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DOUBLE ENTRIES 15.39 | | 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 15.39 October 29, 2009
news
AUSTRALIA
[01] NATIONAL TAX PRACTITIONERS BOARD LAUNCHED
[02] IMPROVING PROTECTIONS FOR CORPORATE WHISTLE BLOWERS
[03] EXTENDING THE TAX FILE NUMBER (‘TFN’) WITHHOLDING TAX REQUIREMENTS TO CLOSELY HELD TRUSTS AND FAMILY TRUSTS
CANADA
[04] ACSB DECISION SUMMARY OCTOBER 14, 2009 MEETING
[05] AASB DECISION SUMMARY - OCTOBER 13, 2009 MEETING
[06] STRATEGIC OPPORTUNITIES IN CANADA'S TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
CHINA
[07] CHINESE ACCOUNTANTS AND THE SPIRIT OF PROFESSIONALISM
EUROPE
[08] MOVING TOWARDS A EUROPE-WIDE RANKING OF UNIVERSITY AUTONOMY? UNIVERSITY SECTOR TO PUBLISH EUROPEAN AUTONOMY SCORECARD
INTERNATIONAL - IFAC
[09] KPMG SURVEY - DROP IN OVERALL CORPORATE TAX RATES WORLDWIDE HALTS
INTERNATIONAL - OTHER
[10] IAASB ISSUES CONSULTATION PAPER TO ENHANCE REPORTING ON GREENHOUSE GASES
JAPAN
[11] ASBJ AND FASB MEET TO DISCUSS GLOBAL CONVERGENCE
UNITED KINGDOM
[12] ASB PUBLISHES REVIEW OF NARRATIVE REPORTING NOTING CONTINUING CHALLENGES FOR COMPANIES
[13] FRC PUBLISHES ITS FOURTH PROGRESS REPORT ON THE IMPLEMENTATION OF THE MPG RECOMMENDATIONS ON PROMOTING CHOICE IN THE UK AUDIT MARKET
[14] KPMG INDIRECT TAX UPDATE 4209
[15] UK PUBLIC SECTOR SUSTAINABILITY AWARD WINNER ANNOUNCED
UNITED STATES
[16] PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD INSPECTION REPORTS UPDATE
[17] OUTCOMES - FASB OCTOBER 21, 2009 BOARD MEETING
[18] FASB ESTABLISHES NOT-FOR-PROFIT ADVISORY COMMITTEE
Editorial
Welcome to the 39th issue of Double Entries 2009. Our lead article this weeks is again reflecting on the aftermath of the global financial crisis. A recent KPMG survey has identified a what they describe as a "critical need for more revenue" which is inturn causing many governments worldwide to turn increasingly to indirect taxes such as Value-Added Tax (VAT) as a source of funds. It seems that increases in the likes of GST, VAT and introduction of same are on the cards. You can read more about the KPMG survey here.
Do you Twitter? If yes, you can find us at http://twitter.com/DoubleEntries. Wondering about the value of Twitter? You might find this blog posting of interest.
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:
Lectureship in Accounting
Employer: School of Management - University of Southampton
Location: Southampton, Hampshire, UK
Deadline for applications: 13th November 2009
For further details see our Jobs Database
Associate Professor
Employer: Warwick Business School
Location: Coventry, Warwickshire, UK
Deadline for applications: 26 November, 2009
Further details: See our Jobs Database here.
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!
Auditing: A Journal of Practice & Theory - November 2009, Volume 28, Issue 2 , pp. 1-333
•A Model and Literature Review of Professional Skepticism in Auditing - Mark W. Nelson
•Assessing France's Joint Audit Requirement: Are Two Heads Better than One? - Jere R. Francis, Chrystelle Richard and Ann Vanstraelen
•Resolving Disputed Financial Reporting Issues: Effects of Auditor Negotiation Experience and Engagement Risk on Negotiation Process and Outcome - Helen L. Brown and Karla M. Johnstone
•Risk Shifts in the Market for Audits: An Examination of Changes in Risk for "Second Tier" Audit Firms - Chris E. Hogan and Roger D. Martin
•The Impact of Positive and Negative Mood on the Hypothesis Generation and Ethical Judgments of Auditors - Anna M. Cianci and James Lloyd Bierstaker
•Experimental Tests of a Descriptive Theory of Combined Auditee Risk Assessment - Scott D. Vandervelde, Richard M. Tubbs, Albert Schepanski and William F. Messier, Jr.,
•The Impact of Regulation on Auditor Fees: Evidence from the Sarbanes-Oxley Act - Aloke Ghosh, Professor and Robert Pawlewicz,
•Are the Reputations of the Large Accounting Firms Really International? Evidence from the Andersen-Enron Affair - Steven F. Cahan, David Emanuel and Jerry Sun
•Forced Audit Firm Change, Continued Partner-Client Relationship, and Financial Reporting Quality - Charles J. P. Chen, Xijia Su and Xi Wu,
•Why Do Some Accelerated Filers with SOX Section 404 Material Weaknesses Provide Early Warning under Section 302? - Dana R. Hermanson and Zhongxia (Shelly) Ye,
•An Examination of the Effects of Procedural Safeguards on Intentions to Anonymously Report Fraud - Steven E. Kaplan, Kurt Pany, Janet A. Samuels and Jian Zhang,
•Audit Fees at U.S. Non-Profit Organizations - Thomas E. Vermeer, K. Raghunandan and Dana A. Forgione
•Data Diagnostics Using Second-Order Tests of Benford's Law - Mark J. Nigrini and Steven J. Miller
Fiscal Studies 30, 2 Nov 2009
