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DOUBLE ENTRIES 14.36 | | 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 14.36
November 6, 2008
Course of the Week
Cass Business School, London, offers the widest range of Specialist Masters courses 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] ENTERPRISING STUDENTS PLAN THEIR OWN BUSINESS
[02] WESTPOINT COMPENSATION ACTION - FEDERAL COURT DECISION
CANADA
[03] MD&A DISCLOSURES IN VOLATILE AND UNCERTAIN TIMES
[04] CANADIAN AUDITING AND ASSURANCE STANDARDS BOARD DECISION SUMMARY OCTOBER 28-29, 2008
[05] MEETING OF THE CANADIAN ACCOUNTING STANDARDS BOARD, OCTOBER SUMMARY
INTERNATIONAL - IASB
[06] IASB AND FASB ANNOUNCE DATES FOR US AND ASIAN ROUNDTABLES ON GLOBAL FINANCIAL CRISIS
[07] KPMG IFRS BRIEFING SHEET - ISSUE 111
[08] THE APPLICATION OF IFRS: OIL AND GAS (OCTOBER 2008)
NETHERLANDS
[09] NETHERLANDS WANT UNDESERVED PREMIUMS PAID OUT TO BE WITHDRAWN
UNITED KINGDOM
[10] KPMG INDIRECT TAX UPDATE 4408
UNITED STATES
[11] OUTCOMES - JOINT IASB - FASB OCTOBER 20 - 21, 2008 BOARD MEETING
Editorial
Welcome to the 36th issue of Double Entries 2008. A smaller issue this week as at least for Andrew, the semester comes to an end with a lot of marking etc. Related to this, an early warning that Double Entries will not be published on December 4, 2008 and we will close for the year on December 19, 2008.
Our congratulations to the students who participated in the 2008 CPA Australia Plan Your Own Enterprise competition and our congratulations to CPA Australia for seizing the initiative and sponsoring this competition. It is good to see students being encouraged in this manner.
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
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] ENTERPRISING STUDENTS PLAN THEIR OWN BUSINESS
Enterprising students from schools around Australia have taken out the honours in the 2008 CPA Australia Plan Your Own Enterprise competition. The national competition, conducted by Business Educators Australasia (BEA) and the Victorian Commercial Teachers Association (VCTA), gives years 9 to 12 students the opportunity to put into practice some of the core business management components that are part of their school curriculum. Please click through for further details [AP]
[02] WESTPOINT COMPENSATION ACTION - FEDERAL COURT DECISION
In November 2007, the Australian Securities and Investments Commission (ASIC) announced proceedings under section 50 of the ASIC Act against the directors (including Mr Norman Carey) of Westpoint companies for compensation of breach of directors duties for an amount of $245 million. Rather than commence new proceedings, ASIC took over existing proceedings brought against the directors by the liquidators (PricewaterhouseCoopers). Mr Carey challenged whether or not ASIC could take over existing proceedings. Please click through for the details [AP].
CANADA
[03] MD&A DISCLOSURES IN VOLATILE AND UNCERTAIN TIMES
The CICA has issued a CPR Alert, MD&A Disclosures in Volatile and Uncertain Times. The Alert will be particularly valuable for officers who must certify under NI52-109 about the fair presentation of annual and quarterly filings (including MD&A), for members of management with responsibility for writing or contributing to MD&A, and for Audit Committee members responsible for reviewing the MD&A. It emphasizes that current economic conditions may involve significant changes, requiring a degree of rewriting and rethinking that goes beyond normal requirements for quarterly updating. See our news page for more information. [FD]
[04] CANADIAN AUDITING AND ASSURANCE STANDARDS BOARD DECISION SUMMARY OCTOBER 28-29, 2008
The Canadian Auditing and Assurance Standards Board (AASB) met on October 28 - 29, 2008 and discussed a number of projects both Canadian specific and those related to the adoption of international standards on auditing. Visit our home page for all the details. [FD]
[05] 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]
INTERNATIONAL - IASB
[06] IASB AND FASB ANNOUNCE DATES FOR US AND ASIAN ROUNDTABLES ON GLOBAL FINANCIAL CRISIS
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have announced that the remaining two round-table discussions to identify financial reporting issues highlighted by the global financial crisis will be held in Norwalk (Connecticut) on the afternoon of 25 November 2008 and in Tokyo on 3 December 2008. Further details in our full news item. [AL]
[07] KPMG IFRS BRIEFING SHEET - ISSUE 111
KPMG has published its IFRS Briefing Sheet, Issue 111. This IFRS Briefing Sheet summarises information and educational guidance about measuring and providing disclosure about the fair value of financial instruments when markets are inactive, provided in the final report of the International Accounting Standards Board’s Expert Advisory Panel and the accompanying IASB Staff Summary. Please click through to our full news article for the download link [AP].
[08] THE APPLICATION OF IFRS: OIL AND GAS (OCTOBER 2008)
KPMG's International Financial Reporting Group has published The Application of IFRS: Oil and Gas. This publication is based on a review of the latest consolidated financial statements of 33 oil and gas companies from 14 countries. The publication illustrates disclosures made by these companies and highlights some significant variations. Interested readers can download the publication directly from KPMG [AP].
NETHERLANDS
[09] NETHERLANDS WANT UNDESERVED PREMIUMS PAID OUT TO BE WITHDRAWN
Financial supervisors should be able to withdraw premiums already paid out to board members of financial institutions and should get the right to evaluate remuneration policies at companies. Also, banks and insurance companies should name a risk manager to the board who would have the right of veto if in his/her view the company is about to take an irresponsible decision. These are two proposals from the Dutch Minister of Finance Wouter Bos and Prime Minister Jan Peter Balkenende, to be put forward at the coming international consultation on responses to the credit crisis. The Netherlands' suggestions will also be discussed at the meeting of the EU ministers of Finance that started in Brussels this week. More in our full news story. [NR]
UNITED KINGDOM
[10] KPMG INDIRECT TAX UPDATE 4408
KPMG has published its Indirect Tax Update 4408. Please click through to our full news article for the download link [AP].
UNITED STATES
[11] OUTCOMES - JOINT IASB - FASB OCTOBER 20 - 21, 2008 BOARD MEETING
The Financial Accounting Standards Board (FASB) has released a summary of its joint IASB October 20 - 21, 2008 Board meeting. Please click through to our full news item for the summary and links to the related project pages [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, 15 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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