International

Community News

RSM International welcomes UK-member Bentley Jennison

Press release: RSM International has announced the addition of UK-based Bentley Jennison to its worldwide network of independent audit, tax and consulting firms. As one of the most progressive and fastest growing professional services firms in the UK, Bentley Jennison significantly enhances RSM International's ability to serve the needs of global businesses in the UK and Europe.
A&A

A Conversation with Bruce Pounder: The Impact of Convergence on U.S. GAAP

Internationally recognized convergence expert, Bruce Pounder, explains what we can expect to see in financial reporting and the financial statements of the future. To start off, can you briefly describe the phenomenon of "Convergence?"The word Convergence refers to the process of eliminating differences in accounting standards among countries. But Convergence also refers to the goal of that process - the absence of differences in accounting standards among countries. So Convergence is both a process and a goal.
Technology

IASC Foundation seeks candidates for XBRL Advisory Council

The Trustees of the International Accounting Standards Committee (IASC) Foundation are today inviting applications for membership of its XBRL Advisory Council (XAC) and its XBRL Quality Review Team (XQRT).The XAC will provide strategic advice to the Trustees and the Foundation's London-based XBRL team on the future development and adoption of the XBRL Taxonomy for International Financial Reporting Standards (IFRSs). It will comprise ten members who should broadly reflect the diverse areas and professional interests affected by XBRL adoption and the implementation of IFRS taxonomies.
Tax

Is London becoming a tax haven?

Earlier this year, an International Monetary Fund working paper classified the United Kingdom as an "offshore financial centre," alongside jurisdictions such as the Cayman Islands and Bermuda.
Tax

UK 'fat tax' could save more than 3,000 lives

An article that is appearing in the August issue of Journal of Epidemiology and Community Health discusses the possible effects of instituting a tax on salty, sweet, and fatty foods including cookies, cakes, and processed meals. Using consumption patterns provided by the National Food Survey of Great Britain, researchers at England's Oxford University are suggesting that a Value Added Tax (VAT) of 17.5 percent could have the effect of reducing consumer demand and, as a result, reducing heart attacks and strokes.
Community News

Grant Thornton International announces merger

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.
Community News

Houston accounting firm Melton & Melton LLP joins MSI

Houston based Melton & Melton LLP has announced it is joining MSI Legal & Accounting Network Worldwide (MSI). The accounting firm was looking for an alternative solution to a merger in order to satisfy increasing client demand for services in other U.S. States and internationally.

SEC to lift GAAP requirement for non-U.S. companies

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.
Community News

KPMG says companies unprepared for cross-border fraud

Rapid advances in global trade and information technology appear to have increased the speed with which cross-border crimes are committed, yet most companies are unprepared to investigate fraud promptly if it occurs in a country other than the home of the parent company, according to research by KPMG International.With 92 percent of respondents in a survey saying that they expected to perform at least the same number of international investigations in the coming year as last year, 56 percent acknowledged that they have not implemented comprehensive investigation procedures.
Community News

Flynn named chairman KPMG International

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.

Domestic Accountants Vulnerable to Future Offshoring

Accounting jobs are among the major occupations that may be threatened with domestic extinction due to offshoring according to a recent working paper for Princeton's Center for Economic Policy Studies. The author, economics professor and former deputy chairman of the U.S. Federal Reserve Alan Blinder ranks the occupations into four categories according to their "offshorability." For instance, computer programmers are among the most vulnerable and are ranked in category one.Bookkeeping, accounting and auditing clerks -- 1.9 million in the U.S.
Education & Careers

Third of Euro Accountants 'Frustrated Entrepreneurs'

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.
Practice Management

Another Enron in Europe?

Many European businesses are failing to effectively implement corporate governance codes which is heightening the risk of a serious corporate scandal on the scale of that involving Enron, new research claims. A poll of Europe's 500 largest publicity listed firms found just 56 percent had the necessary policies in place to protect against ethic and compliance failures, with only 9 percent expecting budgets aimed at addressing the issue to increase.
Technology

Accountants Go Online for Second Life

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.

PCAOB Chair, EU Commissioner Discuss Audit Firm Oversight

PCAOB Chairman Mark Olson and EU Commissioner Charlie McCreevy met to discuss steps to enhance cooperation between the PCAOB and European auditor oversight bodies and advance collaborative efforts in 2007. Chairman Olson and Commissioner McCreevy agreed to launch roadmap discussions on cooperation between the PCAOB and EU regulators. They have mandated their staff to commence work and will review progress at their next meeting. The goal is to enable the PCAOB and EU auditor regulators that have independent and rigorous oversight systems to move toward full reliance by 2009.

IAASB Proposes New Related Parties, Clarity Standards

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.

AICPA Invites Int'l Auditor Independence Comments

The International Federation of Accountants (IFAC) is proposing changes in international auditor independence standards that could significantly impact U.S. CPAs.As an IFAC member, the AICPA routinely comments on the organization’s proposals and determines whether to revise its own Code of Professional Conduct to harmonize with international standards. IFAC’s exposure draft, issued on Dec. 29, 2006, contains auditor independence standards more restrictive than those of the AICPA.
Practice Management

Mid-size British Practices Face Closure Crisis

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.
Tax

Obama Pushes Off-shore, Preparer Fee Limits

Senators Barack Obama (D-IL)), Norm Coleman (R-MN) and Carl Levin (D-MI) have introduced a bill designed to crack down on the use of offshore jurisdictions as tax havens and toughen penalties for abusive shelter transactions.The bill, S. 681, would establish a list of 34 "Offshore Secrecy Jurisdictions" and authorize the Treasury Department to impose sanctions on foreign jurisdictions found to be impeding the enforcement of U.S.
Community News

Wolters Kluwer Expands To India

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.

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