Welcome
Welcome to the AccountingEducation.com community.
Happy 10th birthday to us! - Our online community became 10 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 15th volume!)
If you are a regular user of our website or newswire we'd love to hear how you use these facilities as we plan a special series of newswires to celebrate our anniversary year outlining how the community has helped people all over the world in these last 10 years. Please take a moment to email us your comments at editor@accoutingeducation.com (would be great to let our various correspondents know their work is not in vain please!)
If you are new to the site - please feel free to use the contents of the site as you need. To make full use of this site you should register as a user as some content is only available to you once you have signed up. Click on the register option above - it only takes 2 minutes and there is no charge to join. Why not sign up for our free weekly newswire at the same time? We welcome participation and suggestions - contact us at info@accountingeducation.com with any ideas for development you may have.
Latest News
INDEPENDENCE IN ACCOUNTING STANDARD SETTING: A PROPOSED BILL TO CREATE THE “INVESTOR PROTECTION ACT OF 2009”
20 November 2009
On October 28, 2009, the House Financial Services Committee held a hearing regarding the Investor Protection Act of 2009 (H.R. 1349). This act proposes to create a new Federal Oversight Board, to approve and oversee accounting principles and standards for the purposes of the federal financial regulatory agencies, and for other purposes. This bill has the potential to have a significant impact on how accounting standards are set. Please click through for further details [AP].
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NEW GERMAN DRAFT ACCOUNTING STANDARD ON DEFERRED TAXES
19 November 2009
The draft German Accounting Standard No. 24 (E-GAS 24) Deferred Taxes has been made available freely. CLick through to access this document. [AL]
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REPORT ON DRSC/GASB 137TH MEETING - 2-3 NOVEMBER
19 November 2009
the DRSC/GASB meet in early November to discuss various issues including the release of a new German Draft Accounting Standard on Deferred Taxes (to replace GAS 10), comment letters received on D-GAAS 4 and D-GAAS 5, finalised its comment letter on the proposal to amend the IASC Foundation constitution and the first dicussion on the GASB comment letter on the expected re-exposure Draft of IAS 37. Click through for more details. [AL]
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CHINESE VICE-MINISTER OF FINANCE RECEIVES ICAEW HONORARY MEMBERSHIP
19 November 2009
Dr. Wang Jun, Vice-Minister of Finance in the People’s Republic of China, has been presented with honorary membership of the Institute of Chartered Accountants in England and Wales (ICAEW) at a ceremony held at Chartered Accountants Hall in London on Friday 14 November. Vice-Minister Wang Jun was awarded the membership in recognition of his outstanding contribution to the accountancy and finance professions. He is the first honorary member of the ICAEW from outside of the UK. More details in our full news item. [AL]
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IFAC PRESSES FOR ACTION TO ADOPT AND IMPLEMENT GLOBAL FINANCIAL STANDARDS
19 November 2009
The International Federation of Accountants' (IFAC) 32nd annual Council meeting in Washington, D.C., this week emphasized the urgency of achieving global adoption and implementation of financial standards, especially for accounting and auditing. See further details on this meeting in our full news item. [AL]
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SEC'S WALTER URGES LAWMAKERS TO LEAVE FASB UNDER SEC ALONE
18 November 2009
SEC Commissioner Elisse Walter, in testimony regarding the Financial Stability Improvement Act of 2009 before a U.S. House committee, urged lawmakers to keep oversight of the FASB with the SEC and not a council of regulators. Click through for more details. [GC]
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RELIABLE INVESTING INFORMATION MORE IMPORTANT THAN EVER TO MAN-IN-THE-STREET, IFAC EXECUTIVES TELL REPORTERS AT NATIONAL PRESS CLUB
17 November 2009
Individual investors deserve better quality financial information--top executives from the International Federation of Accountants (IFAC) told reporters at a briefing session this morning at the National Press Club--and having common global standards is one way to get it. Please click through for further comment [AP].
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CONSUMER BUSINESS ORGANIZATIONS SHOULD REFOCUS SECURITY EFFORTS TO BETTER RESPOND TO THREATS
17 November 2009
Many consumer business organizations are not focusing on the right areas to best respond to threats, according to the inaugural Deloitte Touche Tohmatsu (DTT) 2009 global Consumer Business security study, "Security can’t be discounted", released today. Infrastructure, security governance, insider threats, and budgets are among the areas that need to be re-examined in light of the current information security threat environment, the study reveals. Please click through for further details [AP].
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PRESIDENT OBAMA ESTABLISHES INTERAGENCY FINANCIAL FRAUD ENFORCEMENT TASK FORCE
17 November 2009
The Attorney General Eric Holder, Treasury Secretary Tim Geithner, Housing and Urban Development (HUD) Secretary Shaun Donovan, and Securities and Exchange Commission (SEC) Chairwoman Mary Schapiro today announced that President Barack Obama has established by Executive Order an interagency Financial Fraud Enforcement Task Force to strengthen efforts to combat financial crime. The Department of Justice will lead the task force and the Department of Treasury, HUD and the SEC will serve on the steering committee. The task force's leadership, along with representatives from a broad range of federal agencies, regulatory authorities and inspectors general, will work with state and local partners to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, address discrimination in the lending and financial markets and recover proceeds for victims. Please click through for further details [AP].
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SEC CHARGES FORMER EXECUTIVES AT SILICON VALLEY COMPANY FOR INFLATING FINANCIAL RESULTS
17 November 2009
The Securities and Exchange Commission today charged two former Silicon Valley executives for improperly inflating the reported financial results at Santa Clara, Calif., semiconductor company Tvia, Inc. The SEC alleges that Tvia's former Vice President of Worldwide Sales, Benjamin Silva III of Fremont, Calif., made side deals with customers and concealed the terms from Tvia's executives and auditors, which fraudulently caused the company to report millions of dollars in excess revenue. The SEC further alleges that Tvia's former Chief Financial Officer Diane Bjorkstrom of Palo Alto, Calif., also played a role in Tvia's improper accounting, allowing Tvia to recognize revenue on merchandise shipped to a customer weeks before the customer had agreed to accept it, and failing to act on red flags surrounding Silva's misconduct. Please click through for further details [AP]
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Journal of the Month
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 22nd volume, will publish eight issues in 2009, and at least one article from each issue will be freely accessible!
Latest addition - "Initiating sustainable development reporting: evidence from New Zealand" by Jan Bebbington, Colin Higgins and Bob Frame (AAAJ - Vol. 22 Iss. 4)
Access other articles from the 2008 and 2009 volumes here.
Course of the Week
[Advertise your courses here - email us for details]
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