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DOUBLE ENTRIES 15.30 | | 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 15.30 august 13, 2009
news.
ASIA
[01] AOSSG FORMED TO BRING TOGETHER ASIAN-OCEANIAN STAND SETTERS
AUSTRALIA
[02] A CONCEPTUAL FRAMEWORK FOR THE REFORM OF TAXES RELATED TO ROADS AND TRANSPORT
[03] GREATER CERTAINTY FOR TAXPAYERS USING PUBLIC BINDING ADVICE
EUROPE [04] CIS AND TURKEY TO JOIN KPMG EUROPE LLP
INTERNATIONAL - OTHER
[05] TRAINING TOMORROW'S BUSINESS PROFESSIONALS REQUIRES RADICAL OVERHAUL IN APPROACH SAYS NEW ACCA REPORT
UNITED KINGDOM
[06] ASB ADOPTS ICAS RECOMMENDATION IN FINANCIAL REPORTING FOR SMALLER ENTITIES
[07] UK'S FSA CONFIRMS INTRODUCTION OF REMUNERATION CODE OF PRACTICE
[08] NEW HMRC POWERS MUST BE AIMED AT DEALING WITH BAD AGENTS ACCORDING TO ICAS
[09] ASB SEEKS VIEWS ON PROPOSALS FOR THE FUTURE REPORTING REQUIREMENTS FOR UK AND IRISH ENTITIES
[10] CRACKING THE CODE- FSA CODE LACKS INTERNATIONAL OUTLOOK SAYS ACCA
[11] MORE UK NEWS ONLINE AT ACCOUNTINGEDUCATION.COM
KPMG INDIRECT TAX UPDATE 3109
ICAEW RESPOND ON UK CONSULTATION TO CHANGE REGULATION OF TAX AGENTS
COMPANIES TAKING BRIBERY AND CORRUPTION RISK - LESS THAN HALF REGULARLY AUDIT THIRD PARTY REPRESENTATIVES AND AGENTS
EXCELLENT RESULTS FOR CIPFA STUDENTS
LUCY LANGDON FROM CORNWALL WINS ACCA SCHOLARSHIP
UNITED STATES
[12] SEC CHARGES TEREX CORPORATION WITH ACCOUNTING FRAUD
[13] SEC CHARGES HANK GREENBERG AND HOWARD SMITH FOR ROLES IN ALLEGED AIG ACCOUNTING VIOLATIONS
[14] OUTCOMES - FASB AUGUST 5, 2009 BOARD MEETING
[15] AICPA NAMED GREEN PLUS MOVER BY INSTITUTE FOR SUSTAINABLE DEVELOPMENT
[16] MARILU CRUZ RECEIVES BETA ALPHA PSI’S MEDAL OF INSPIRATION AWARD
[17] AICPA NAMES RECIPIENTS OF 2009 OUTSTANDING CPA IN GOVERNMENT AWARD
Editorial
Welcome to the 30th issue of Double Entries 2009.
It seems to the "summer of awards" this week with the CIPFA very happy with its professional exam results, ACCA scholarship awards, the AICPA being named a "Green Mover", the announcement of the 2009 Outstanding CPA in Government Awards and finally but not least, the announcement of the 2009 Beta Alpha Medal of Inspiration Award to Marilu Cruz. An article well worth reading.
Due to server moves over the weekend. AccountingEducation.com may experience some outages. All going well we should be back online from Monday morning GMT 0.
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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:
LECTURERS (LEVEL B) ACCOUNTING AND/OR FINANCE; ECONOMICS AND/OR FINANCE
Employer: Faculty of Business and Law, Edith Cowan University
Location: Joondalup/Mt. Lawley Campus, Western Australia, Australia
For full details see our Academic Vacancy Centre
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.
