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Our online community became 12 years old on 1 April (no - not an April fool - we really have been doing it this long and our newswire - Double Entries - was going for some years before this and is now in its 17th volume!)
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Latest News
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2012 U.S. GAAP FINANCIAL REPORTING TAXONOMY NOW AVAILABLE
18 January 2012
The FASB announced the availability of the 2012 U.S. GAAP Financial Reporting Taxonomy pending final acceptance by the SEC. The FASB is responsible for the ongoing development and maintenance of the taxonomy applicable to public issuers registered with the SEC.
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ECONOMIC CONDITIONS CONTINUE TO CHALLENGE PREPARERS AND AUDITORS ALIKE; FOCUS MUST INCLUDE GOING CONCERN ASSUMPTION AND ADEQUACY OF DISCLOSURES
16 January 2012
The global economy continues to experience difficult conditions as the effects of the financial crisis—for example, on corporate cash flows and access to credit—persist. Volatility in capital markets, and issues including measurement and disclosure of exposures to sovereign debt of distressed countries, continue to create uncertainty. The impact of these issues and uncertainty has wide-ranging financial reporting implications that often extend beyond national borders. In light of the current environment, the International Auditing and Assurance Standards Board (IAASB) reminds auditors of their important responsibilities under the International Standards on Auditing (ISAs) and that the appropriateness of management’s use of the going concern assumption is a matter to be considered on every audit engagement.
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B-BBEE AMENDMENT BILL ISSUED FOR PUBLIC COMMENT
16 January 2012
The South African Department of Trade and Industry (‘dti’) issued the Broad Based Black Economic Empowerment Amendment Bill 2011 (‘the Amendment Bill’) for public comment in December 2011. The Amendment Bill proposes to introduce significant changes to the Broad Based Black Economic Empowerment Act No. 23 of 2003 (‘B-BBEE Act’). The B-BBEE Act has always served merely as empowering legislation, with the detail of the compliance criteria set out in the Code of Good practice on B-BBEE gazetted in 2007 in terms of the B-BBEE Act (‘ the Codes of good practice’).
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ROEL CAMPOS TO SERVE A IVSC INTERIM CHAIR
16 January 2012
The International Valuation Standards Council has announced that Roel Campos will serve as interim Chairman of the IVSC Board of Trustees. Roel takes over from Michel Prada, who stepped down on 31 December 2011, as a consequence of his appointment as Chairman of the IFRS Foundation Trustees.
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IRISH ACCOUNTANTS TO GET ACTIVE FOR CHARITY
16 January 2012
Chartered Accountants Ireland, the biggest accountancy body on the island of Ireland, has announces details of its inaugural Charity Day, to be held on Friday 20th April 2012. 21,000 chartered accountants, as well as chartered accountancy students, colleagues, family and friends across Ireland are all encouraged to take part in ‘Cheartered Accountants Healthy Heart Day’ and go the extra mile for one great cause – beating cardiovascular disease.
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IAASB RELEASES DISCLOSURES FEEDBACK STATEMENT; SHARES GLOBAL INSIGHTS TO SUPPORT ESSENTIAL COLLABORATION AND COOPERATION
16 January 2012
The International Auditing and Assurance Standards Board (IAASB) has released a Feedback Statement on the responses to its January 2011 Discussion Paper, The Evolving Nature of Financial Reporting: Disclosure and Its Audit Implications. The Discussion Paper solicited views and perspectives of different stakeholder groups on the challenges arising as financial reporting continues to evolve to meet the changing needs of users. The Feedback Statement provides an overview of the key messages heard and provides thoughts and recommendations on what can be done to address them.
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SEC APPROVES PCAOB 2012 BUDGET
14 January 2012
By a 5-0 vote, the SEC has approved the 2012 budget of the Public Company Accounting Oversight Board (PCAOB). The budget totals $227.7 million, approximately $23.3 million, or 11.4 percent, above the Board's 2011 budget of $204.4 million.
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FAF TEAM CONCLUDES STANDARD ON UNCERTAIN INCOME TAX POSITIONS GENERALLY ACHIEVED ITS PURPOSE
13 January 2012
The Financial Accounting Foundation (FAF) has concluded its first formal “post-implementation review” of an accounting standard set by the FASB, which the FAF oversees. The review concluded that a 2006 accounting standards interpretation intended to increase relevance and comparability in reporting information about income tax uncertainties generally achieves that purpose, although some stakeholders believe the standard could be improved.
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FASAB ISSUES THREE-YEAR PLAN
13 January 2012
The Federal Accounting Standards Advisory Board (FASAB) of the US has issued a Report to Stakeholders: FASAB Three-Year Plan. The report, which can be accessed online, provides information about current projects as well as projects considered by the board in past agenda-setting discussions.
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IIA CAUTIONS THAT MANDATORY AUDIT FIRM ROTATION IS TOO COSTLY WITH LIMITED BENEFITS
07 January 2012
The Institute of Internal Auditors (IIA) has issued a Comment letter stating its position on the Concept Release issued by the PCAOB regarding auditor independence and audit firm rotation. The IIA believes that mandatory audit firm rotation could significantly impact the relationship between the external and internal auditors; how their audits are planned, coordinated, and performed; and how the external auditors leverage the knowledge, experience, and expertise of internal auditors to enhance overall effectiveness.
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Member Offers
Forensic Accounting Course
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Accounting, Auditing and Accountability Journal
SPECIAL OFFER! - Emerald is pleased to offer all users of AccountingEducation.com FREE access to selected articles from AAAJ. The journal, now in its 24th volume, will publish eight issues in 2011. At least one article from each issue will be freely accessible!
Latest addition - "Climate change: Explaining and solving the mismatch between scientific urgency and political inertia by Jonathan Boston and Frieder Lempp (AAAJ - Vol. 24 Iss. 8)
Access other articles from the 2008, 2009, 2010 and 2011 volumes here.
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