the relations among the opportunity to underreport, social norms, ethical beliefs, and underreporting behavior - Cindy Blanthorne and Steven Kaplan
The effect of framing and negotiation partner's objective on judgments about negotiated transfer prices - Linda Chang, Mandy Cheng and Ken T. Trotman
Towards an understanding of the phases of goodwill accounting in four Western capitalist countries: From stakeholder model to shareholder model - Yuan Ding, Jacques Richard and Hervé Stolowy
Fearful asymmetry: The consumption of accounting signs in the Algoma Steel pension bailout - Cameron Graham Can directors' self-interests influence accounting choices? - James E. Hunton and Jacob M. Rose
The paradox of greater NGO accountability: A case study of Amnesty Ireland Brendan O'Dwyer and Jeffrey Unerman
Ethical climate in Chinese CPA firms - William E. Shafer
An exploratory investigation of an integrated contingency model of strategic management accounting - Simon Cadez and Chris Guilding
A review and discussion of management control in inter-firm relationships: Achievements and future directions - Ariela Caglio and Angelo Ditillo
Designing management control in hybrid organizations: The role of path creation and morphogenesis - Richard J. Boland Jr, Arun K. Sharma and Paulo Sérgio Afonso
Partner selection and governance design in interfirm relationships - Henri C. Dekker
Accounting, hybrids and the management of risk - Peter Miller, Liisa Kurunmäki and Ted O'Leary
Management control systems as inter-organizational trust builders in evolving relationships: Evidence from a longitudinal case study Maria L. Vélez, José M. Sánchez and Concha Álvarez-Dardet
The appropriateness of statistical methods for testing contingency hypotheses in management accounting research - Jonas Gerdin and Jan Greve
Accounting & Finance Vol 48 No. 5 2008
Quantifying the advantage of secondary mathematics study for accounting and finance undergraduates - Jamie Alcock, Sophie Cockcroft and Frank Finn
Impact of investors' status on their evaluation of positive and negative, and past and future information - Anna M. Cianci and Diana Falsetta
Accounting irregularities, management compensation structure and information asymmetry - Fayez A. Elayan, Jingyu Li and Thomas O. Meyer
Benchmarking benchmarks: measuring characteristic selectivity using portfolio holdings data - Kingsley Fong, David R. Gallagher and Adrian D. Lee
Economic significance of predictability in Australian equities - Philip Gray
Australian equity mutual fund size effects - Richard Heaney
Is liquidity the missing link? - Manapon Limkriangkrai, Robert B. Durand and Iain Watson
Disclosure of the impacts of adopting Australian equivalents of International Financial Reporting Standards - Philip D. Palmer
Accounting & Finance Vol 48 No. 4 2008
Dividend payout and executive compensation: theory and evidence - Nalinaksha Bhattacharyya, Amin Mawani and Cameron Morrill
Internal audit, alternative internal audit structures and the level of misappropriation of assets fraud - Paul Coram, Colin Ferguson and Robyn Moroney
Limit order book, anonymity and market liquidity: evidence from the Sydney Futures Exchange - Alex Frino, Dionigi Gerace and Andrew Lepone
Auditor reporting and earnings management: some additional evidence - Kathleen Herbohn and Vanitha Ragunathan
An analysis of majority owner-managed companies in the UK - David Hillier and Patrick McColgan
Did the goodwill accounting standard impose material economic consequences on Australian acquirers? - Kieran James, Janice How and Peter Verhoeven
Corporate governance and disclosures on the transition to International Financial Reporting Standards - Pamela Kent and Jenny Stewart
Estimating and validating a firm-year-specific measure of conservatism: Australian evidence - Cheng Lai and Stephen L. Taylor
Accounting Horizons Vol 22 No.3 September 2008
Adoption of Sarbanes-Oxley Measures by Nonprofit Organizations: An Empirical Study - Venkataraman M. Iyer and Ann L. Watkins
Auditor Resignations and Auditor Industry Specialization - William J. Cenker and Albert L. Nagy
Auditor Tenure and Shareholder Ratification of the Auditor - MaI Dao, Suchismita Mishra and K. Raghunandan
Management Earnings Forecasts: A Review and Framework - D. Eric Hirst, Lisa Koonce and Shankar Venkataraman Rules and Accounting: Vagueness in Conceptual Frameworks - Mark C. Penno
Assurance on XBRL for Financial Reporting - R. David Plumlee and Marlene A. Plumlee
Accounting Perspectives Vol 7 Number 3 2008
A Framework for Identifying (and Avoiding) Fraudulent Financial Reporting - Wally Smieliauskas
Canadian Evidence on the Constructive Capitalization of Operating Leases - Sylvain Durocher
Double Two - Albie Brooks and Gillian Vesty
NEWS UPDATE
AccountingEducation.com probably has the largest Global Accounting News Archive on the web. Containing approximately 10,000 news stories dated from 1999 onwards covering all the key events of that period. Access the full, free, searchable, database here.
