International

A&A

Electronic Payments Getting More Attention in May

This month, banks, credit unions, non-profit associations, businesses, and governments across the nation are asking consumers to increase their use of Direct Deposit and Direct payment in place of paper checks.
Community News

AACSB International Accreditation Recipients

Thirteen academic institutions around the world have recently earned accreditation from Association to Advance Collegiate Schools of Business (AACSB) International. These schools join an elite group of 514 accredited institutions, representing less than 10 percent of the world’s business schools, achieving this designation. Of the total 527 accredited institutions, only 168 have also achieved accounting accreditation.

Top 20 Lifestyle Trends Affecting Global Business

What social developments will create new growth opportunities and/or challenges for global businesses in the future? The Top 20 Trends report from Social Technologies, a Washington D.C.-based research and consulting firm, identifies the most important trends affecting consumer lifestyles in 2006 and predicts where they will go in the future.

Chinese Companies Readying for Tough U.S. Audit Rules

Chinese companies listed in the United States are pouring time and money into preparations to comply with Section 404 of the Sarbanes-Oxley Act.Advertisement
Community News

Mergers and Acquisitions Integrated Library Combines Best of Aspen and CCH

“This Library contains the materials that experts look to first for insight and strategies – notably works by Martin Ginsburg and Jack Levin – along with authoritative collections of primary source materials,” Steve Santel, Aspen Publishers product manager said in announcing the integrated library.Advertisement

Finance and Accounting Outsourcing Predicted to Grow 60 Percent in 2006

Finance and accounting outsource (FAO) contract signings increased 40 percent during 2005, with the majority of business going to Accenture and Capgemini, FAO Research, Inc. reports.

IAASB Proposes New Requirements for the Audit of Group Financial Statements

The International Auditing and Assurance Standards Board (IAASB) recently approved and is issuing a re-exposure draft (ED) of the proposed International Standard on Auditing (ISA) 600 (Revised and Redrafted), the Audit of Group Financial Statements. The IAASB has modified the proposals and reissued the ED following earlier consultations, and is seeking reaction and comments on two specific matters:

Knowledge is key to safety for executives traveling abroad

The world is full of opportunities. It is also filled with dangers, or at least parts of it are. American executives and entrepreneurs traveling throughout the world have come to realize that their mere presence in some countries or communities, can present groups targeting Americans with tempting opportunities and put their lives at risk.Knowing the risks and understanding the follow-through to make it back safely is where a security specialist or consultant can provide executives with a valuable service and peace of mind.
Technology

Tax Compliance Vendor With Eye on SMBs Pioneers Access to Foreign Forms

Taxware, a developer of high-end corporate tax compliance software which has expanded into the small and midsize (SMB) and middle market segments recently, via connections with the likes of Sage Software and Microsoft Business Solutions, has rolled out the first tax reporting package that accesses forms of multiple European countries.Advertisement
Community News

Innovative Accounting Firm Alliance Creates Global Network

The February launch of two organizations, LEA Europe and LEA Asia Pacific, mark the start of the Leading Edge Alliance’s (LEA) worldwide expansion initiatives.
A&A

EU Threatens US with Trade Sanctions Over FSC Tax Breaks

The European Union (EU) advised the World Trade Organization (WTO), on Monday, that unless the United States ends all provisions of the Foreign Sales Corporation tax program in 60 days, it will reinstate sanctions against a number of US products.
Technology

Mark Your Calendar: IAASB Consultative Advisory Group Meeting

Paris in the springtime is a popular place to be. The Consultative Advisory Group (CAG) of the International Auditing and Assurance Standards Board (IAASB) is offering a great excuse to visit Paris on May 11 and 12, by opening their meetings to the public.Opening the CAG meetings to the public provides organizations, other than the CAG member organizations, and the general public, an opportunity to observe the discussion and follow the various points of view put forward.
Practice Management

Taxprep Integrates with CCH Practice, Linking Client, Project, and Time & Billing Information

Taxprep, CCH’s flagship personal tax, corporate tax, and trust return preparation software in Canada, is now integrated with CCH Practice, the practice management component of the CCH Accountants’ Suite. This integration, announced last week, provides users with workflow and time and billing efficiencies that improve productivity, accuracy and profitability.Advertis
A&A

Fair Value Reporting Getting A Closer Look

The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have commissioned a survey concerning the trend toward requiring or allowing more financial instruments to be measured at fair value. The FASB/IASB survey seeks to address whether current reporting standards provide enough information for investors and creditors to analyze companies that report any financial instruments at fair value.

Global Travel & Tourism Exceeded $6 Trillion in 2005

More than $6 trillion was spent on travel and tourism globally in 2005, according to the 2006 Tourism Satellite Accounting (TSA) research released Monday by the World Travel & Tourism Council (WTTC) and Accenture. The research indicates industry growth of 5.7 percent from 2004 to 2005.

Off-shoring Fundamental to Finance & Accounting Outsourcing

Every multi-process finance and accounting outsourcing (FAO) contract signed in 2004 and 2005 featured an offshore component, according to the FAO Market Update released last week by Everest Research Institute. The full-service FAO market had revenues of $1 billion, representing 7 percent of the finance and accounting (F&A) market, OutsourcingFinanceandAccounting.com reports.

Flush with Oil-Exporting Revenues, Dubai Looks for Overseas Investment

As Dubai Ports World (DP World) prepared to take over the Peninsular and Oriental Steam Navigation Company of Great Britain (P&O) on Thursday, the United Arab Emirate’s (UAE) economy minister, Sheikha Lubna al-Qassimi, told Reuters in an interview that the furor in the United States about the purchase would not deter the Emirates from further investment in the US. She cautioned, however, that if commercial deals in the US “are prolonged by interference of a political nature. . .

FASB and IASB Set Goals for Convergence

Acknowledging the role of their convergence project in the ‘roadmap’ to removing reconciliation requirements for non-US companies registered in the US, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) released a joint memorandum of understanding (MOU) on Monday that lists 11 specific areas where progress is to be achieved by 2008.

Canadian Think Tank Calls for Auditor Oversight Reform

A Vancouver-based economic think tank has called for reform of the watchdogs overseeing the North American auditing industry.Advertisement
Community News

XBRL Movement Gains More Tech Vendor Support

The bandwagon for EXtensible Business Reporting Markup Language (XBRL), the rapidly-evolving Internet-based software code for financial reports, has added two new key technology members over the past week.Advertisement

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