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DOUBLE ENTRIES 15.17 | | 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 15.17 MAY 7, 2009
Course of the Week
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news....news..........news..........news............news............news..................news
AUSTRALIA [01]
EXPOSURE DRAFT: CORPORATIONS AMENDMENT (IMPROVING ACCOUNTABILITY ON TERMINATION PAYMENTS) BILL 2009
CANADA [02] AUDITOR'S CONSENT TO THE USE OF THE AUDITOR'S REPORT IN CONNECTION WITH DESIGNATED DOCUMENTS
[03] FYI NEWSLETTER APRIL 2009
[04] EXPOSURE DRAFT - GAAP FOR PRIVATE ENTERPRISES
[05] EXPOSURE DRAFT - INCOME TAX
[06] ACCOUNTING STANDARDS BOARD ANNOUNCES DECISION REGARDING FAIR VALUE ACCOUNTING STANDARDS AND IMPAIRMENT OF DEBT SECURITIES
[07] ACSB DECISION SUMMARY APRIL 29, 2009 MEETING
INTERNATIONAL - IASB
[08] LAURENCE RIVAT APPOINTED TO IFRIC
[09] IFRSs IN YOUR POCKET - 2009 EDITION RELEASED
INTERNATIONAL - IFAC
[10] IPSASB PROPOSE NEW GUIDANCE TO STRENGTHEN FINANCIAL REPORTING BY GOVERNMENTS
[11] IFAC PRESIDENT ROBERT BUNTING SAYS GOVERNMENT BAILOUTS BRING INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS TO THE FOREFRONT
NEW ZEALAND
[12] OUTCOMES - FRSB APRIL 24, 2009 BOARD MEETING
UNITED KINGDOM
[13] KPMG INDIRECT TAX UPDATE 1709
[14] REPORT SETS OUT VISION FOR UK FINANCIAL SERVICES SECTOR
[15] CIMA AND BPP JOIN FORCES TO HELP GRADUATES THROUGH TOUGHEST JOB MARKET IN A DECADE
[16] TREASURY REPORT HIGHLIGHTS NEED FOR CIPFA BENCHMARKING
UNITED STATES
[17] PCAOB SOLICITS NOMINATIONS FOR STANDING ADVISORY GROUP
[18] CFOS SPLIT OVER IFRS USE
[19] OUTCOMES - FASB APRIL 29, 2009 BOARD MEETING
Editorial
Welcome to the 17th issue of Double Entries 2009. Our congratulations go out to Laurence Rivat on his appointment by the Trustees of the International Accounting Standards Committee (IASC) Foundation as a member of the International Financial Reporting Interpretations Committee (IFRIC).
Till next week ....
Andrew Priest & Andy Lymer, Editors, Double_Entries@accountingeducation.com
EVENTS UPDATE
AccountingEducation.com hosts a Global Events Database covering the widest range of academic and related accounting events in the world. This database is regularly updated. See the full listings held currently here
The following event has been added to the Events database during the past week:
ACADEMIC TRACK AT THE 19TH XBRL INTERNATIONAL CONFERENCE -"RESEARCH ON XBRL ARCHITECTURE, IMPLEMENTATION AND IMPACT ON THE INFORMATION VALUE CHAIN"
XBRL International has its 19th International Conference in Paris from 23 to 25 June. Michael Alles at Rutgers University and Glen Gray at California State University at Northridge are co-chairs of the Academic track at the meeting.
The academic track provides a platform for academics from around the world to present their established research projects and new research ideas and to allow academics to receive feedback from the professional XBRL community and, in turn, inform the broader XBRL community.
Papers and extended abstracts are sought. Papers are welcome on any aspect of XBRL technology, adoption or application. Outlines of proposed research projects and early stage research are particularly welcome. Proposals should be submitted to the track co-chair, Professor Michael Alles, at alles@business.rutgers.edu by May 18, 2009.
Full details of the 19th XBRL International Conference is available at http://conference.xbrl.org/
Academic registration (EUR500) is available for academics and students.
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] EXPOSURE DRAFT: CORPORATIONS AMENDMENT (IMPROVING ACCOUNTABILITY ON TERMINATION PAYMENTS) BILL 2009
The Minister for Superannuation and Corporate Law has released an exposure draft of the Corporations Amendment (Improving Accountability on Termination Payments) Bill 2009, associated regulations and draft commentary to explain the amendments. The Bill strengthens the regulatory framework relating to the payment of termination benefits to company directors and executives. The Government is seeking written submissions on the exposure draft legislation by close of business Tuesday 2 June 2009. Please click through for further details [AP]
CANADA
[02] AUDITOR'S CONSENT TO THE USE OF THE AUDITOR'S REPORT IN CONNECTION WITH DESIGNATED DOCUMENTS
The AASB has issued an Exposure Draft proposing to replace existing Section 7500, Auditor Association with Annual Reports, Interim Reports and Other Public Documents. The comment period ends June 30, 2009. Please click through for the download link [AP].
[03] FYI NEWSLETTER APRIL 2009
The April issue of FYI includes the Chair's Message and articles on private enterprise GAAP, financial instruments, representing Canada on the international stage, rate-regulated operations, public company GAAP, and the IASB's consolidation proposals. Please click through for the download link [AP].
[04] EXPOSURE DRAFT - GAAP FOR PRIVATE ENTERPRISES
The AcSB has issued an Exposure Draft proposing to issue a set of standards for private enterprises as part of the CICA Handbook - Accounting. Comments are requested by July 31, 2009. Please click through for the download link[AP].
