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DOUBLE ENTRIES 16.06 | | 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 16.06 march 4, 2010
Advert
A new student-oriented intermediate level textbook on the fundamentals and application of financial reporting regulations ...
Financial Reporting and Analysis
Author: John Dunn, University of Strathclyde
Publisher details: John Wiley & Sons Ltd
Breaking away from the tradition of dealing with the technicalities of the regulation of financial reporting in a relatively unchallenging and uncritical way, Financial Reporting and Analysis focuses on the reasoning behind the rules. Affording sufficient detail on the application of standards to enable the reader to appreciate the effects of the rules, the logic behind them is portrayed in terms of the reasoning and history behind their development, giving students a more informed insight.
Features:
•International perspective in line with real business activities
•Website containing solutions to questions in the text, as well as additional questions and solutions will be available.
For further details including sample chapters, or to request an inspection copy please visit the text book's website.
news.
CANADA
[01] ACSB DECISION SUMMARY FEBRUARY 3, 2009 MEETING
INTERNATIONAL - IASB
[02] IASC FOUNDATION PUBLISHES SECOND BATCH OF TRAINING MATERIAL FOR THE IFRS FOR SMES
INTERNATIONAL - IFAC
[03] GLOBAL ACCOUNTANCY LEADERS SUPPORT IFAC FOCUS ON SMES AND THEIR FINANCIAL ADVISORS
[04] IFAC GLOBAL SURVEY SAYS INTERNATIONAL STANDARDS CRUCIAL TO INVESTOR AND FINANCIAL STABILITY
[05] IPSASB SEEKS VIEWS ON ACCOUNTING FOR SERVICE CONCESSION ARRANGEMENTS BY GRANTORS
INTERNATIONAL - OTHER
[06] IVSC PUBLISH REVISED GUIDANCE FOR THE VALUATION OF INTANGIBLE ASSETS
[07] IOSCO PUBLISHES PERIODIC DISCLOSURE PRINCIPLES
[08] OWNERSHIP OF GOVERNANCE, RISK AND COMPLIANCE ROLE IS UNCLEAR, FINDS KPMG SURVEY
SOUTH AFRICA
[09] RELEASE OF THE RESULTS OF THE PUBLIC PRACTICE EXAMINATION OF IRBA
UNITED KINGDOM
[10] A CORPORATE REPORT IN LESS THAN 30 PAGES?
[11] FRC GETS TOP MARKS FROM INDEPENDENT HAMPTON REVIEW
[12] GENDER PAY GAP WIDENS FOR ACCOUNTANTS OVER 45
UNITED STATES
[13] FASB ISSUE ACCOUNTING STANDARDS UPDATE NO. 2010-10, CONSOLIDATION: AMENDMENTS FOR CERTAIN INVESTMENT FUNDS
[14] SEC APPROVES STATEMENT ON GLOBAL ACCOUNTING STANDARDS
[15] OUTCOMES - FASB FEBRUARY 24, 2010 BOARD MEETING
[16] SEC CHARGES MADOFF'S DIRECTOR OF OPERATIONS WITH FALSIFYING ACCOUNTING RECORDS AND SIPHONING INVESTOR FUNDS
[17] PRICEWATERHOUSECOOPERS STATES SUPPORT FOR SEC MOVE TOWARD SINGLE SET OF HIGH QUALITY ACCOUNTING STANDARDS
[18] MORE US NEWS ONLINE AT ACCOUNTINGEDUCATION.COM
•SEC REAFFIRMS 2011 DECISION DATE, APPROVES STATEMENT AND STAFF WORK PLAN
•SEC STAFF TO HOLD SEMINAR TO HELP COMPANIES COMPLY WITH XBRL REPORTING RULES
•SEC ANNOUNCES $67 MILLION FAIR FUND DISTRIBUTION TO HARMED INVESTORS IN MCAFEE FINANCIAL FRAUD SETTLEMENT
•PCAOB PUBLISHES STAFF QUESTION AND ANSWER ON AUDITING STANDARD NO. 7, ENGAGEMENT QUALITY REVIEW
•OUTCOMES - FASB/IASB FEBRUARY 16, 2010 BOARD MEETING
•OUTCOMES - FASB FEBRUARY 17, 2010 JOINT IASB BOARD MEETING
•OUTCOMES - FASB FEBRUARY 18, 2010 JOINT IASB BOARD MEETING
Editorial
Welcome to the 6th issue of Double Entries 2010. This is our second issue on the new fortnightly basis and we would value your feedback on the move. Please do let us know your thoughts.