•Building Trust? Conditional Cash Transfer Programmes and Social Capital - ORAZIO ATTANASIO, LUCA PELLERANO and SANDRA POLANÍA REYES
•Would a Flat-Rate Tax Stimulate Entrepreneurship in Germany? A Behavioural Microsimulation Analysis Allowing for Risk - FRANK M. FOSSEN
•Abolishing the Tax-Free Threshold in Australia: Simulating Alternative Reforms - JOHN CREEDY, NICOLAS HÉRAULT and GUYONNE KALB
•Measuring the Effective Tax Burden in the Real World - VITO POLITO
•Contract Type and the Cost of Provision: Evidence from Maintenance Service Contracts - PAUL H. JENSEN and ROBIN E. STONECASH
Accounting and Finance 49 3 Sept 2009
•Transitional credit modelling and its relationship to market value at risk: an Australian sectoral perspective - David E Allen and Robert Powell
•The effects of taxation on put-call parity - Karen Alpert
•Estimating unobservable valuation parameters for illiquid assets - Glenn Boyle, Graem Guthrie and Neil Quigley
•Do aggressive funds reallocate their portfolios aggressively? - Kevin C H Chiang and Xiyu Zhou
•Leveraged superannuation - Peter Dunn, Scott Francis and Jason Hall
•Managerial incentives and corporate leverage: evidence from the United Kingdom - Chrisostomos Florackis and Aydin Ozkan
•Anomalies and stock returns: Australian evidence - Philip Gharghori, Ronald Lee and Madhu Veeraraghaven
•Agenda formation and accounting standards setting: lessons from the standards setters - Bryan Howieson
•Are non-audit services associated with firm value? Evidence from financial information system-related services - Kam-Wah Lai and Gopal V. Krishnan
•Ethical evaluations and behavioural intentions of early career accountants: the impact of mentors peers and individual attributes - Lisa McManus and Nava Subramaniam
Critical Perspectives on Accounting Vol 20 Iss 6 2009
•Institutionalisation of control and accounting for bonded labour in colonial plantations: A historical analysis - Chandana Alawattage and Danture Wickramasinghe
•US imperialism in action: An audit-based appraisal of the Coalition Provisional Authority in Iraq - Christine Cooper and Lesley Catchpowle
•Mythical representations of trust in auditors and the preservation of social order in the financial community - Bertrand Malsch and Yves Gendron
•A levisasian ethics critique of the role of management and control systems by large global corporations: The General Electric/Nuovo Pignone example - N.B. Macintosh, T. Shearer and A Riccaboni
•A co-evoluntionary analysis of organisational systems and processes: Quantitative applications to information system dynamics in small entrepreneurial firms - Gavin Reid and Julia Smith
•Rationalities domination and accounting control: A case study from a traditional society - SHEHZAD Uddin
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] NATIONAL TAX PRACTITIONERS BOARD LAUNCHED
The Assistant Treasurer, Senator Nick Sherry, recently launched the National Tax Practitioners Board, announcing its membership and holding an inaugural meeting with the full Board. "A new, streamlined and national system overseeing all tax agents services is now a major step closer with the beginning of work of the national Tax Practitioners Board," said the Assistant Treasurer. Please click through for further details [AP].
[02] IMPROVING PROTECTIONS FOR CORPORATE WHISTLE BLOWERS
The Minister for Financial Services, Superannuation and Corporate Law, the Hon Chris Bowen MP, recently released an options paper exploring strategies for improving protections for corporate whistle blowers. Please click through for further details from the Minister [AP],
[03] EXTENDING THE TAX FILE NUMBER (‘TFN’) WITHHOLDING TAX REQUIREMENTS TO CLOSELY HELD TRUSTS AND FAMILY TRUSTS
On 22 October 2009 the Assistant Treasurer announced the release of a discussion paper entitled: ‘Improving the fairness and integrity of the tax system: Extending the Tax File Number withholding arrangements to closely held trusts, including family trusts’. The discussion paper outlines the 2009-10 Budget measure to extend the current TFN withholding arrangements to closely held trusts, including family trusts, in order to ensure that the assessable distributions to beneficiaries of those trusts align with the amounts included by those beneficiaries in their tax returns. Please click through for further details [AP].
CANADA
[04] ACSB DECISION SUMMARY OCTOBER 14, 2009 MEETING
The CICA's Accounting Standards Board has released an executive summary of its October 14, 2009 meeting. For details of the meeting decisions please click through for the link [AP].
[05] AASB DECISION SUMMARY - OCTOBER 13, 2009 MEETING
The CICA's Auditing and Assurance Standards Board has released an executive summary of its October 13, 2009 meeting. For details of the meeting decisions please click through for the summary [AP].