AUSTRALIA
[01] REVIEW OF THE TAX ARRANGEMENTS APPLYING TO MANAGED INVESTMENT TRUSTS
The Chairman of the Board of Taxation, Mr Dick Warburton, has announced the release of a discussion paper on the Board’s review of the tax arrangements applying to managed investment trusts. Please click through for further details [AP].
[02] RELEASE OF INSPECTOR-GENERAL OF TAXATION REPORT INTO THE TAX OFFICE'S MANAGEMENT OF MAJOR COMPLEX ISSUES
The Assistant Treasurer, Chris Bowen MP, has released the Inspector-General of Taxation's report Improvements to tax administration arising from the Inspector-General's case study reviews of the Tax Office's management of major, complex issues. Please click through for further details [AP].
[03] AUSTRALIA TO COMMENCE REVISED TAX TREATY NEGOTIATIONS WITH THE UK
The Assistant Treasurer Chris Bowen MP, has announced the commencement of negotiations on a revised tax treaty with the United Kingdom. The Government has a strong focus on keeping Australia's tax treaty network up to date, with the recent signing of the tax treaty with Japan, the Protocol with South Africa, and the renegotiation of the Australia-New Zealand tax treaty commencing earlier this year. The New Zealand talks have been fruitful and officials expect to conclude negotiations by the end of the year. Please click through for further details [AP].
CANADA
[04] MEETING OF THE CANADIAN ACCOUNTING STANDARDS BOARD, OCTOBER SUMMARY
The Canadian Accounting Standards Board (AcSB) met on October 24, 2008. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: Credit Environment — Accounting Implications; Publicly Accountable Enterprises Strategy; Business Combinations and Non-Controlling Interests has now been posted. Go to our news page for more information. [FD]
[05] TIME OF UNCERTAINTY IS TIME OF OPPORTUNITY FOR PRIVATE EQUITY SAYS PWC
A new report from PricewaterhouseCoopers (PwC) highlights the need for private equity firms to diversify and differentiate their businesses in these times of uncertainty and outlines the key challenges the industry must address in order to respond to today’s contracted markets. The report, titled ‘Seeking differentiation at a time of change’, reveals that larger funds are broadening their investment criteria and geographical horizons. The holding period for portfolio companies is extending and private equity managers are demonstrating active portfolio management with this in mind. More in our full news item. [AL]
[06] RECLASSIFICATION OF FINANCIAL ASSETS – TYPESCRIPT
A typescript of approved amendments to Section 3855, Financial Instruments – Recognition and Measurement, and Section 3862, Financial Instruments – Disclosure, is now available from the Accounting Standards Board. Please click on this link to download the PDF file [AP].
