International

IASB Proposes Sweeping Improvements in Standards

On May 15, 2002, the International Accounting Standards Board (IASB) released an exposure draft on "Improvements to International Accounting Standards." The draft introduces a series of wide-ranging improvements to 12 of the 34 standards IASB inherited from its predecessor, the International Accounting Standards Committee (IASC).
Community News

KPMG Finds its Name Brings Unexpected Rewards

Back in 1987, KPMG's leadership team chose to name the firm KPMG in recognition of its principal founding members (Klynveld, Peat, Marwick and Goerdeler). Little did they know that fifteen years later, this same name would help open doors in India, thanks to a registration sought by a local group of Indian chartered accountants named Kapadia, Perrera, Makhijani and Girish. The Indian nationals want to use the trade name KPMG, and they want to work as an associate of KPMG Consulting.
Community News

Big Five Merger Will Create Canada's Largest Accountancy

Big Five firms Deloitte & Touche and Andersen inked an agreement last Friday to combine operations in Canada, forming Canada's largest accounting firm. Currently, Deloitte & Touche is the country's second largest firm behind PricewaterhouseCoopers.The merger is subject to a due diligence review, approval of the partners of both firms, and regulatory approval. It is expected that the combination will be completed by early June.The combined firm will operate under the name of Deloitte & Touche and will be headed by D&T Canada's current chief executive and managing partner, Colin Taylor.

Deloitte Publishes Free Practical Guide to IAS

In its April 1, 2002 "Accounting Roundup," Deloitte & Touche, the U.S. arm of Deloitte Touche Tohmatsu, summarized the results of the March meeting of the International Accounting Standards Board (IASB) and provided a link to a free electronic copy of its updated guide to international accounting standards (IAS).Key developments at the March IASB meeting included: Consideration of a project plan on stock-based payments.
Community News

Andersen Worldwide Network: Who's Going Where

Andersen Worldwide is a network of independent member firms in 84 countries. These separate country-wide practices are coordinated through Andersen Worldwide to provide a seamless offer to Andersen's clients. In light of a new series of defections of these independent country firms to other members of the Big Five, Andersen Worldwide has conceded defeat in its plans for a worldwide mass merger with KPMG. This table will help you keep track of the pieces of the Andersen Worldwide Network and the merger options they are selecting individually.
Community News

Andersen Worldwide Network Continues to Disintegrate

In the latest disintegration report of post-Enron Andersen, Big Five firm Deloitte Touche Tohmatsu has confirmed plans to merge with Andersen's Spanish faction. The decision by Andersen Spain - long considered to be the "crown jewel" of Andersen's European member firms - to go with Deloitte would seem to be the death knell to any plans for a nearly-worldwide KPMG/Andersen merger.

IFAC Names Members of New Auditing Standards Board

The International Federation of Accountants (IFAC) has named the members of its new International Auditing and Assurance Standards Board (IAASB).
Community News

Andersen's Global Network Merger Plans Unravel

Hopes for a global merger of Andersen's powerful worldwide network with one of the other Big Five firms are already a distant memory. As late as last week, observers were waiting for an announcement of a sweeping worldwide merger between Big Five giant KPMG and the non-U.S. operation of beleaguered Andersen.

IASB Gets More Attention, Issues SIC-32

A survey of U.S. insurance executives conducted by Ernst & Young found that more than two-thirds (67%) of companies have someone tracking developments of the International Accounting Standards Board (IASB). In addition, almost half (44%) have someone within their organization participating on committees related to International Accounting Standards (IAS), and almost a third (30%) have developed an internal task force on IAS.

