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DOUBLE ENTRIES 15.11 | | 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 15.11
march 19, 2009
news.
AUSTRALIA
[01] APRA JOINS GLOBAL BANKING BODY
[02] EXPOSURE DRAFT CONFIDENTIALITY OF TAXPAYER INFORMATION BILL AND EXPLANATORY MATERIAL
[03] THE AUSTRALIAN GOVERNMENT WELCOMES MOVEMENTS TOWARDS GREATER TRANSPARENCY AND EXCHANGE OF INFORMATION
INTERNATIONAL - IASB
[04] IASB SEEKS INPUT ON PROPOSED FASB GUIDANCE REGARDING FAIR VALUE MEASUREMENT AND IMPAIRMENTS OF FINANCIAL INSTRUMENTS
[05] IASB AND FASB LAUNCH PUBLIC CONSULTATION ON A FUTURE STANDARD ON LEASE ACCOUNTING
[06] ASBJ AND IASB MEET TO REVIEW PROGRESS IN ACHIEVING CONVERGENCE IN ACCOUNTING STANDARDS
INTERNATIONAL - IFAC
[07] IAASB’S ANNUAL REPORT FOCUSES ON THE CLARITY STANDARDS AS A FOUNDATION FOR GLOBAL AUDIT QUALITY
INTERNATIONAL - OTHER
[08] MOVES BY FINANCIAL CENTRES BOOST OECD FIGHT AGAINST TAX EVASION
[09] G20 GOVERNMENTS MUST RECOGNISE THE IMPORTANCE OF ECONOMIC TRANSPARENCY
UNITED KINGDOM
[10] ASB CONSTITUENTS BACK ECONOMIC CYCLE RESERVING
[11] SCOTLAND LEADS THE WAY IN LEGAL CHANGES FOR SPORTS CLUBS AND ASSOCIATIONS
[12] TURNER REVIEW MUST NOT UNBALANCE FAS ACCORDING TO FSCP
[13] ICAEW URGES LORD TURNER NOT TO LOSE SIGHT OF PRINCIPLES-BASED REGULATION
[14] FRC TO REVIEW THE COMBINED CODE
[15] KPMG SURVEY OF NON-DOMS REVEALS EXTENT OF DISSATISFACTION OVER TAX CHANGES
[16] KPMG INDIRECT TAX UPDATE 1109
UNITED STATES
[17] FASB ISSUES PROPOSALS TO IMPROVE GUIDANCE ON FAIR VALUE MEASUREMENTS AND IMPAIRMENTS
[18] AICPA STATEMENT ON DAVID FRIEHLING
[19] OFFSHORE FINANCIAL ACTIVITY CREATES ENFORCEMENT ISSUES FOR IRS ACCORDING TO NEW GAO REPORT
[20] WEBCAST ANNOUNCEMENT - FASB TO HOST WEBCAST ON REVENUE RECOGNITION
[21] SEC REITERATES SUPPORT FOR FASB, FAIR VALUE IN TESTIMONY BEFORE HOUSE SUBCOMMITTEE
[22] MORE US NEWS ONLINE AT ACCOUNTINGEDUCATION.COM
SEC CHARGES MADOFF AUDITORS WITH FRAUD
OUTCOMES - FASB MARCH 16, 2009 BOARD MEETING
ERNST & YOUNG USES AVATARS TO TEST THE USE OF VIRTUAL WORLDS AS A WAY TO ENHANCE TRAINING FOR NEW AUDITORS
Editorial
Welcome to the 11th issue of Double Entries 2009. Our lead story this week is the Turner Report coming out of the United Kingdom. It has generated a bit of a response, with both the FSCP and ICAEW expressing views on the report.
Another interesting news item this week is about the use of Second Life (okay I admit that Andrew is a bit of Second Life fan) by Ernst & Young as a training tool. The video linked to in the story is well worth watching. The potential benefits to educators of this approach is something worth considering, it maybe suggested. If you use Second Life or similar in your teaching, why not share your experiences with us at double_entries@accountingeducation.com.
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:
Upcoming job application deadlines:
Faculty Positions in Accounting
Employer: Laval University School of Accountancy
Location: Québec , Canada
Deadline for applications: April 15, 2009
For further details 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] APRA JOINS GLOBAL BANKING BODY
The Australian Prudential Regulation Authority (APRA) has been invited to become a member of the Basel Committee on Banking Supervision, the global standard-setting body for banking regulation. The Chairman of APRA and the Governor of the Reserve Bank will also be included in an enlarged governance body for the Basel Committee. Please click through for further details [AP].
