International

No Long Weekend For International Accountants

While most Americans were enjoying a long Memorial Day weekend, more than 300 delegates of the banking, finance and accounting industries around the world gathered for the World Accounting Summit held this year in Dubai.
Technology

Spring a Good Time to Clean Up Your Accounting Procedures

With the lessons of the last tax year fresh in mind, now is the perfect time to make sure your company's compliance procedures are working the way they should be.Although many companies are just coming up for air after struggling through the difficulties of complying with the Sarbanes-Oxley Act or the Financial Services Authority requirements in the U.K., the beginning of a new tax year offers an ideal opportunity to put new procedures in place.A report by SourceWire lists common compliance concerns, which include the fact that the chief executive and chief financial officer are now pers
Tax

Foreign Profits Taxed at a Fraction of the Normal Rate

Somewhere in the American Jobs Creation Act signed by President Bush last October is a corporate tax break allowing companies to pay only a fraction of the taxes they would normally owe for returning profits to the U.S. from international havens. Any company with profits in another country can take advantage of the one-year window during which profits brought in to the U.S. will be taxed at a 5.25 percent tax rate rather than the standard 35 percent tax rate.The break is intended to create jobs in the U.S.
A&A

IASB Extends SME Comment Deadline

The International Accounting Standards Board (IASB) has extended the deadline for replying to the staff questionnaire on accounting standards for small and medium-sized entities (SMEs) to June 30, 2005.

Accounting For International Differences

The Committee of European Securities Regulators (CESR) recommends that any public company reporting financial statements under U.S. rules to a regulator in the 25-member European Union (EU) merely disclose the differences between the American and international rules, rather than reconciling the two different standards.The recommendation follows last week’s statement from the Securities and Exchange Commission’s (SEC) that European companies following international accounting standards may be allowed to report those figures without reconciling them to the U.S.
Technology

Five Tips for Saving Time and Pain with Excel

At the Digita User Conference in Stratford, England on 27-28 April, Simon Hurst from The Knowledge Base presented an hour-long seminar entitled "Everything about Excel". The session included as many tips as he could squeeze in from his latest guide, '100 Ways to Save Time with Microsoft Office'.

European Companies Applaud Move Toward Global Standards

The Securities and Exchange Commission has released a so-called “road map,” that would allow European companies to sell securities in the U.S. without having to rework their financial statements.Currently, companies that follow International Financial Reporting Standards must reconcile their financial reports that are filed with the SEC so that they meet U.S. generally accepted accounting principles.

EU Seeks Expanded Role with IASB, U.S. Accounting Rules

The European Union wants to play a bigger part in setting international accounting standards and indicated its desire to cooperate with U.S. accounting rule makers, Reuters reported.Charles McCreevy, the European Commissioner who oversees internal market and services, told Reuters at a conference that he hopes the increased involvement and cooperation will lead to a uniform accounting code.McCreevy is currently visiting the U.S.
Community News

Canada's Largest Bank Drops U.S. Accounting Rules

Royal Bank of Canada will no longer use U.S. accounting rules to figure its financial results, opting to revert to Canadian accounting standards.The bank, which is based in Toronto and is the largest in Canada, said the standards in both countries are growing more similar. Royal Bank started using U.S. generally accepted accounting principles (GAAP) six years ago to match the system used by most of its North American competitors. The bank has been producing both U.S.
Community News

Deloitte Announces First of What May be Many Mergers in China

Deloitte Touche Tohmatsu International has announced a merger with one of China's largest accounting firms, and said it hopes to employ 8,000 people in China by the end of the year.The rapid growth of China's economy - at more than 9 percent each year - and the desire of Chinese companies to expand globally is creating huge potential for Deloitte, Peter Bowie, Deloitte China's chief executive, told Dow Jones Newswires.Deloitte has quadrupled its presence in China over the last two and a half years, and plans to invest $150 million in China during the next few years.
A&A

CIO Insight Magazine Releases The Global Outsourcing Report

Three-quarters of U.S. companies outsourced some or all of their information technology activities in 2004, and that percentage is likely to increase this year, according to a special survey on outsourcing and offshoring in the March issue of Ziff Davis Media's CIO Insight magazine. While a smaller percentage of companies are outsourcing those activities offshore (32%), half of them have cut full-time jobs as a result.India is the most competitive and popular technology outsourcing destination in the world in 2005, according to the Global Outsourcing Report and, China will be the No.
Community News