ASIA
[01] AOSSG FORMED TO BRING TOGETHER ASIAN-OCEANIAN STAND SETTERS
Last year China, Japan and Korea initiated the idea of forming a group of Asian-Oceanian standards setters as a forum for the countries in the region to exchange their ideas but also to have a joint voice in matters relating to International Financial Reporting Standards (IFRSs). The group’s first meeting took place Beijing in April this year. Click through for more details. [TBL]
AUSTRALIA
[02] A CONCEPTUAL FRAMEWORK FOR THE REFORM OF TAXES RELATED TO ROADS AND TRANSPORT
Australia's Future Tax System Review Panel has released its commissioned paper, A Conceptual Framework for the Reform of Taxes Related to Roads and Transport authored by Harry Clarke and David Prentice. The paper is available as a PDF download. Please click through for the link [AP].
[03] GREATER CERTAINTY FOR TAXPAYERS USING PUBLIC BINDING ADVICE
The Assistant Treasurer, Senator Nick Sherry, has today released the Inspector-General of Taxation's (IGT) report on the Review of the Tax Office's administration of public binding advice. Public binding advice is a type of Australian Taxation Office (ATO) ruling, which is published and which sets out in a binding manner the ATO's position on how it will apply the tax law. Even if public binding advice is later proven to be incorrect, taxpayers are protected from any tax, penalties or interest charges if they relied on the initial binding advice. Please click through for the full press release [AP].
EUROPE
[04] CIS AND TURKEY TO JOIN KPMG EUROPE LLP
The partners of KPMG CIS (Commonwealth of Independent States) and KPMG Turkey have overwhelmingly voted to join KPMG Europe LLP (‘ELLP’) alongside the UK, Germany, Switzerland, Spain, Belgium and the Netherlands. Partners of KPMG CIS, which consists of Russia, Ukraine, Kyrgyzstan, Kazakhstan, Armenia and Georgia, approved the merger proposal in a vote last month. The ELLP partners have now also voted in favour of the agreement. Please click through for further details [AP].
INTERNATIONAL - OTHER
[05] TRAINING TOMORROW'S BUSINESS PROFESSIONALS REQUIRES RADICAL OVERHAUL IN APPROACH SAYS NEW ACCA REPORT
The speed of business in the 21st century means that management training and development will have to alter drastically according to 'The future of professional development', the latest report in ACCA’s (the Association of Chartered Certified Accountants) Insight Series. Click through for further details. [AL]
UNITED KINGDOM
[06] ASB ADOPTS ICAS RECOMMENDATION IN FINANCIAL REPORTING FOR SMALLER ENTITIES
The Institute of Chartered Accountants of Scotland (ICAS) supports a new proposal from the UK Accounting Standards Board (ASB) regarding how UK and Irish businesses will be required to provide financial information in the future. ICAS formulated a three-tier structure proposal as one of its key policy positions in 2007 and is pleased that this option is now seen as the preferred solution by the ASB. The ASB’s proposal means that listed companies would use International Financial Reporting Standards (IFRS); small entities would continue to use the FRSSE and all other unlisted companies would use IFRS for SMEs. More in our full news item. [AL]
[07] UK'S FSA CONFIRMS INTRODUCTION OF REMUNERATION CODE OF PRACTICE
The UK Financial Services Authority (FSA) has introduced a new code that will require large banks, building societies and broker dealers in the UK to establish, implement and maintain remuneration policies consistent with effective risk management. Click through for further details. [AL]
[08] NEW HMRC POWERS MUST BE AIMED AT DEALING WITH BAD AGENTS ACCORDING TO ICAS
HM Revenue & Customs (HMRC) should concentrate its limited resources on tax agents that make illegitimate claims and have an irresponsible attitude to the client work that they undertake. That’s the recommendation from The Institute of Chartered Accountants of Scotland (ICAS) in its response to the HMRC consultation ‘Modernising Powers, Deterrents and Safeguards: Working with Tax Agents’. More in our full news item. [AL]
[09] ASB SEEKS VIEWS ON PROPOSALS FOR THE FUTURE REPORTING REQUIREMENTS FOR UK AND IRISH ENTITIES