[02] EXPOSURE DRAFT CONFIDENTIALITY OF TAXPAYER INFORMATION BILL AND EXPLANATORY MATERIAL
The Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, the Hon Chris Bowen MP, have released for public consultation an exposure draft Confidentiality of Taxpayer Information Bill and explanatory materials. The exposure draft Bill proposes to consolidate, into a single comprehensive framework, taxation secrecy and disclosure provisions that are currently found across some 18 taxation law acts. The creation of a single framework was first proposed in a Treasury discussion paper released on 17 August 2006. Please click through for further details [AP].
[03] THE AUSTRALIAN GOVERNMENT WELCOMES MOVEMENTS TOWARDS GREATER TRANSPARENCY AND EXCHANGE OF INFORMATION
Australia welcomes reports that Hong Kong, Liechtenstein and Singapore have agreed to adopt OECD standards of transparency and effective exchange of information for tax purposes according to the Assistant Treasurer, The Honourable Chris Bowen MP. Please click through for the full press release from Mr Bowen's office [AP].
INTERNATIONAL - IASB
[04] IASB SEEKS INPUT ON PROPOSED FASB GUIDANCE REGARDING FAIR VALUE MEASUREMENT AND IMPAIRMENTS OF FINANCIAL INSTRUMENTS
The International Accounting Standards Board (IASB) has announced its intention to seek views from interested parties on proposals from the US Financial Accounting Standards Board (US FASB) that deal with guidance on fair value measurement and impairments of financial instruments. Further details can be found in our full news item. [AL]
[05] IASB AND FASB LAUNCH PUBLIC CONSULTATION ON A FUTURE STANDARD ON LEASE ACCOUNTING
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have this week launched a public discussion on lease accounting by publishing their preliminary views in a joint discussion paper. See full details in our main news item. [AL]
[06] ASBJ AND IASB MEET TO REVIEW PROGRESS IN ACHIEVING CONVERGENCE IN ACCOUNTING STANDARDS
The Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) have held their ninth meeting to accelerate convergence of Japanese generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs). Led by Ikuo Nishikawa, Chairman of the ASBJ, and Sir David Tweedie, Chairman of the IASB, the meeting was held in Tokyo on 11 and 12 March 2009. See details of the coverage of this meeting in our full news item. [AL]
INTERNATIONAL - IFAC
[07] IAASB’S ANNUAL REPORT FOCUSES ON THE CLARITY STANDARDS AS A FOUNDATION FOR GLOBAL AUDIT QUALITY
The IAASB this week issued its 2008 annual report that highlights the culmination of the Clarity Project. With the completion of the Clarity Project, the IAASB has issued all its auditing standards in a form designed to enhance the understanding and implementation of them, as well as to facilitate translation. The annual report also details the IAASB’s strategy and future direction as it continues to promote the adoption of International Standards on Auditing (ISAs) and develops new standards in response to extensive public consultation undertaken during 2007 and 2008 with key stakeholders. See more in our full news item. [AL]
INTERNATIONAL - OTHER
[08] MOVES BY FINANCIAL CENTRES BOOST OECD FIGHT AGAINST TAX EVASION
Moves by a number of financial centres over recent weeks in favour of transparency and exchange of information on tax matters have given a welcome boost to efforts to counter international tax evasion, OECD Secretary-General Angel Gurría said. More in our full news item. [AL]
[09] G20 GOVERNMENTS MUST RECOGNISE THE IMPORTANCE OF ECONOMIC TRANSPARENCY
The Institute of Chartered Accountants of Scotland is urging the G20 Governments to show support for the International Accounting Standards Board’s (IASB) view that the primary objective of financial reporting is to provide economic transparency - a necessary prerequisite for financial stability. The Institute makes the point in its submission to the G20 secretariat ahead of next month’s summit of world leaders. Please click through for further comment [AP].
UNITED KINGDOM
[10] ASB CONSTITUENTS BACK ECONOMIC CYCLE RESERVING
The idea of an 'economic cycle reserve' (ECR) to bolster bank balance sheets, as proposed in the Turner Review, is supported by a wide range of UK investors, auditors and preparers of accounts according to a meeting recently organised by the ASB to discuss counter-cyclical measures. Please click through for further details [AL].