International Accounting Standards Get New Respect

No longer the impossible dream, international accounting standards (IAS) just took another step closer to gaining widespread acceptance.
Technology

IRS Computers May Land in Afghanistan

Last month, AccountingWEB reported on some inventory control issues at the IRS ("IRS 'Misplaces Over 2300 Computers" - January 9, 2002) that led to congressional calls to halt the IRS budget until they are found.Now, the Bush administration is proposing to take 1,000 of the IRS' two year old laptops and desktop computers and ship them to Afghanistan to help the new government in its modernization efforts.The situation in Afghanistan is desperate, because the outgoing Taliban regime apparently looted government offices before they left, leaving behind

Canada's Accounting Standards Setting to be Reviewed

The independent Accounting Standards Oversight Council (AcSOC) announced it is planning to address issues facing accounting standard-setting in Canada as a result of the Enron failure in the United States. A sub-committee of AcSOC has been formed to assist the council in studying Accounting Standards Board (AcSB) research into which accounting standards might have been circumvented in the Enron case, and whether Canadian standards might be at similar risk in the future.

Europe Attacks GAAP, Bars Auditors' Legal Services

Europe’s highest court recently backed a Dutch ban on bundling auditing with legal services, thereby dampening the hopes of U.S. accounting firms who seek to provide legal services as part of "one-stop shopping" for clients. Separately, the head of the European Commission spoke out against U.S. accounting principles and said he will ask the Securities and Exchange Commission (SEC) to recognize International Accounting Standards (IAS) as an alternative to U.S.

Critics Want IASB To Disclose its Business Backers

The International Accounting Standards Board (IASB) has had its ups and downs, as the drama of the Enron investigations unfolded. First, it was the fair-haired boy, when Congress heard testimony that the Securities and Exchange Commission (SEC) should be allowed to accept IASB’s standards for accounting for stock options. This is an area in which the IASB reportedly gained a head-start over the Financial Accounting Standards Board (FASB) because the latter gave in to business pressures to keep these items off corporate income statements.

Canada Recognizes New Professional Designation

The Canadian Institute of Chartered Accountants (CICA) last week announced an agreement with the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) that accredits CAIRP as the only body whose designation leads to recognition as a CA-designated specialist in insolvency and restructuring.CAs who are also CIRPs (Chartered Insolvency and Restructuring Professional) and who register as specialists with their provincial institutes will be eligible to be recognized as C

IFAC Adds International Ethics Rules to Post-Enron Equation

As if the U.S. auditor-independence rules weren’t complicated and controversial enough, the International Federation of Accountants (IFAC) has added new international ethics rules to the post-Enron equation. According to an announcement made by IFAC last week, its updated Accountants Code of Ethics is intended to serve as a model for the national standard-setting bodies that establish ethical guidance for accountants in countries around the world.
Education & Careers

The Well-Traveled Accountant - The Value of International Experience

Accepting that transfer to your company’s Paris office could have far-reaching career benefits, according to a recent survey. Fifty-six percent of chief financial officers (CFOs) polled said international experience will be at least somewhat necessary for accounting and finance professionals five years from now.

Euro is Launched - Beware Forgeries!

The long awaited Euro currency was launched January 1, uniting 12 countries in Europe with a single currency and setting the stage for a more unified economic system across Europe.300 million people across Europe will begin turning in their "old" currency in exchange for the new Euro.
Community News

PwC Confirms DiPiazza as CEO

PricewaterhouseCoopers today announced that partners worldwide have ratified the selection of Samuel A. DiPiazza, Jr. as Global Chief Executive Officer. Mr. DiPiazza, 51, was previously chairman and senior partner of the global organization's U.S. firm and will assume his new responsibilities on 2 January 2002. Mr. DiPiazza succeeds James J. Schiro who announced his intentions to step down as CEO last July. Mr. Schiro served as Global CEO since the formation of PricewaterhouseCoopers in July 1998 with the merger of Price Waterhouse and Coopers & Lybrand. Commenting on his selection, Mr.
Tax

Cayman Islands No Longer a Tax Haven

Cayman Islands Governor, Peter J. Smith, is to sign an agreement today with Treasury Secretary, Paul O'Neill, and British Ambassador to the U.S., Christopher Meyer, which will open the vaults of secrecy on Cayman Islands bank accounts.Henceforth, the Cayman Islands will share information with the U.S. government, including the IRS, in an effort to track down tax evaders.

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