International

A&A

IFRS 5: Non-Current Assets Held for Sale and Discontinued Operations

The objective of IFRS 5 is to specify how assets that are classified as ‘held for sale’ should be presented and disclosed within a set of financial statements, and discontinued operations.
A&A

IFRS 6: Exploration for and Evaluation of Mineral Resources

The objective of this IFRS is to deal with the financial reporting requirements for entities in the mineral extractive industry. Exploration for and evaluation of mineral resources is the search for mineral resources (e.g. oil, natural gas and similar non-regenerative resources) after the entity has obtained legal rights to explore in a specific area.
A&A

IFRS 7: Financial Instruments: Disclosures

The objective of IFRS 7 is to deal with the disclosures required in an entity’s financial statements in connection with financial instruments. Before the issuance of this IFRS, the disclosure requirements were contained within IAS 32. IAS 32 now contains just the presentation requirements of financial instruments.
A&A

IFRS 8: Operating Segments

The objective of this IFRS is to deal with the information that an entity should disclose in its financial statements to enable users to evaluate the nature and financial effects of the business activities and the economic environment in which the business operates.
A&A

IFRS 9: Financial Instruments

This standard was released in November 2009 and is intended to completely replace IAS 39 Financial Instruments: Recognition and Measurement by the end of 2010. IFRS 9 only deals with the classification and measurement of financial assets. A consistent theme of IFRS 9 is that it requires financial assets to be classified on initial recognition at amortised cost or fair value.
A&A

PCAOB to conduct audits of U.S. accounting firms operating in the UK

The Public Company Accounting Oversight Board and the Professional Oversight Board in the UK have signed an agreement that will allow the PCAOB, working in cooperation with the POB, to resume audits of accounting firms registered in the UK.
Tax

UBS releases names of U.S. taxpayers with unreported accounts

The Internal Revenue Service has dropped its legal action against Swiss bank UBS AG after the Swiss government handed over the names of 4,000 U.S. taxpayers who had undisclosed accounts at the bank.
A&A

Investment property a likely target for valuation change

The banking world is buzzing with the possibility that investor balance sheets are about to be vastly reshaped. American rule makers in the accounting industry are looking to change the way land and investments are valued.
A&A

Highlights of the 2010 IRPAC Report

This month, the Information Reporting Program Advisory Committee (IRPAC) released its report for 2010 outlining recommendations to the IRS regarding several key issues that have recently become law, or are soon to take effect.
A&A

CPA exam to be administered outside U.S. for first time

In 2011, the Uniform CPA Examination will be offered outside the 55 U.S. jurisdictions for the first time. The American Institute of Certified Public Accountants, National Association of State Boards of Accountancy, and Prometric reached an agreement to administer the exam in international locations.
A&A

Japan’s economic crunch, its effect on the U.S.

Growing concerns have compelled the Bank of Japan’s policy board to take significant steps to jumpstart its faltering economy. The bank calls its multi-pronged strategy a “comprehensive monetary easing policy.”
A&A

Report: Room for improvement in corporate risk oversight worldwide

The worldwide economic crisis has put a spotlight on corporate risk, but a large percentage of companies around the globe do not have strong risk oversight protocols, according to a joint research report.
Tax

Crocodile Dundee's Paul Hogan feels the bite of the tax man

Crocodile Dundee star Paul Hogan owes tax on AU $37.6 million (approximately $34 million U.S.) of undeclared income, according to the Australian Tax Office, which temporarily banned him from leaving the continent until he agreed to pay up.
Tax

IRS expected to drop UBS lawsuit

Officials with the Internal Revenue Service last week said that the agency would drop its civil lawsuit against UBS following assurances from the Swiss government that it was in the process of delivering information on thousands of American clients suspected of using UBS accounts to evade U.S. taxes.
A&A

BP's public relations gaffes causing British companies problems in the U.S.

UK businessman William Chase claims that the lives of British businesses trying to succeed in the U.S. are being made harder because of BP chief executive Tony Hayward's handling the oil spill crisis.
A&A

U.S. CPAs gaining in IFRS awareness

CPAs are gaining awareness about International Financial Reporting Standards. Furthermore, CPAs increasingly foresee a need to gain advanced or expert knowledge as the U.S. moves toward global accounting standards.
Tax

U.S. ranks sixth among tax-friendly countries

The United Kingdom and the United States rank fifth and sixth, respectively, among tax-friendly countries, according to KPMG’s recently released Competitive Alternatives 2010, Special Report: Focus on Tax.
Community News

When disaster strikes, ensure corporate relief efforts are legal, effective

It is critical to ensure that any company-sponsored charitable efforts are legal, transparent, effective, and consistent with the company’s business ethos and approach.
A&A

Grant Thornton takes a stand regarding SEC, IFRS Roadmap

Grant Thornton has been a staunch supporter of the ongoing movement toward one set of high-quality, globally accepted accounting standards. At present, that language of financial reporting features several different dialects, depending on where a company operates.
Community News

Texas CPAs help Haiti victims while fostering client loyalty

A Texas accounting firm and its clients are discovering that a wall calendar with beautiful photographs, designed to market the firm's name and promote client loyalty, can change the lives of earthquake victims in Haiti.

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