[11] SCOTLAND LEADS THE WAY IN LEGAL CHANGES FOR SPORTS CLUBS AND ASSOCIATIONS
Proposals for legal reform which will mean unincorporated associations such as golf clubs, charities and residents’ associations can enjoy many of the benefits of limited companies, have been welcomed by The Institute of Chartered Accountants of Scotland (ICAS). More in our full news item. [AL]
[12] TURNER REVIEW MUST NOT UNBALANCE FAS ACCORDING TO FSCP
In response to this week’s publication of the Turner Review by the FSA, Adam Phillips, the FSCP’s Acting Chairman said: Adair Turner should be congratulated for his candid assessment of what went wrong leading up to the current financial crisis. However, we are concerned that the Turner Review, for all its revealing content and excellent analysis, has not commented on the appalling way which banks have treated their customers both before and during the banking crisis. See the fuller response from FSCP in our full news item. [AL]
[13] ICAEW URGES LORD TURNER NOT TO LOSE SIGHT OF PRINCIPLES-BASED REGULATION
Michael Izza, chief executive of the ICAEW, has said that the UK FSA should not confuse principles-based with light touch regulation. See further details on the ICAEW's view on today's announcement on the review on global banking regulation in our full news item. [AL]
[14] FRC TO REVIEW THE COMBINED CODE
The Financial Reporting Council today announced a review of the impact of the Combined Code on Corporate Governance, which sets out best practice corporate governance standards for UK listed companies. Please click through for further comment [AP].
[15] KPMG SURVEY OF NON-DOMS REVEALS EXTENT OF DISSATISFACTION OVER TAX CHANGES
In what is believed to be the first quantitative survey of UK tax resident non-domiciles, KPMG has unveiled statistical data to support anecdotal evidence of the deep dissatisfaction over recent tax changes among this community. According to KPMG’s research, one in four non-doms are set to leave the UK and more than 90 percent say that the tax changes unveiled in the 2007 Pre Budget Report and confirmed in the 2008 Finance Act have damaged the UK’s competitiveness. Please click through for further details [AP].
[16] KPMG INDIRECT TAX UPDATE 1109
KPMG has published its Indirect Tax Update 1109. Please click through to our full news article for the download link [AP].
UNITED STATES
[17] FASB ISSUES PROPOSALS TO IMPROVE GUIDANCE ON FAIR VALUE MEASUREMENTS AND IMPAIRMENTS
After a contentious Congressional subcommittee hearing last week, the FASB has issued two proposed staff positions to provide additional guidance on implementing FAS 157. See further details in our full news item. [AL]
[18] AICPA STATEMENT ON DAVID FRIEHLING
The following is a statement by the American Institute of Certified Public Accountants (AICPA): The AICPA today concluded its ethics investigation of David Friehling's conduct as an auditor of a broker-dealer, resulting in expulsion from membership for failure to cooperate [AP]
[19] OFFSHORE FINANCIAL ACTIVITY CREATES ENFORCEMENT ISSUES FOR IRS ACCORDING TO NEW GAO REPORT
Individual U.S. taxpayers engage in financial activity involving offshore jurisdictions for a variety of reasons. When they do, they are obligated to report any income earned in the course of those activities. They are also required to report when they control more than $10,000 in assets outside of the country. However, much of this required reporting depends on taxpayers knowing their reporting obligations and voluntarily complying. Some taxpayers do not comply with their income and asset reporting obligations. Limited transparency, the relative ease and low cost of establishing offshore entities, and an array of financial advisors can facilitate tax evasion. The GAO has undertaken a study to explore the extent to which individual U.S. taxpayers are being able to hide the true ownership of funded held offshore and income moving between the United States and offshore jurisdiction. See further details in our full report. [AL]
[20] WEBCAST ANNOUNCEMENT - FASB TO HOST WEBCAST ON REVENUE RECOGNITION
On March 27th at 1 p.m. EST, the FASB will host a free webcast to discuss the recently issued Discussion Paper, Preliminary Views on Revenue Recognition in Contracts with Customers. Click through for details. [GC]
[21] SEC REITERATES SUPPORT FOR FASB, FAIR VALUE IN TESTIMONY BEFORE HOUSE SUBCOMMITTEE
In a prepared statement offered before a Congressional subcommittee last week, SEC Acting Chief Accountant James L. Kroeker reiterated the Commission's support of the FASB as an independent standard setter and the body best placed to make any needed improvements to mark-to-market accounting. More in our full news item. [GC]
[22] MORE US NEWS ONLINE AT ACCOUNTINGEDUCATION.COM
SEC CHARGES MADOFF AUDITORS WITH FRAUD
OUTCOMES - FASB MARCH 16, 2009 BOARD MEETING
ERNST & YOUNG USES AVATARS TO TEST THE USE OF VIRTUAL WORLDS AS A WAY TO ENHANCE TRAINING FOR NEW AUDITORS
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), Rene Castro (Colombia), and Chia Chevis (United States) [CG].
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