International

Seeking Indian Chartered Accountants

Chartered accountants from India are topping most-desired lists of American accounting firms. The firms are seeking to hire those Indian accountants with good English communication skills reports the Times of India.Referring to an exclusionary request from U.S.
A&A

Attention Turning to Energy Efficiency and Renewable Energy Programs

Just two months after Congress passed a massive energy bill supporting increasing supplies of oil and gas, homeowners and businesses in the Northeast and Midwest are bracing for huge projected cost increases for natural gas for heating and electricity this winter, and are scrambling to find ways of conserving energy. Children have been encouraged by the U.S. Department of Energy to be on the lookout for “EnergyHog” in their homes, RedOrbit.com reports.
A&A

Entrepreneurs Critical Piece of Economic Picture

Low taxes, manageable regulations and few obstacles to entering the business world are keys to encouraging small business growth around the world, a federal economist said last week."Countries around the global are discovering how important small business is for their growth and long-term economic health. Their policies toward entrepreneurship differ, but the results of similar policies are consistent,” Chad Moutray, chief economist of the U.S.
Tax

Tax Breaks for Dutch Witches

A court in the Netherlands has ruled that witchcraft lessons are tax deductible, the Associated Press (AP) reports. On September 23, Reuters reports, the Leeuwarden District Court reaffirmed the legal right of witches to write off the costs of learning to cast spells, practice divination and brew potions as long as it increases the possibility of employment and personal income.“Once you become a witch…you can pass along things you have learned,” Margarita Rongen, operator of the “Witches Homestead” in the northern Friesland province told the AP.
A&A

It Pays to Take Another Look at Ocean Freight Charges

Retailers and importers importing goods via ocean freight may have a sum of $50,000,000 in erroneous freight rate charges waiting to be claimed according to Ocean Freight Refunds. Ocean Freight Refunds closely examines ocean freight charges for importers to determine if any errors have been made.
A&A

Making Contributions to Foreign Charities

“Charity begins at home” is a popular phrase often used to encourage donations to local charities. But for a nation nearly 1 million people immigrated to and more than half a million new American citizens were naturalized in 2004 alone, according to Department of Homeland Security statistics, home may not always be the United States. Even Americans who are born here may have strong connections to other countries or feel compelled to contribute to foreign charities in the wake of such disasters as tsunamis and earthquakes.
A&A

Journal of Investment Compliance Acquired by Emerald

The Journal of Investment Compliance has been acquired by Emerald Group Publishing Limited from U.S. publisher Institutional Investor, Incorporated.

BP Leads Accountability Ratings of World's Top Companies

BP, followed by competitor Royal Dutch Shell Group and telecom provider Vodafone, top the 2005 Accountability Rating, a corporate rating of the world's 100 biggest grossing companies.Advertisement
Practice

Grant Thornton LLP Revenues Rise 29%

Grant Thornton LLP reported revenues increased 29 percent to $728 million during the fiscal year ending July 31, 2005 making it the revenue growth leader for U.S.
A&A

Canadian CFOs Forecast Fourth Quarter Hiring

Thirteen percent of Chief Financial Officers (CFOs) at Canadian companies expect to add staff during the fourth quarter of 2005 according to the latest Robert Half International Financial Hiring Index. Only 2 percent of those surveyed expect to reduce staffing levels while 82 percent do not expect any change to current staffing levels.“Businesses are adding accounting and finance personnel to support new system upgrades and business expansion,” Jeff Holloway, a vice-president of Robert Half International said in announcing the findings.

World Bank IMF Meeting to Focus on Trade, Debt Relief, Equal Access

The World Bank and the International Monetary Fund (IMF) will hold their annual plenary sessions in Washington DC on September 24 and 25th.
Tax

U.S. and Mexico Release Revised Mutual Agreement Protocol

The US and Mexico have reached agreement (the “Agreement”) regarding the eligibility of fiscally transparent entities for benefits under the Convention Between the United States of America and the Government of the United Mexican States for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxation, according to the Internal Revenue Service (IRS). The Agreement “specifies the cases where fiscally transparent entities are entitled to treaty benefits and clarifies the procedure for claiming treaty benefits from Mexico,” the IRS reports.
Community News

Accounting Professor Spends Sabbatical Researching Taxes

Thomas Sears, Professor of Accounting and Management at Hartwick College in New York will be spending his sabbatical studying the emergent taxation systems of Hungary, Bulgaria and Romania.
A&A

Hurricane's Harm to Crops Could Influence Farm Subsidies Debate

Farmers across the country are racing against time to save at least part of a devastating harvest season.In the gulf states that were directly impacted by the fury of Hurricane Katrina, farmers are rushing to save dying cattle, restore electricity and find scarce, and expensive, diesel fuel. Farmers in the breadbasket states need to move their corn, soybeans and wheat to export markets, but the just-opened Port of New Orleans is a transportation bottleneck. The American Farm Bureau Federation predicts $2 billion in damage to farmers nationwide, the New York Times reported.

Debate on Global Accounting Standards: Rules Versus Principles

Harmonizing accounting standards among the United States and 95 other countries means agreeing to a common language for financial reporting.Advertisement
Technology

Accounting Software Aids Nations’ Stability and Financial Accountability

Not every financial-accountability software solution can claim to change how countries work. The Government Accountability Solutions from FreeBalance can. And it is finding a niche in developing countries as well as those undergoing reconstruction or restructuring.“What we do is combine multiple bank accounts in one, automate it and divide (fiscal) responsibility so one person can’t control everything,” Bruce Lazenby, President and CEO of FreeBalance told the Business Edge (Ontario, Canada). “This leaves a trail for an auditor.
Community News

American Accounting Association Names Sunder President-Elect

Shyam Sunder, the James L. Frank Professor of Accounting, Economics and Finance at the Yale School of Management, has been named president-elect of the American Accounting Association (AAA). His three-year term will begin in August 2006.Sunder is a leading accounting theorist and experimental economist. Using zero-intelligence traders to explore the structural properties of financial markets, he pioneered the use of experimental methods in financial economics and macroeconomics.

Quebec Accounting Orders Sign First Partnership Agreement

The Ordre des comptables generaux licencies du Quebec (CGA) and the Ordre des comptables en management accredites du Quebec (CMA) yesterday signed a partnership agreement on professional development.
A&A

Small- and Medium-Sized Companies in UK Want to Halt Convergence

The Federation of Small Business (FSB) has joined the Institute of Chartered Accountants in England and Wales (ICAEW) in calling for a halt to use of international financial reporting standards for small and medium-sized entities (SMEs) in the UK, according to a report in Accountancy Age.
Technology

White Paper Makes the Business Case for XBRL in Non-technical Terms

XBRL, which stands for eXtensible Business Reporting Language, is a language for electronic communication of business and financial data. Although it is not yet the language of business, there are signs that it will be in the future. Most of the discussions about XBRL up to this point have been highly technical and not much use when talking about or even describing XBRL to non-technical staff, let alone clients. That is where this white paper The Business Case for XBRL from UBmatrix, comes in.

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