INTERNATIONAL - IASB
[07] IASB PUBLISHES EDUCATIONAL GUIDANCE ON THE APPLICATION OF FAIR VALUE MEASUREMENT IN INACTIVE MARKETS
The International Accounting Standards Board (IASB) has published educational guidance on the application of fair value measurement when markets become inactive. The educational guidance takes the form of a summary document prepared by IASB staff and the final report of the expert advisory panel established to consider the issue. Click through for more information and to access this material. [AL]
[08] KPMG IFRS BRIEFING SHEET - ISSUE 110
KPMG has published its IFRS Briefing Sheet, Issue 110. This IFRS Briefing Sheet summarises the International Accounting Standards Board’s Discussion Paper Preliminary Views on Financial Statement Presentation. Please click through to our full news article for the download link [AP].
INTERNATIONAL - OTHER
[09] PUBLIC PERCEPTION OF ACCOUNTING STUFFY IMAGE DOES NOT ADD UP ACCORDING TO NEW CCH RESEARCH
Despite the 12,000 strong Facebook group proclaiming ‘Accountants are SEXY!’, accountants are still unfairly branded as being behind the times, according to independent research commissioned by tax and accountancy information provider, CCH, part of Wolters Kluwer UK. The research exposes the gulf between the public’s perception of accountancy and the reality as reported by accountants themselves. Only a quarter (28%) of the general public recognises accountancy as a dynamic profession where new technologies are embraced compared to half (53%) of all accountants. More in our full news item. [AL]
[10] NON-FINANCIAL REPORTING GAINS CURRENCY BUT STILL HAS WAY TO GO
Eighty percent of the Global Fortune 250 now release corporate responsibility data in stand alone reports or integrated into annual financial reports, up from 50 percent three years ago, according to a new report from KPMG. Enhanced transparency and disclosure on non-financial matters as well as financial ones is likely to grow in importance as the global economy enters what could be a prolonged downturn, KPMG has warned, though KPMG’s report finds that the number of companies reporting still varies widely between countries and that many companies do not report on important issues such as climate change risks or their own carbon footprint. Please click through for further details [AP].
UNITED KINGDOM
[11] UK FRRP ANNOUNCES PRIORITY SECTORS FOR 2009/10
The UK Financial Reporting Review Panel this week announced the areas its work will focus on in 2009/10.T he Panel’s monitoring activity is currently biased towards the following industry sectors: Banking, Retail, Travel and leisure, Commercial property and House builders. Click through for further details. [AL]
[12] NEW RESEARCH REPORTS FROM ACCA - ON MANDATING IFRS & NARRATIVE REPORTING
ACCA's Research Committee published two, particularly timely studies this month - entitled: Mandating IFRS: its Impact on the Cost of Equity Capital in Europe (by Lee, Walker and Christensen) and Narrative Reporting: Analysts’ Perceptions of its Value and Relevance (by Campbell and Slack ). Click through for further details and to access the full reports online (free). [AL]
[13] FRC CHIEF EXEC CITES PRELIMINARY LESSONS FROM FINANCIAL CRISIS
Weaknesses in the governance, accounting and auditing of UK companies arising from the current financial difficulties have so far raised questions mainly about the use of standards rather than the standards themselves, according to Paul Boyle, Chief Executive of the Financial Reporting Council, the UK’s independent regulator for corporate reporting and governance. In a speech to members of accountancy professional bodies from the UK and overseas at the Mansion House this week, Mr Boyle set out some preliminary lessons the FRC has taken from the recent financial crisis. See our full news item for more. [AL]
[14] ACCA HIGHLIGHTS CAPITAL GAINS TAX DOUBLE WHAMMY FOR UK GOVERNMENT
In 2006/07 the Government received over £5 billion in Capital Gains Tax (CGT) receipts . But a CGT double whammy is coming the Government’s way because receipts are due to decline steeply says ACCA’s (the Association of Chartered Certified Accountants) head of taxation, Chas Roy-Chowdhury. See further details in our full news item. [AL]
[15]FRC STATEMENT ON DEVELOPMENT OF ACCOUNTING STANDARDS
The Financial Reporting Council has released a statement on the development of accounting standards. Please click through for that statement [AP].