Till next issue ....
Andrew Priest & Andy Lymer, Editors, Double_Entries@accountingeducation.com
Advert
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We hold regular information sessions, why not find out more here.
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:
Post-Doctoral Researchers (Three Year Contract)
Employer: Dublin City University
Location: Dublin, Ireland
Deadline for applications: 15th March 2010
For full details see our Jobs Database entry here
Assistant Professor or Associate Professor in Accounting Group
Employer: Warwick Business School, University of Warwick
Location: Coventry, West Midlands, UK
Deadline for applications: 26 March 2010
For further details see our full ad 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!
International Journal of Accounting Information Systems Vol 11 Iss 1 2010
•Environmental reporting on the internet by America's Toxic 100: Legitimacy and self-presentation - Charles H. Choand Robin W. Roberts
•Internal fraud risk reduction: Results of a data mining case study - Mieke Jans, Nadine Lybaertand Koen Vanhoof
•Towards an integrated view of IT value measurement - Michael J. Davernand Carla L. Wilkin
•Learning new uses of technology while on an audit engagement: Contextualizing general models to advance pragmatic understanding Michelle Chandler Diazand Tina Loraas
ABACUS Vol 46 Issue 1 2010
•Why Consistency of Accounting Standards Matters: A Contribution to the Rules-Versus-Principles Debate in Financial Reporting - JENS WÜSTEMANN AND SONJA WÜSTEMANN
•The Value Relevance of Management Forecasts and Their Impact on Analysts' Forecasts: Empirical Evidence From Japan - KOJI OTA
•Accounting for the Business of Suffering: A Study of the Antebellum Richmond, Virginia, Slave Trade - JAN RICHARD HEIER
•Background and Case for Exit Price Accounting - GRAEME DEAN
•The Case for Entry Values: A Defence of Replacement Cost - ANDREW LENNARD
•Measurement in Financial Reporting - GEOFFREY WHITTINGTON
•The Case for Deprival Value - RICHARD MACVE
Journal of Accounting and Public Policy Vol 29 Issue 2 March 2010
•Adverse effects of uniform written reporting standards on accounting practice, education, and research - Shyam Sunder
•Valuation of firms that disclose related party transactions - Mark Kohlbeck and Brian W. Mayhew
•Debt, diversification and earnings management - Gonzalo Rodríguez-Pérez and Stefan van Hemmen
•Social responsibility and corporate reputation: The case of the Arthur Andersen Enron audit failure - Cheryl Linthicum, Austin L. Reitenga and Juan Manuel Sanchez
•The impact of corporate social disclosure on investment behavior: A cross-national study - Joyce van der Laan Smith, Ajay Adhikari, Rasoul H. Tondkar and Robert L. Andrews
Accounting, Organisations and Society Vol 35 Iss 2 February 2010
•Different uses of performance measures: The evaluation versus reward of production managers - Paula van Veen-Dirks
•[In]visible [in]tangibles: Visual portraits of the business élite - Jane Davison
•Accounting and strategising: A case study from new product development - Brian Jørgensen and Martin Messner
•Calculating profit: A historical perspective on the development of capitalism - J.S. Toms
•Behavioral changes following the collaborative development of an accounting information system - Leslie Eldenburg, Naomi Soderstrom, Veronda Willis and Anne Wu
•Integrating business risk into auditor judgment about the risk of material misstatement: The influence of a strategic-systems-audit approach - Joseph J. Schultz Jr., James Lloyd Bierstaker and Ed O'Donnell
•Accounting and international relations: Britain, Spain and the Asiento treaty - Salvador Carmona, Rafael Donoso and Stephen P. Walker
Journal of Accounting and Economics Vol 49 Iss 3 April 2010
•On the use of instrumental variables in accounting research - David F. Larcker and Tjomme O. Rusticus
•On the relationship between analyst reports and corporate disclosures: Exploring the roles of information discovery and interpretation - Xia Chen, Qiang Cheng and Kin Lo
•Do management earnings forecasts incorporate information in accruals? - Weihong Xu
•Executive pay and "independent" compensation consultants - Kevin J. Murphy and Tatiana Sandino
•The incentives of compensation consultants and CEO pay - Brian Cadman, Mary Ellen Carter and Stephen Hillegeist
Issues in Accounting Education Feb 2010 Vol 25 Issue 1
•Accounting Educators as the Accounting Profession's Trustees: Lessons from a Study of Peer Professions - Jack E. Wilkerson, Jr.