[06] STRATEGIC OPPORTUNITIES IN CANADA'S TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
The Canadian Public Accountability Board (CPAB) and Accounting Standards Board (AcSB) will host a webcast that will set out a roadmap for what small and mid-sized companies should be doing now to prepare for IFRS. This free event will be held on November 5, 2009 from 2:00 to 3:00 pm EST. Please click through for the registration link [AP].
CHINA
[07] CHINESE ACCOUNTANTS AND THE SPIRIT OF PROFESSIONALISM
2009 marks the 60th anniversary of the People’s Republic of China. So it is a good time to talk about the accounting professionalization in the country. According to the Chinese Certified Public Accountant, the official journal of the CICPA, China had more than 7,200 accounting firms by the end of 2008. This number is 36 times over that of 1988, the year the CICPA came into being. By December 2008, China had registered more than 83,000 CPAs. Read further details about the current state of the Chinese accounting profession in our full news item. [MCR]
EUROPE
[08] MOVING TOWARDS A EUROPE-WIDE RANKING OF UNIVERSITY AUTONOMY? UNIVERSITY SECTOR TO PUBLISH EUROPEAN AUTONOMY SCORECARD
The European University Association (EUA) has this week announced that it is leading a project to develop a scorecard aimed at benchmarking university autonomy (on the national level) across Europe. The scorecard will be a tool both at the national level and at the individual institutional level, serving as a reference for national governments wishing to benchmark their progress on governance reforms vis-à-vis other systems, whilst also helping to raise awareness among universities of the differences that exist in Europe. Click through for more details. [AL]
INTERNATIONAL - IFAC
[09] IAASB ISSUES CONSULTATION PAPER TO ENHANCE REPORTING ON GREENHOUSE GASES
As the world turns its attention to the Copenhagen talks later this year for a successor to the Kyoto Protocol on reining in carbon emissions and other greenhouse gases (GHG), the International Auditing and Assurance Standards Board (IAASB) is making significant progress to develop a new assurance standard on GHG statements. the IAASB HAS released a Consultation Paper seeking views on key issues in developing that standard. More details can be found in our full news item. [AL]
INTERNATIONAL - OTHER
[10] KPMG SURVEY - DROP IN OVERALL CORPORATE TAX RATES WORLDWIDE HALTS
A critical need for more revenue is causing many governments worldwide to turn increasingly to indirect taxes such as Value-Added Tax (VAT) as a source of funds, according to KPMG International's latest annual survey of worldwide tax rates affecting businesses. Please click through for further details [AP],
JAPAN
[11] ASBJ AND FASB MEET TO DISCUSS GLOBAL CONVERGENCE
Representatives of the Accounting Standards Board of Japan (ASBJ) and the Financial Accounting Standards Board (FASB) gathered this week in Norwalk for their eighth meeting to discuss global convergence of accounting standards. Click through for more details. [GC]
UNITED KINGDOM
[12] ASB PUBLISHES REVIEW OF NARRATIVE REPORTING NOTING CONTINUING CHALLENGES FOR COMPANIES
The UK's Accounting Standards Board (ASB) has this week issued ‘Rising to the challenge’, the report of its review of the narrative reporting of 50 UK listed companies in 2008 and 2009. The review found that the best reporters continue to evolve their narrative reporting and also did well across a number of content areas. Click through for further details and to access the report in full. [AL]
[13] FRC PUBLISHES ITS FOURTH PROGRESS REPORT ON THE IMPLEMENTATION OF THE MPG RECOMMENDATIONS ON PROMOTING CHOICE IN THE UK AUDIT MARKET
The Financial Reporting Council has published its Fourth Progress Report on the implementation of the recommendations of the Market Participants Group (MPG) and other relevant developments. Click through for further details of updates since its last report in May 2009.[AL]
[14] KPMG INDIRECT TAX UPDATE 4209
KPMG has published its Indirect Tax Update 4209. Please click through to our full news article for the download link [AP].
[15] UK PUBLIC SECTOR SUSTAINABILITY AWARD WINNER ANNOUNCED
AccountingEducation.com passes on its congratulations to the Crown Estate for winning the Building Public Trust Award for Sustainability Reporting in the Public Sector. Please click through for further details [AP].
UNITED STATES
[16] 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].
[17] OUTCOMES - FASB OCTOBER 21, 2009 BOARD MEETING
The Financial Accounting Standards Board (FASB) has released a summary of its October 21, 2009 Board meeting. The single agenda item was Accounting for financial instruments. Please click through to our full news item for the summary and links to the related project pages [AP].
[18] FASB ESTABLISHES NOT-FOR-PROFIT ADVISORY COMMITTEE
The FASB has established a Not-for-Profit Advisory Committee "intended to serve as a standing resource for the FASB in obtaining input from the not-for-profit sector on existing guidance, current and proposed technical agenda projects, and longer-term issues affecting those organizations." Click through for more details. [GC]
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) [RC], Gia Chevis [CG] (United States), Mingchuan Ren [MR] and Haina Shi [HS] (China).
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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