BDO International Adds Additional Member Firms in China

The BDO International network, the world's fifth largest accounting and consulting organization, this week announced the addition of two China based firms to the BDO International network. The BDO network now has five member firms in China. The new member firms, BDO Shenzhen Dahua Tiancheng, based in Shenzen and Guangzhou, and BDO Wuhan ZhongHuan, based in Wuhan, will augment BDO's existing China presence in Shanghai (BDO Shanghai Zhonghua), Beijing (BDO Reanda) and Hong Kong SAR (BDO McCabe Lo).
Tax

Chess Great Bobby Fischer Detained By Japan, Faces U.S. Tax Evasion Charges

As the U.S. builds a tax evasion case against chess great Bobby Fischer, the man himself sits in the Japanese detention center where he has been held for eight months after being caught trying to leave Japan on an invalid U.S. passport, the Associated Press reported.Japan ordered Fischer deported to the U.S. after the passport incident, in which he attempted to board a flight to the Philippines in July.As Fischer tries to fight his way out of Japan-Iceland has offered him a passport-the U.S.

International Board Created to Set Auditing Standards

A group of international regulators is seeking to restore investor confidence by forming the Public Interest Oversight Board to set auditing standards, the New York Times reported.The new body was established by the International Organization of Securities Commissions, the Basel Committee of Banking Supervisors, the International Association of Insurance Supervisors, the World Bank and the Financial Stability Forum.
Tax

Venezuela Tax Agency Closes 80 McDonald's Restaurants

Venezuela's tax agency last week closed more than 200 businesses, including 80 McDonald's restaurants, for violating tax rules.President Hugo Chavez has been taking a tough stance against tax evasion and questionable accounting practices in recent years, and the temporary closings were part of a “zero evasion” campaign, according to the state-run Bolivarian News Agency, which quoted tax official Lucila Ascanio.The fast-food restaurants were closed for three days because a discrepancy was found between the company's purchases and its records of sales, the news agency reported.

EU Companies to Book Stock Options

The European Union announced Monday it would begin immediately enforcing new accounting rules that require listed companies to book employee stock options as current expenses. The rule was endorsed last December by the 25 EU governments. This week the European Parliament and the European Commission approved the measure, clearing the way for instituting the new method of accounting.
Tax

Corporations Gear-Up for Windfall Tax Break

Many U.S. corporations with overseas operations are busy announcing plans to participate in the repatriation amnesty program that is part of the American Jobs Creation Act (AJCA) signed into law last fall. The New York Times reports that pharmaceutical companies in particular are expected to make up a large percentage of the money flowing back into the states under the terms of this legislation. Pfizer alone, producer of popular drugs Viagra and Lipitor, is expected to repatriate as much as $38 billion in foreign profits.
Practice

Critics Give 'Public Eye' Awards for Corporate Irresponsibility

As the World Economic Forum got under way in the Alpine resort of Davos, Switzerland, critics of globalization handed out “Public Eye Awards” for irresponsible corporate behavior.According to Agence France-Presse, Nestle, oil giant Shell and Dow Chemicals, as well as Wal-Mart and KPMG International, were criticized as being among the worst corporate performers from 20 multinational nominees that have allegedly failed in their responsibilities regarding human rights, labor relations, the environment or taxes.“They are model cases for all the corporate groups that have excelled in so
A&A

KPMG LLP Reports Revenues of $4.1 Billion

KPMG LLP, the U.S. audit, tax and advisory firm, last week announced revenues of $4.1 billion for its most recent fiscal year ended September 30, 2004, an 8 percent increase over the prior year's revenues of $3.8 billion. KPMG Americas' combined revenues, representing member firms of KPMG International in Latin America, Mexico, the Caribbean, the United States, and Canada, also rose 8 percent for the same period to $4.9 billion."The U.S. firm achieved strong performance in a challenging environment, recording its 10th consecutive year of revenue growth," said Eugene D.

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