International

A&A

Study Finds Chartered Accountants Enhance Business Performance

Having a Chartered Accountant (CA) as Chief Financial Officer (CFO) can help enhance corporate performance, according to a recent study from the Canadian Institute of Chartered Accountants (CICA).Advertisement
A&A

IASB Chairman Calls For Accounting Standards Convergence by 2011

Sir David Tweedie, chairman of the International Accounting Standards Board (IASB), sees small differences in worldwide accounting standards within five years. CFO.com reports that Robert Herz, the Financial Accounting Standards Board (FASB) chairman, predicts that within three to five years, U.S.

Government in Canada Wants Better Access for Internationally Trained Accountants

Legislation that that will standardize and ensure fairness for the licensing process in Ontario for internationally trained professionals, including accountants, was introduced on June 8 by Mike Colle, the Province’s Minister of Citizenship and Immigration, the Toronto Sun reports.
Community News

IFAC Board Extends Term of Chief Executive Ian Ball

The Board of the International Federation of Accountants (IFAC) has announced an extension to the contract of Chief Executive Ian Ball through December 2009.Advertisement
Tax

Responsibilities of American Taxpayers Working Abroad

American taxpayers with tax homes in the U.S. and who are living or working abroad, still have responsibility for paying taxes on their worldwide income, according to the IRS. The good news is that they may also exclude all or part of their foreign salary, wages or other income, up to the maximum annual exclusion, by meeting the bona fide residence test or physical residence test.
Community News

China Pushing to Compete Against ‘Big Four’

Top Chinese officials are hoping homegrown accounting firms will one day topple the dominance of the Big Four in auditing Chinese companies listed overseas.Advertisement
Practice Management

Cross-Border Dispute? Think Arbitration and Boost the Bottom-Line

A recent PricewaterhouseCoopers (PwC) study indicates that 73 percent of in-house counsels worldwide, prefer using international arbitration to resolve cross-border disputes rather than transnational litigation.

Kuala Lumpur Selected to Host World Congress of Accountants 2010

At its meeting last week in Beijing, China, the Board of the International Federation of Accountants (IFAC) approved Kuala Lumpur, Malaysia, as the site for the 2010 World Congress of Accountants.

Celebrating World Ocean Day by Looking at Ocean Economics

“[W]e don’t have enough information about the oceans’ impact on our economy,” William M. Daley, Secretary of Commerce said back in 1998. “A complete and accurate assessment of the ocean bounty has never been done, and I think this has been a serious handicap in our decision making over the past number of years. We need such information to make decisions on how to responsibly use our ocean resources. And we need it to protect the marine environment.
Community News

IFAC Seeks Nominations to International Accounting Education Standards Board

The International Federation of Accountants (IFAC), the global organization for the accountancy profession, is seeking nominations for a public member for the independent International Accounting Education Standards Board (IAESB).
A&A

IFAC Issues Guidance on Developing SMB Business Plans

The International Federation of Accountants’ (IFAC’s) Professional Accountants in Business (PAIB) Committee has released a new information paper entitled “Business Planning Guide: Practical Application for SMEs”, providing guidance on developing a business plan for small and medium entities (SMEs).
Tax

Survey Shows Fear of SOX Keeps Accounting Functions in U.S.

Companies are looking first to automation before moving their finance functions offshore, even as manufacturing and customer-service jobs are sent overseas.Advertisement
Community News

Big Four Firms Face Huge Potential Liability in Global Audits

Fear in the European Union (EU) of the potential collapse of one of the Big Four accounting firms surfaced this week when a briefing document, prepared for members of the EU delegation meeting in Beijing with Chinese officials on accounting and auditing issues, was shown to XFN-Asia. “The audit firms wish to have a limit of their liability, at least to acts for which they can be held directly responsible for.

Travel insurance: Peace of mind or waste of money?

Travel insurance is nothing new. In recent years, however, it has attracted more attention and the debate regarding the value of the policies has grown more pronounced. Coverage has also expanded to include business travelers, extreme sports participants, and expatriates, among others. How does a traveler know if travel insurance is worth the investment?Like any kind of insurance, part of the value of travel insurance depends on a traveler's own tolerance for risk. The rest of the value equation involves the cost and length of the trip, the purpose of the trip, and the destination.

Saudi Best Practices Lead Arab World

Dr. Ahmed Bin Abdulla Al Moghames will address the World Accounting Summit being held the last week in May in Dubai. He is the Secretary General of the Saudi Organization for Certified Public Accountants (SOCPA). The local challenges of international finance convergence and the misconceptions of Saudi accounting ethics will be the subjects of Dr. Al Moghames’s address to the summit. “People think that accounting in Saudi Arabia is weak, and that our standards come from nowhere. But those who don’t know can’t judge.
Technology

New IFAC Handbook Helps Accountants Hone Ethics, Auditing Expertise

A new electronic handbook enables accountants worldwide to hone their ethics skills and auditing expertise, regardless of whether they are connected to the Internet or not. Eurofield Information Solutions Pty. Ltd.
Community News

Revamped Site Offers Info on Accounting Standards for Insurers

The Group of North American Insurance Enterprises (GNAIE) has redesigned its website,
Tax

Tax Breaks for Families in Canada’s New Budget

Canada’s new minority government presented its first federal budget last week with tax breaks for families that include a universal child care allowance and a reduction in the goods and services tax (GST) from 7 percent to 6 percent.

2006 Expected to Be Breakout Year for F&A Outsourcing

The Accounts Payable Network recently conducted a survey to obtain a current picture of outsource and off-shoring practices corporately and within accounts payable departments.
Community News

AICPA and Other Accounting Institutes Forge Global Alliance

The American Institute of CPAs (AICPA) has joined with most of the other major national accounting profession organizations around the world to create a Global Accounting Alliance.

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