[05] EXPOSURE DRAFT - INCOME TAX
The AcSB has issued an Exposure Draft proposing to replace the existing IFRS income tax guidance with a new standard recently proposed by the IASB. The new income tax standard will apply to publicly accountable enterprises at changeover to IFRSs. Comments are requested by July 31, 2009. Please click through for the download link [AP].
[06] ACCOUNTING STANDARDS BOARD ANNOUNCES DECISION REGARDING FAIR VALUE ACCOUNTING STANDARDS AND IMPAIRMENT OF DEBT SECURITIES
The Accounting Standards Board (AcSB) confirmed, following a special meeting, that the recent US guidance on determining the fair value of financial instruments is consistent with Canadian standards. The guidance deals with determining whether a market is inactive and whether a transaction is a distressed sale. Please click through for further comment [AP].
[07] ACSB DECISION SUMMARY APRIL 29, 2009 MEETING
The CICA's Accounting Standards Board has released an executive summary of its April 29, 2009 meeting. For details of the meeting decisions please click through for the link [AP].
INTERNATIONAL - IASB
[08] LAURENCE RIVAT APPOINTED TO IFRIC
The Trustees of the International Accounting Standards Committee (IASC) Foundation this week announced the appointment of one new member of the International Financial Reporting Interpretations Committee (IFRIC) and the reappointment of three existing members. Laurence Rivat, a partner at the national office of Deloitte France, has been appointed for a three-year term beginning on 1 July 2009. Please click through for more details [AL].
[09] IFRSs IN YOUR POCKET - 2009 EDITION RELEASED
Deloitte have published the eighth edition of their guide to IFRSs - IFRSs In Your Pocket 2009. Click through to access a copy of this really useful guide. [AL]
INTERNATIONAL - IFAC
[10] IPSASB PROPOSE NEW GUIDANCE TO STRENGTHEN FINANCIAL REPORTING BY GOVERNMENTS
The International Public Sector Accounting Standards Board of IFAC is expanding its guidance in two significant areas: accounting for intangible assets and entity combinations. It has published two new exposure drafts (EDS)-ED 40, Intangible Assets and ED 41, Entity Combinations from Exchange Transactions, which propose important new guidance for professional accountants working in government and other public sector entities. More detail can be found in our full news item. [AL]
[11] IFAC PRESIDENT ROBERT BUNTING SAYS GOVERNMENT BAILOUTS BRING INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS TO THE FOREFRONT
Speaking at the Higher Education Forum of the National Association of College and University Business Officers (NACUBO) in Miami, FL, on April 26, 2009, Robert L. Bunting, President of IFAC, described the enormous changes happening as a result of the global financial crisis and explained why convergence and implementation of international standards is needed to rebuild and sustain the global financial system. Bunting's comments on international standards were part of a presentation about the future of the accounting profession and how universities must broaden their view of what students need-and what the world needs-from accountants. Please click through for further comment [AL].
[Click here to return to Table of Contents]
NEW ZEALAND
[12] OUTCOMES - FRSB APRIL 24, 2009 BOARD MEETING
The Financial Reporting Standards Board (FRSB) has released a summary of its April 24, 2009 Board meeting. Please click through to our full news item for the summary [VSF].
UNITED KINGDOM
[13] KPMG INDIRECT TAX UPDATE 1709
KPMG has published its Indirect Tax Update 1709. Please click through to our full news article for the download link [AP].
[14] REPORT SETS OUT VISION FOR UK FINANCIAL SERVICES SECTOR
A reformed financial services sector will play an important role in Britain's economic recovery, according to a report published this week by the Financial Services Global Competitiveness Group, co-chaired by the Chancellor Alistair Darling and former Citi Chairman Sir Win Bischoff. Further details of this important report for the UK economy can be found in our full news item [AL]
[15] CIMA AND BPP JOIN FORCES TO HELP GRADUATES THROUGH TOUGHEST JOB MARKET IN A DECADE
CIMA, the Chartered Institute of Management Accountants, and professional training provider, BPP, have joined forces to subsidise courses for graduates coming onto the job market in the toughest market in a decade. From today, students will be able to sign up to study CIMA Certificate and Managerial level courses at a BPP UK mainland centre during the day, and benefit from a heavy discount of at least 50%. See more details of this exciting offer for those planning to study for CIMA exams in the UK in our full news item [AL]
[16] TREASURY REPORT HIGHLIGHTS NEED FOR CIPFA BENCHMARKING
CIPFA benchmarking services were highlighted in a Treasury report that recommends that public sector bodies should publish value for money (VfM) indicators for their back office functions. The recommendation came in the Treasury's Operational Efficiency Programme (OEP) final report which was published alongside the Budget and which strongly recommends that all public sector bodies employing more than 250 people should collect and publish the public audit agencies' VfM indicators. Please click through for further details [AP].
UNITED STATES
[17] PCAOB SOLICITS NOMINATIONS FOR STANDING ADVISORY GROUP
The US Public Company Accounting Oversight Board is soliciting nominations (both self nominations or on behalf of others) for its Standing Advisory Group. Click through for further details. [AL]
[18] CFOS SPLIT OVER IFRS USE
In a national survey of CFOs and senior comptrollers conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, half believe that U.S. companies should be permitted to use IFRS, instead of U.S. GAAP, in financial statements filed with the SEC, while half disagree. Please click through for further details [AP]
[19] OUTCOMES - FASB APRIL 29, 2009 BOARD MEETING
The Financial Accounting Standards Board (FASB) has released a summary of its April 29, 2009 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), Rene Castro (Colombia), and Gia Chevis (United States) [CG].
Mailing Address: AccountingEducation.com Ltd, Unit 100, The Guildhall, Edgbaston Park Road, Birmingham, UK, B15 2TU.
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