International

Technology

Germans Can Surf Once Again

German Chancellor Gerhard Shröder rescinded an earlier plan to impose a tax on personal use of the Internet in the workplace.
Technology

Gates: 'English' Remains Internet Language

While foreign languages will be spoken in mass this week in Sydney at the Olympic games, the only language spoken over the Internet, according to Bill Gates, will be English.This observation was made by Gates on Sept. 12 during the three-day Asia Pacific Summit of the World Economic Forum held in Melbourne.The statement by Gates flies in the face of a report released by Deloitte Touche Tommatsu that predicts the population of China would boast the largest online component within 10 years.
Community News

EY South Africa Splits its Practice

Ernst & Young South Africa has announced that it has officially separated its accounting and consulting units.The consulting unit, which will be called 'Argil Ernst & Young Consulting,' was purchased by Worldwide African Investment Holdings, a major black empowerment group that already has an established relationship with EY, having formed a 60/40 joint venture last year.The new unit's main business focuses will be on the oil industry, telecommunications and financia

Tax Havens Under Fire

The Organization for Economic Cooperation and Development (OECD) is an organization composed of members of 29 industrialized countries that strives to analyze trends, forecast economic development, and coordinate international policies. The members of the organization are, as a group, committed to encouraging a free market economy and a pluralistic democracy. The organization finished two days of meetings last week, the purpose of which was to address the growing concern about harmful tax practices in countries that encourage investment that is subject to little or no taxation.

Great Plains Attracts Big 5 for Global Account Initiative

In an effort to focus business on large, multi-national companies who need assistance with implementing its solutions, Great Plains has announced an alliance with many leading market players in a new program called the 'Global Accounts Initiative.'Partners include two Big Five firms, Deloitte & Touche and KPMG, as well as Ernst & Young Technologies.
Community News

Bueno! KPMG Begins International Tax Centers

KPMG is embarking on a new effort to serve clients on a global basis by implementing new U.S.-based tax centers.Called 'International Tax Centers of Excellence,' efforts are already underway to serve clients in Latin America, Belgium, Luxembourg, Germany, and Spain, and plans are in teh works to include the United Kingdom, the Netherlands, and France.Speaking the language and understanding cultural issues are key in this new venture. As an example, the Americas Center will serve as a tax resource to clients who are doing business in Latin America.

Bizarre and Entertaining Web Sites

If you're at a loose-end and are wondering how to pass the time, AccountingWEB has spared no expense in bringing you the best entertainment to your screen. Unless of course, you know better.Thanks to our friends at AccountingWEB's sister site in the UK (it must have been a slow news week for them!) we are pleased to offer this quick list of bizarre and entertaining Web sites. Enjoy!JIB JAB presents the funniest cartoons on EarthA lively site with sound and movement displaying cartoons of a very odd nature.

Europe to Impose International Accounting Standards by 2005

Europe-watchers say the European Commission is poised to require listed European companies to use international accounting standards (IAS) by 2005.According to sources, Commission officials have been consulting with national governments and accountancy bodies for some time over amendments to the fourth and seventh accounting directives. The Commission has encouraged national governments to allow the use of IAS within their jurisdictions; France, Germany and Austria already do so.

Restructure at Cap Gemini Follows EY Acquisition

Cap Gemini has announced its plans to restructure its operations based on the recent acquisition of the Ernst & Young Consulting Group.First on the table is a new brand for the European company, and will most likely be a hybrid of both company names. However, the new name only can be used for four years under the rights in the agreement.Also being changed is the company's governance structure, moving from a four-man directorate and a supervisory committee to a board of 11 members, including directors and an executive committee.