•Instructor-Assigned and Student-Selected Groups: A View from Inside - Sandy Hilton and Fred Phillips
•The Effects of a Hypertext Learning Aid and Cognitive Style on Performance in Advanced Financial Accounting - Stuart H. Jones and Michael E. Wright
•Snowy Ridge Ski Resort: Fair Value Measurement and the Impairment of Long-Term Assets - Richard A. Gore and Paul J. Herz
•Interactive Financial Reporting: An Introduction to eXtensible Business Reporting Language (XBRL) - Eileen Z. Taylor and Ann C. Dzuranin
•Financial Analysis of Krispy Kreme's Earnings Forecasts, Joint Venture Investments, and Franchise Repurchases - Michael Calegari
•The Violet Bay School District Deficit of 2005: Evaluating Internal Control and Identifying Risks - Laurie J. Henry, Michael E. Bitter, and Terry Kubichan
•Using Queries to Automate Journal Entry Tests: Agile Machinery Group, Inc. - Tina M. Loraas and DeWayne L. Searcy
Accounting and Finance Vol 50 Issue 1 2010
•Cash flow disaggregation and the prediction of future earnings - Neal Arthur, Marco Cheng, Robert Czernkowski
•The determinants of corporate sustainability performance - Tracy Artiach, Darren Lee, David Nelson, Julie Walker
•Underwriter reputation, earnings management and the long-run performance of initial public offerings - Shao-Chi Chang, Tsai-Yen Chung, Wen-Chun Lin
•Private equity bids in Australia: an exploratory study - Larelle Chapple, Peter M. Clarkson, Jesse J. King
•Persistence and the four-factor model in the Australian funds market: a note - Jacquelyn E. Humphrey, Michael A. O'Brien
•Does accounting conservatism pay? - Raghavan J. Iyengar, Ernest M. Zampelli
•Size and momentum in European equity markets: empirical findings from varying beta Capital Asset Pricing Model - George Karathanasis , Konstantinos Kassimatis, Spyros Spyrou
•Innate and discretionary accruals quality and corporate governance - Pamela Kent , James Routledge, Jenny StewartInteraction of size, book-to-market and momentum effects in Australia - Michael A. O'Brien, Tim Brailsford, Clive Gaunt
•Voluntary disclosure of operating income - Jilnaught Wong, Norman Wong
The British Accounting Review Vol 42 Iss 1 March 2010
•Accounting journals and the ABS quality ratings - Simon Hussain
•Perceived international environmental factors and corporate voluntary disclosure practices: An empirical study - Mohamed Omran Elsayed and Zahirul Hoque
•Employee morale, non-financial performance measures, deployment of innovative managerial practices and shop-floor involvement in Italian manufacturing firms - A. Abdel-Maksoud, F. Cerbioni, F. Ricceri, S. Velayutham
•A longitudinal examination of intellectual capital reporting in Marks & Spencer annual reports, 1978-2008 - David Campbell and Mara Ridhuan Abdul Rahman
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.
CANADA
[01] ACSB DECISION SUMMARY FEBRUARY 3, 2009 MEETING
The CICA's Accounting Standards Board has released an executive summary of its February 3, 2009 meeting. For details of the meeting decisions please click through for the summary [AP].