[16] MORE UK NEWS ONLINE AT ACCOUNTINGEDUCATION.COM
ASB ISSUES UITF ABSTRACT 46 (IFRIC INTERPRETATION 16) 'HEDGES OF A NET INVESTMENT IN A FOREIGN OPERATION'
KPMG INDIRECT TAX UPDATE 4308
FRC PUBLISHES FEEDBACK ON AUDIT QUALITY FRAMEWORK
UNITED STATES
[17] OUTCOMES - FASB OCTOBER 15, 2008 BOARD MEETING
The Financial Accounting Standards Board (FASB) has released a summary of its October 15, 2008 Board meeting. Please click through to our full news item for the summary and links to the related project pages [AP].
[18] AJILON FINANCE RELEASES 2009 FINANCE AND ACCOUNTING SALARY GUIDE
Despite the economic downturn, salaries for finance and accounting professionals are expected to remain strong in most regions across North America next year, according to the 2009 Salary Guide released by Ajilon Finance. Please click through for further details [AP].
[19] ACCOUNTING AND FINANCE PROFESSIONALS' OVERALL CONFIDENCE DECLINES
The Accounting and Finance Employee Confidence Index, a measure of overall confidence among U.S. accounting and finance workers, decreased 1.3 points to 48.5 in the third quarter of 2008, reaching its lowest level since the survey began in 2005, according to a recent survey commissioned by The Mergis Group(R) and conducted by Harris Interactive(R). The survey reflects a continued decline in workers' overall confidence as a result of concerns about the current job market, their ability to find a new job and increased doubt in the future of their current employers. Please click through for further details [AP].
[20] PCAOB ANNOUNCES 2009 STANDING ADVISORY GROUP MEMBERS
The Public Company Accounting Oversight Board has announced new appointments and re-appointments to its Standing Advisory Group for the 2009-2010 term. In May 2008, the Board began soliciting nominations to fill the slots of those whose terms ended this year. The Board received 80 nominations and re-nominations. From this list, the Board selected individuals with expertise in a variety of fields, including accounting, auditing, corporate finance, corporate governance, and investing in public companies. Please click through for the details [AP].
[21] PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD INSPECTION REPORTS UPDATE
The Public Company Accounting Oversight Board has updated its audit firm inspection reports. Please click through for the latest reports [AP].
more about
Double Entries & AccountingEducation.com.....
Double Entries is a weekly e-newsletter that provides up-to-date news of accounting and auditing around the world and is available both by email and on the World Wide Web at http//accountingeducation.com. Double Entries is edited by Andrew Priest at the School of Accounting, Edith Cowan University, Perth, Western Australia, Australia and Andy Lymer, Birmingham Business School, University of Birmingham, Birmingham, United Kingdom. Correspondents come from the profession and academia. Further information, source of the material and contributor names for specific articles in Double Entries can be found online by referring to the specific article in the News section of AccountingEducation.com.
Contributors: Andy Lymer [AL] (UK), Andrew Priest [AP], David Hardidge [DH], (Australia), Amelia Baldwin [AB], Roger Debreceny [RD] (US), Dave Kolitz [DK], Dieter Gloeck (South Africa), Nikoleta Radic [NR] (The Netherlands), Frank D'Andrea [FD] (Canada), Elisabeth Walliser [EW], Jean-Luc Rossignol [JR] (France), Nick Rowbottom (United Kingdom) [NR], Tony van Zijl [TV] (New Zealand, Barbara Weissenberger (Germany) [BW], Tan Bee Leng (Malaysia) and Rene Castro (Colombia)
Mailing Address: AccountingEducation.com Ltd, Unit 100, The Guildhall, Edgbaston Park Road, Birmingham, UK, B15 2TU.
NOTE - AccountingEducation.com Ltd does not assume copyright of any of the above materials where original source is given and original copyright remains with Information sources where acknowledged. The information contained in this newswire is supplied in good faith but is not endorsed in any way by AccountingEducation.com Ltd and should be confirmed before being used in any way.
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