International

Tax

LIFO Effect on Oil Company Profits Draws New Scrutiny

Last week’s drop in oil prices resulting from the terrorist plot against airliners bound for the U.S. is likely to prove temporary, as economists predict continued escalation in global demand for fuel. And U.S.

Hindu Memorial Day Observed August 14

Hindus worldwide will observe Memorial Day on August 14 at 7 p.m. Indian Standard Time (2:30 p.m. GMT).

More SOX Relief for Smaller Companies, Foreign Private Issuers

The Securities and Exchange Commission (SEC) has issued two releases granting further relief from compliance with Section 404 of the Sarbanes-Oxley Act of 2002 (SOX) to smaller public companies and many foreign private issuers.Advertisement

Aviation Threat Level Raised, Additional Restrictions on Carry-on Baggage

In response to news that officials in Great Britain have interrupted a plot to destroy commercial airline flights between the United States and the United Kingdom, the Transportation Security Administration (TSA) has raised the U.S. threat level to High, or Orange, for all commercial aviation operating inside the U.S. and for flights from the U.S. to the United Kingdom. The threat level for commercial flights flying from the United Kingdom to the U.S. has been raised to Severe, or Red.
Tax

Prosecutors: Former Media Baron Lying about Finances

Indicted newspaper publisher Conrad Black enjoys a “free flow of millions of dollars," from his wife's private company, say federal prosecutors, who want Barbara Amiel-Black to reveal her finances under oath.Advertisement
Tax

U.S. and Canada Unravel Cross-Border Tax Scheme

Officials of the Canada Revenue Agency (CRA) and the Internal Revenue Service (IRS) have announced that the agencies have made significant progress in unraveling an abusive cross-border tax scheme involving hundreds of taxpayers and tens of millions of dollars in improper deductions and unreported income from retirement withdrawals.
A&A

Accenture Closes Acquisition, Enhances BPO Services

Accenture has enhanced its finance and accounting business process outsourcing (BPO) capabilities by closing the previously announced acquisition of Advantium Inc., including related entity XPAN LLC, and Meridian Informed Purchasing Ltd.

SEC and CESR Launch Financial Reporting Work Plan

The Securities and Exchange Commission (SEC) and the Committee of European Securities Regulators (CESR) on Wednesday published a work plan to be implemented immediately as a guide for the SEC-CESR Dialogue. The focus of the work plan is the application of International Financial Reporting Standards (IFRS) and the U.S.

Airlines Facing Protectionist Threat To Foreign Investment

The Bush Administration wants to change the percentage of foreign investment in U.S. airlines, but the Senate Appropriations Committee voted 19-6 last week to bar the rule starting in the year beginning Oct. 1. This action may threaten an aviation agreement with the European Union, according to Bloomberg.Sen. Ted Stevens (R-Alaska) proposed a question to Bloomberg. He asked if a U.S. airline, owned in part by foreign interests, would allow the transportation of U.S. troops in wartime. Stevens added, “They’re not just carriers.
Community News

CGA-Canada Accepts Independence Standard

The Certified General Accountants Association of Canada (CGA-Canada) welcomes the Canadian Public Accountability Board’s (CPAB) decision to accept the CGA Independence Standard, giving effect to the required rule change as of June 20, 2006."CGA-Canada is responsible for setting professional standards for itsmembers and has an obligation to protect the public and ensure CGAs maintain the highest ethical standards," says Anthony Ariganello, FCGA, CPA (Delaware), President and Chief Executive Officer of CGA-Canada.
A&A

A Look Inside IFAC’s Global Forum on Challenges and Opportunities Facing SMEs

Earlier this month more than 130 people from 35 countries attended the International Federation of Accountant’s (IFAC’s) first global forum focused on small and mid-sized entities (SMEs) and small and medium size accounting practices (SMPs). “Small- and medium-sized enterprises drive economic growth, foster innovation and provide employment in developed and developing countries around the world. IFAC fully recognizes this role and is committed to supporting them at an international level,” IFAC President Graham Ward emphasized in a prepared statement.
A&A

IASB and FASB Seek Nominations for Lease Accounting Working Group

On July 19, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) announced a joint project on leasing to their respective agendas.
Tax

Before Coming to America

American taxpayers going abroad have tax responsibilities here in the U.S. This is because our country taxes Americans based on their citizenship and even those with “green card” residency, according to ExpatExchange.com. Tax residency is determined by circumstance tests combined with the determination of residency facts, as well as tax ties to other countries.Worldwide income is the extent of income taxes in most countries where one is a resident or citizen, according to ExpatExchange.com.
A&A

FASB Adds Joint Lease Accounting Project with IASB

Concerns that current lease accounting does not accurate reflect the resources and obligations of lease transactions, the Financial Accounting Standards Board (FASB) on Wednesday officially added a lease accounting project to their agenda.
Practice Management

Daimler Plan to Outsource Accounting Sparks Opposition

DaimlerChrysler may outsource some of its accounting work to countries that pay lower wages, German media sources reported.According to the company’s works council, the German-U.S. car manufacturer is considering the Czech Republic and India for some of the company's accounting work. The works council opposes the outsourcing plan and has threatened a veto. "We are saying without a balance of interest this simply won't fly," said Erich Klemm, head of the council, according to a report in Monday’s Stuttgarter Zeitung.

IFAC Issues New Standard on Auditor Competence

“A primary way that the accountancy profession protects the public interest is by requiring that all audit professionals have the necessary skills and training to perform their roles effectively,” Henry Saville, International Accounting Education Standards Board (IAESB) chair, said in a prepared statement announcing the new standard.
Community News

Japan’s Oversight Board Faults Operations, Controls at Big Four Firms

Japan’s Certified Public Accountants and Auditing Oversight Board (CPAAOB), a subsidiary of the Financial Services Agency (FSA) with independent investigatory power, asked the FSA on Friday to issue business improvement orders to Japan’s Big Four audit firms, Mainichi news reports.

U.S. Returns to Top Ten in Economic Freedom

The United States has regained its position as one of the most economically free countries in the world, ranking ninth on the 2006 Index of Economic Freedoms. After falling to 12th place the previous year, the U.S. increased economic freedom by narrowly cutting government spending as a percentage of Gross Domestic Product (GDP) and lowering tariff rates (as a weighted average).
Tax

Finance and Accounting Outsourcing Lags; New Technology May Spur Growth

On shore shared-service centers have taken the lead in performing finance and accounting processes, according to a recent study published by the Hackett Group, a strategic advisory firm, with 58 percent of the companies surveyed using the shared services model, globalservicesmedia.com reports. Only seven percent of companies relied on offshore shared-services centers. Twenty-seven percent of financial processes are still performed in-house or in some decentralized manner, according to the study.

Terrorist Finance Tracking Program Disclosed

Treasury Secretary John Snow announced last week the existence of the Terrorist Finance Tracking Program, according to a prepared statement.

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