INTERNATIONAL - IASB
[02] IASC FOUNDATION PUBLISHES SECOND BATCH OF TRAINING MATERIAL FOR THE IFRS FOR SMES
The IASC Foundation has published the second batch of training material for the IFRS for SMEs. The training material is designed to assist companies and accounting practitioners in applying the IFRS. It will also, they say, assist educators in teaching how to apply the IFRS for SMEs. See further details in our full news story. [AL]
INTERNATIONAL - IFAC
[03] GLOBAL ACCOUNTANCY LEADERS SUPPORT IFAC FOCUS ON SMES AND THEIR FINANCIAL ADVISORS
Global accountancy leaders have declared their support for the International Federation of Accountants’ (IFAC) recommendations to intensify its efforts to strengthen small- and medium-sized enterprises (SMEs) and accounting practices (SMPs), IFAC announced this week. Click through for further details. [AL]
[04] IFAC GLOBAL SURVEY SAYS INTERNATIONAL STANDARDS CRUCIAL TO INVESTOR AND FINANCIAL STABILITY
Investors and all consumers of financial information deserve clear, reliable, and consistent information, IFAC organizations from around the world asserted in a survey by the International Federation of Accountants (IFAC). The adoption, implementation, and enforcement of international financial standards is crucial, according to the latest IFAC Global Leadership Survey, which polled its membership of 157 accountancy organizations in 123 countries.* The presidents and chief executives responding to the survey said that IFAC needs to continue to lead the convergence of standards developed by its independent standard-setting boards, relating to auditing and assurance, education, ethics and public sector accounting, and to support the implementation of those standards. Please click through for further details [AP].
[05] IPSASB SEEKS VIEWS ON ACCOUNTING FOR SERVICE CONCESSION ARRANGEMENTS BY GRANTORS
The International Public Sector Accounting Standards Board (IPSASB) is seeking comments on an exposure draft (ED) that addresses accounting for service concession arrangements by the grantor. Service concession arrangements, often called Private Public Partnerships or PPPs, involve an operator providing services to the public on behalf of a grantor--usually the government or another public sector entity. For many countries, such arrangements are a means to ensure large-scale, infrastructure projects, such as the building of roads and airports, can be developed and provided to the public for use. However, in some cases, they are not recognized in the financial statements, effectively concealing the financial position of the grantor. Please click through for further details [AP]
INTERNATIONAL - OTHER
[06] IVSC PUBLISH REVISED GUIDANCE FOR THE VALUATION OF INTANGIBLE ASSETS
The International Valuation Standards Council (IVSC) has published an updated Guidance Note on the valuation of intangible assets. The revised GN 4 identifies the principal techniques that are recognised for the valuation of intangible assets such as brands, intellectual property and customer relationships, and gives guidance on how these are applied. Click through for further details. [AL]
[07] IOSCO PUBLISHES PERIODIC DISCLOSURE PRINCIPLES
On February 22, 2010, the International Organization of Securities Commissions (IOSCO) published a final report entitled "Principles for Periodic Disclosure by Listed Entities". The report is intended to provide securities regulators with a framework for establishing or reviewing their periodic disclosure regimes. According to the report, its principles-based format "allows for a wide range of application and adaptation by securities regulators." Visit our news page for more information [FD].
[08] OWNERSHIP OF GOVERNANCE, RISK AND COMPLIANCE ROLE IS UNCLEAR, FINDS KPMG SURVEY
Nearly half of companies don't have full clarity about who in their organisations is in charge of governance, risk and compliance ('GRC'), according to a survey "The Convergence Challenge" by KPMG International and the Economist Intelligence Unit. It examines how organisations are converging their GRC activities to reduce overall business complexity and their exposure to risk. Please click through for further details [AP].
SOUTH AFRICA
[09] RELEASE OF THE RESULTS OF THE PUBLIC PRACTICE EXAMINATION OF IRBA
The South African Independent Regulatory Board for Auditors (IRBA) has released the results of its latest Public Practice Examination (PPE). Of the 2798 candidates who wrote the 2009 PPE, 2320 passed resulting in a record pass rate of 83%. Of the 1849 candidates who wrote for the first time, 1596 passed, representing a first time pass rate of 86%. See further details in our news item [DG].
UNITED KINGDOM
[10] A CORPORATE REPORT IN LESS THAN 30 PAGES?