International Organization Approves Restructuring Plan

The International Accounting Standards Committee (IASC) has just approved adopting a new constitution that may just open the door for U.S. securities regulators to accept global accounting standards in financial reporting. The IASC, which is comprised of professional accounting organizations from more than 100 countries, is in store for major restructuring.U.S. Securities and Exchange Commission Chairman Arthur Levitt chairs the IASC’s Nominating Committee.
Community News

Legal Eagles Stack up in Accounting Firms

The accounting profession hasn't gotten to where it is by resting on its laurels. For years, the Big Five firms have known that it is less expensive and more efficient to have lawyers on staff rather than engage lawyers outside the firm.Now, someone has actually counted the numbers and the Big Five wins!
Community News

Is Cap Gemini Really Ahead When it Acquires EY's Tech Practice?

Cap Gemini today received the approval of the European Commission to purchase Ernst & Young's Ernst & Young's Global Consulting and IT activities.While analysts previously have predicted that this step moves the European giant one step further in strengthening its consulting services across Europe, the Commission disagreed.Instead, the Commission stated that technological innovations will become more important than who actually 'owns' the business, and that the market will remain fragmented because innovations are hap
Tax

VAT in Lebanon a Sticky Situation

Implementing the VAT (value-added tax) in many countries across the world is a no-brainer in most arenas. However, in Lebanon, where the VAT begins in about eight months, the government may not be ready to face the VAT's reality in actually collecting the tax.Why? Reports state that the government in Lebanon has had a hard time implementing income and property taxes.

24 Principles of Globalization

Reprinted with permission from The Financial Management Network.A New Decade For Business: Twenty-Four Principles Of Globalization by Marvin Zonis Globalization may be the most significant development of our time. Driven by the spread of technology, the collapse of communism, and the ever-wider adoption of market economies, companies are spreading their operations across countries while peoples are interacting as never before.

US Accounting Association Adds International Network

The Leading Edge Alliance, a new organization consisting of 25 of America's largest local CPA firms, has entered into a strategic alliance with Kreston International, an international network of independent accounting and consulting practices, headquartered in the United Kingdom. The agreement provides The Leading Edge Alliance with an international network of 245 firms in 68 countries, while Kreston International gains an expanded U.S.

Peer Review Standards Spread to Germany

New legislation has been introduced in Germany to require public company auditors to undergo rigorous peer review standards similar to their U.S. counterparts.The move was made to raise the position of German accountants in the world financial marketplace.
A&A

CPA Software Giants Join XBRL Effort

A number of prominent accounting software companies have signed on with Big 5 firms, the AICPA and international organizations to step up the push for XBRL.XBRL is short for Extensible Business Reporting Language, and is the brainchild of a consortium seeking to establish an international language to report financial information over the Internet.A few of the software companies participating in the effort include Navision, Best and Sage.

Global Designation Proposed by Accounting Orgs

The world is converging on itself at 90 miles an hour, based on a new effort by eight accounting organizations to develop a global designation that could be used anywhere in the world.The proposed designation is designed to enable professionals from various accounting disciplines to use their ethics and skills to provide a broader range of globally relevant services to clients, customers and employers.The first step in the process is the formation of the Global Task Force to begin addressing the matter, and Robin Hamilton Harding, former CFO of Bell Canada, has been appointed chair of th

Poll Shows Accountants at Top of Approval Rate

A new survey conducted by MarkTrend Research of Vancouver shows that British Columbians publicly approve of Certified General Accountants (CGA). The trust factor is well intact for these professionals, according to the survey.The survey ranks eight different groups and this year’s survey puts accountants, police officers, doctors and educators among those most highly revered. The researchers interviewed 503 people in random telephone interviews.

Israeli CPA Institute Opposes Reciprocity

Tony Hillman, president of the Israeli Institute of CPAs (ICPAI), informed attendees at the group's Jerusalem meeting, that the ICPAI would most likely oppose any reciprocity allowing accountants outside of Israel to practice within the state.The opposed statement will be given, Hillman said, to the International Federation of Accountants (IFAC), calling for the "wholesale opening up of the world accountancy market."The IFAC asked member Institutes like ICPAI to present their official positions.

Pages