David McDonnell, chief executive officer of Grant Thornton International has announced the merger between Grant Thornton's Irish member firm and RSM Robson Rhodes in Ireland, which follows on from the merger of Grant Thornton UK LLP and the UK division of RSM Robson Rhodes LLP. The merger creates a firm with the depth of resource, expert capability and market credibility to make it the leader in its chosen marketplaces. The new organization will now operate as Grant Thornton Ireland, as the merger was completed on 1 July 2007.

Regulators at the Securities and Exchange Commission have tentatively agreed to relax accounting regulations for foreign companies that trade on U.S. exchanges. Approximately 1,200 non-US companies that list their stock on the New York Stock Exchange will be affected. Under the new rules, these companies will no longer have to reconcile their financial statements to U.S.

Timothy P. Flynn, 50, has been elected chairman of KPMG International for a four-year term, effective October 1, 2007. He succeeds Sir Michael Rake, who is retiring from KPMG - and will become the next chairman of BT Group plc.Tim Flynn was elected unanimously by the KPMG International Board and Council. He will lead the KPMG global network of professional firms operating in 148 countries, with 113,000 partners and professionals worldwide. A 28-year veteran of KPMG and a partner since 1988, he has provided strong leadership and vision during a period of transformation for the U.S.

Almost a third of European accountants dreamed of becoming an entrepreneur before beginning their training, new research claims.Running their own business was the most popular pre-qualification career dream among accountants polled by recruitment specialists Careers in Audit, ahead of being a lawyer cited by 22 percent of respondents. Another 14 percent wanted to be a sports star, while 3 percent had visions of taking to the skies as a pilot.

By John StokdykThe Dutch firm of Berk, an affiliate of Baker Tilly International, claims to be the first European accountant to open a virtual office in the three-dimensional online world of Second Life. The Second Life phenomenon now boasts more than 4.3 million inhabitants and supports an internal economy funded by Lindendollars, which are increasingly being traded for cash in real life. And where the money flows, accountants are sure to follow. Berk's managing partner Hans Koning, explained the stunt as a recruitment exercise.

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), is seeking comments on an exposure draft (ED) of proposed International Standard on Auditing (ISA) 550 (Revised and Redrafted), Related Parties.

Staff retention problems, partner succession issues and burdensome regulation is threatening British mid-size accountancy firms with almost three quarters fearing for the future, new research warns. The study by practice management experts KATO Consultancy said 72 percent of independent British firms were worried about their continued existence. Staff retention difficulties was the most popular issue cited by respondents, while many said they were struggling to attract appropriately skilled potential partners for their practice.

Wolters Kluwer Tax, Accounting & Legal announced the opening of an office in India for its CCH tax and accounting and legal business. CCH will operate through Wolters Kluwer's wholly owned subsidiary in India. The office in New Delhi will have editorial, sales, marketing and customer support teams, supported by other resources in Asia Pacific. In addition to developing print and electronic content, CCH in India will run customized training seminars for professionals in the tax, accounting, legal and human resources fields.

We hear about criminal indictments stemming from accounting violations in our own country but do not hear about foreign extraditions from the U.S. or to the U.S. from other countries.