International

IFAC Urges Small Practitioners To Work Together

Developing connections between practices and introducing innovative new service areas can help small- and medium-sized practitioners extend their global presence, the International Federation of Accountants (IFAC) has urged.In a review of the seven member bodies from across the world, IFAC found that an effective forum for smaller practices, a database of shared knowledge, and a strong advocacy role could help bolster the profile of such practices.The study - available to download i
Community News

PwC in Hot Water Over 'Leaked' Report

The publication of a sensitive report into an Indonesian telecoms company has landed PricewaterhouseCoopers in the middle of a $150 million row, according to a report on our sister site, accountingweb.co.uk.Telekomunikasi Indonesia, or Telkom, is filing claims with the International Chamber of Commerce and is looking to recover $150 million damages after rival AriaWest's disclosure of the report.And Telkom has called the study, which allegedly cost $6 million to produce, "unauthorized, unreliable and fundamentally

IASB Makes Progress with Global Reporting Agenda

The International Accounting Standards Board (IASB) today published an Exposure Draft of a "Preface to International Financial Reporting Standards." The Exposure Draft is available on IASB’s web site. Printed copies of the Exposure Draft will be mailed to IASB subscribers and additional copies can be ordered from the IASB.
Community News

Big Five CPA Firm Breaks into Top 10 Law Firm Rankings

For the first time, Andersen Legal, the legal arm of Big Five firm Andersen, has made it into the top 10 in annual rankings of the Global 100 law firms. The survey, compiled jointly by The American Lawyer and London-based Legal Business, analyzes growth, earnings, and productivity of firm members.Andersen Legal, which is prevented from enjoying a U.S. presence due to U.S.

Global Accounting Firms May Hold Key to Terrorist Funds

Accounting firms are being asked to disclose to the U.S. government confidential information on clients based in tax havens, following the terrorist attacks in New York and Washington.PricewaterhouseCoopers, KPMG, and others may face punitive sanctions if they refuse to cooperate. The British and American governments are attempting to eradicate offshore corporate and banking secrecy.

France Gives Support to 'XYZ' Credential

French accounting organization, Conseil Superieur de l'Ordre des Experts-Comptables, has joined the United States and other international bodies in support of the American Institute of Certified Public Accountant's proposed global business credential, currently dubbed "XYZ."The organization represents nearly 18,000 accountants in France. Just recently the accounting organizations of Italy joined the initiative.

Thoughts from Manhattan - Tuesday Evening

Thoughts at the end of the day: Sept. 11, 2001 9:30 p.m.New York City is an amazingly quiet place tonight. I'm still here, frankly, because the Port Authority building is locked. There's no way to get the bus home to Pennsylvania.From my office window, I can see at least 12 TV sets across 47th St., all with flickering blueish pictures.
Community News

PwC Continues Job Cut Trend

Our sister site, AccountingWEB-UK, reports that Big Five firm PricewaterhouseCoopers (PwC) has laid off nearly 300 members of its consultancy staff as worldwide cutbacks continue throughout the consultancy sector.The firm is reportedly offering attractive severance packages to those who voluntarily agree to resign.PwC human resources partner Liz Brown said: "This decision has not been taken lightly and is in line with our need to constantly review our skills b
Community News

Deloitte Counts Blooms for World Record

Former South African President Nelson Mandela is undergoing treatment for prostate cancer. What better way is there for the public to show its admiration for the leader, than with a bouquet of flowers? A BIG bouquet of flowers.A total of 33,332 individual flowers were assembled into the bouquet. Auditors from Deloitte & Touche devoted about 24 hours to counting the individual flowers and attested to the quantity, which is large enough to qualify the bouquet for the Guinness Book of Records.

Deloitte Report Exposes Manipulation of London Tube Figures

Following a court hearing on Friday, August 24, Transport for London has published a Deloitte & Touche report that criticized the British government's plans for London Underground, according to our sister site, AccountingWEB-UK.London mayor Ken Livingstone and Transport for London commissioner Bob Kiley have used every possible means at their disposal to avoid being forced to fund improvement's to the capital
Community News

PwC Withdraws Job Offers for New Graduates

Citing the current economic climate and a constant need to assess the mix of skills needed by clients, the London office of Big Five firm PricewaterhouseCoopers has withdrawn its offers of employment to 78 of 180 graduates who planned on starting with the firm this fall.The ousted employees will receive two months' pay in addition to their walking papers.A spokeswoman for PwC said," We are trying to manage our intake of new staff appropriately so when someone does join us, they will have m
Community News

KPMG Plans Acquisition of UK Cousin

Partners from the UK firm of KPMG Consulting stand to earn a fortune if the US firm goes ahead with a plan to buy its UK associate, according to England's Sunday Times.The deal, which could happen within the next six months, would put KPMG Consulting in a strong position as the higher end of the market consolidates.
Community News

Ernst & Young Named Top Tax Advisor

In an annual survey conducted by the International Tax Review, Ernst & Young LLP has been named Canada's top tax advisor for the fifth consecutive year.The International Tax Review gave the Big Five firm the top position in both tax planning and tax transactions, citing the firms leadership in the areas of commodity tax and transfer pricing.

International Showdown Brewing Over Accounting Standards

The International Accounting Standards Board, formed earlier this year to " promote convergence on a single set of high-quality, understandable, and enforceable global accounting standards" announced its technical agenda earlier this month, and the reaction already has sent shock waves through the US business community.The IASB has indicated that it plans on attacking some of accounting's most disputed issues, including an examination of whether companies should
Tax

FEI Study: US Companies Face International Disadvantage

A new study performed by the Financial Executives International (FEI) Research Foundation finds that US companies doing business in the international market face tax disadvantages in comparison to their international counterparts.Tax laws that allocate US interest expense to foreign source income and that limit the use of foreign tax credits can frequently result in double taxation for US companies.The study, which is the second edition of a study performed in 19

We Are Cognitors

By Ronald J. Baker, Daniel D. Morris and Justin H. Barnett - Founders, VeraSage InstituteIf Columbus had an advisory committee he would probably still be at the dock–Justice Arthur Goldberg, 1908-1990Engage in this thought experiment: The following individuals go to some omnipotent body, such as a governmental industrial planning board similar to Japan’s Ministry of International Trade and Industry (MITI), with an idea for introducing a new product or service into the marketplace: 

Canadian Accountants Find Innovation in Education

The new CA School of Business program, created as a partnership among the Institutes of Chartered Accountants of several western provinces, will offer a program that leads to the Chartered Accountant certification in Canada.Candidates entering the graduate-level program must possess a four-year undergraduate degree. The program is being compared to the fifth year of the new U.S.
Tax

Double Taxation Treaty to be Signed This Week

The United States and the United Kingdom are to sign a double taxation treaty Tuesday that could have far-reaching consequences for British businesses.The U.K.'s Gordon Brown, Chancellor of the Exchequer, and his American counterpart, Paul O'Neill, Secretary of the Treasury, will seal three years of negotiations with a treaty introducing new exemptions on investment income, pensions, and capital gains, The Times has revealed.British businesses with employees in the U.S., and U.K.

Aussie Accountants May Have to Follow U.S. Example

The Australian counterpart to our Securities and Exchange Commission, the Australian Securities and Investments Commission (ASIC), has begun an investigation into auditor independence issues that closely mirrors the auditor independence analysis that our SEC performed last year. The SEC process resulted in U.S.

Beware the Wrath of a Former Employee

A nation of laid-off employees is finding a new way to take revenge on former employers.

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