Making corporate reports more readable is a view that few, if any, would argue with. The annual reports of listed companies have become too complex and focused on compliance, rather than providing useful information on the business to investors. A potential solution is ‘Making Corporate Reports Readable’, from The Institute of Chartered Accountants of Scotland (ICAS). This contains a pro forma short form report which uses the example of a fictional universal bank as the underlying business and produces – in less than 30 pages – the key information of interest to investors. Click through for more details. [AL]
[11] FRC GETS TOP MARKS FROM INDEPENDENT HAMPTON REVIEW
The UK's Financial Reporting Council (FRC) has welcomed the very positive outcome of the Better Regulation Executive’s assessment of their regulatory performance against the Hampton Principles of effective regulation. The assessment by the BRE, part of the UK Government's Department for Business, Innovation and Skills, was published last week. More details in our full news item. [AL]
[12] GENDER PAY GAP WIDENS FOR ACCOUNTANTS OVER 45
While the pay gap between males and females appears to be narrowing for accountants under 30 in business, the public sector and charity, the opposite is the case for those over 45, according to the latest Career Benchmarking Study released by specialist recruitment company Robert Half and the Institute of Chartered Accountants in England and Wales (ICAEW). Please click through for further details [AP].
UNITED STATES
[13] FASB ISSUE ACCOUNTING STANDARDS UPDATE NO. 2010-10, CONSOLIDATION: AMENDMENTS FOR CERTAIN INVESTMENT FUNDS
The FASB issued Accounting Standards Update No. 2010-10, Consolidation (Topic 810): Amendments for Certain Investment Funds. This defers the effective date of the amendments to the consolidation requirements made by FASB Statement 167 to a reporting entity’s interest in certain types of entities. The Update also clarifies other aspects of the Statement 167 amendments. Click through for more detail. [AL]
[14] SEC APPROVES STATEMENT ON GLOBAL ACCOUNTING STANDARDS
The Securities and Exchange Commission has voted to issue a statement that lays out its position regarding global accounting standards and makes clear that the Commission continues to believe that a single set of high-quality globally accepted accounting standards would benefit U.S investors. Click through for further details and to access the full statement. [AL]
[15] OUTCOMES - FASB FEBRUARY 24, 2010 BOARD MEETING
The Financial Accounting Standards Board (FASB) has released a summary of its February 24, 2010 Board meeting. Please click through to our full news item for the summary and links to the related project pages [AP].
[16] SEC CHARGES MADOFF'S DIRECTOR OF OPERATIONS WITH FALSIFYING ACCOUNTING RECORDS AND SIPHONING INVESTOR FUNDS
The Securities and Exchange Commission today charged one of convicted Ponzi schemer Bernard Madoff's key operatives with falsifying accounting records to enable the multi-billion dollar fraud and illegally enrich himself, Madoff, and Madoff's family and employees. Please click through for further details [AP].
[17] PRICEWATERHOUSECOOPERS STATES SUPPORT FOR SEC MOVE TOWARD SINGLE SET OF HIGH QUALITY ACCOUNTING STANDARDS
The Securities and Exchange Commission (SEC) today reaffirmed its continued support for a single, globally-accepted set of high-quality accounting standards and stated that International Financial Reporting Standards ("IFRS") is best positioned to meet this goal. Please click through for further comment [AP].
[18] MORE US NEWS ONLINE AT ACCOUNTINGEDUCATION.COM
•SEC REAFFIRMS 2011 DECISION DATE, APPROVES STATEMENT AND STAFF WORK PLAN
•SEC STAFF TO HOLD SEMINAR TO HELP COMPANIES COMPLY WITH XBRL REPORTING RULES
•SEC ANNOUNCES $67 MILLION FAIR FUND DISTRIBUTION TO HARMED INVESTORS IN MCAFEE FINANCIAL FRAUD SETTLEMENT
•PCAOB PUBLISHES STAFF QUESTION AND ANSWER ON AUDITING STANDARD NO. 7, ENGAGEMENT QUALITY REVIEW
•OUTCOMES - FASB/IASB FEBRUARY 16, 2010 BOARD MEETING
•OUTCOMES - FASB FEBRUARY 17, 2010 JOINT IASB BOARD MEETING
•OUTCOMES - FASB FEBRUARY 18, 2010 JOINT IASB BOARD MEETING
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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