The Accounting Standards Board has today issued a consultation paper ‘Policy Proposal: the future of UK GAAP’, which sets out its proposals for the future reporting requirements for UK and Irish entities. The Board’s proposals envisage a differential reporting regime based on public accountability, broadly in line with the IASB’s definition in the IFRS for SMEs and is proposing a three-tier approach to developing UK GAAP converged with IFRS. Click through for more information. [AL]
[10] CRACKING THE CODE- FSA CODE LACKS INTERNATIONAL OUTLOOK SAYS ACCA
Following publication of the Financial Service Authority’s (FSA) policy statement "Reforming remuneration practices in financial services", ACCA (the Association of Chartered Certified Accountants) questions whether the FSA’s code will actually rein in risky pay practices. More commentary in our full news item. [AL]
[11] MORE UK NEWS ONLINE AT ACCOUNTINGEDUCATION.COM
KPMG INDIRECT TAX UPDATE 3109
ICAEW RESPOND ON UK CONSULTATION TO CHANGE REGULATION OF TAX AGENTS
COMPANIES TAKING BRIBERY AND CORRUPTION RISK - LESS THAN HALF REGULARLY AUDIT THIRD PARTY REPRESENTATIVES AND AGENTS
EXCELLENT RESULTS FOR CIPFA STUDENTS
LUCY LANGDON FROM CORNWALL WINS ACCA SCHOLARSHIP
UNITED STATES
[12] SEC CHARGES TEREX CORPORATION WITH ACCOUNTING FRAUD
The Securities and Exchange Commission today charged Terex Corporation, a Westport, Conn.-based heavy equipment manufacturer, with accounting fraud for making material misstatements in its own financial reports to investors, as well as aiding and abetting a fraudulent accounting scheme at United Rentals, Inc. (URI), another Connecticut-based public company. Terex has agreed to settle the SEC's charges and pay a penalty of $8 million. The SEC previously charged URI with fraud as well as officers of URI and Terex. Please click through for further details [AP].
[13] SEC CHARGES HANK GREENBERG AND HOWARD SMITH FOR ROLES IN ALLEGED AIG ACCOUNTING VIOLATIONS
The Securities and Exchange Commission has charged former American International Group Chairman and CEO Maurice "Hank" Greenberg and former Vice Chairman and CFO Howard Smith for their involvement in numerous improper accounting transactions that inflated AIG's reported financial results between 2000 and 2005. The SEC alleges that Greenberg and Smith are liable as control persons for AIG's violations of the anti fraud and other provisions of the securities laws. Smith also is charged with direct violations of the anti fraud and other provisions of the securities laws. Please click through for further details [AP].
[14] OUTCOMES - FASB AUGUST 5, 2009 BOARD MEETING
The Financial Accounting Standards Board (FASB) has released a summary of its August 5, 2009 Board meeting. Agenda items included FAS 157, and oil and gas disclosures. Please click through to our full news item for the summary and links to the related project pages [AP].
[15] AICPA NAMED GREEN PLUS MOVER BY INSTITUTE FOR SUSTAINABLE DEVELOPMENT
The American Institute of Certified Public Accountants was named a Green Plus Mover by the Institute for Sustainable Development for its efforts to become a “green” small business. The AICPA is one of nine Movers recognized by the Chapel Hill-based partnership of public and private interests. Please click through for more details on this announcement [AP].
[16] MARILU CRUZ RECEIVES BETA ALPHA PSI’S MEDAL OF INSPIRATION AWARD
Marilu Cruz, a junior at the University of Washington, has been awarded Beta Alpha Psi’s Medal of Inspiration Award. The award, sponsored by the American Institute of Certified Public Accountants, includes a $5,000 cash stipend, which Cruz plans to use to help continue her education in a master’s in public accounting program. The award is bestowed upon a student who has experienced extreme hardships in his or her life and who has demonstrated an unusually high level of success despite of that adversity. Please click through for further details of the award [AP].
[17] AICPA NAMES RECIPIENTS OF 2009 OUTSTANDING CPA IN GOVERNMENT AWARD
Robert Dacey, of Washington, D.C., Thomas H. McTavish, of Lansing, Mich., and Lena Ellis, of Ft. Worth, Tex. are the 2009 recipients of the American Institute of Certified Public Accountants’ Outstanding CPA in Government Award. Dacey received the federal government award, McTavish the state award and Ellis the local award. Please click through for further details [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].
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