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Latest News
AASB DISAGREES WITH IFRIC DRAFT INTERPRETATION D24 - CUSTOMER CONTRIBUTIONS
08 May 2008
In the AASB's opinion, future revenue from supplying services may be artificially inflated and revenue from network connection activity may be understated as a result of the proposals made in International Financial Reporting Interpretations Committee (IFRIC) Draft Interpretation D24 Customer Contributions. See our full news item for further summarised details of their reply to D24 and a link to access the full details of their opinion. [AL]
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UK ACCOUNTING EXEMPTIONS THRESHOLDS INCREASE
08 May 2008
Information on accounts exemption threshold has been released for UK companies with accounting periods starting on or after 6th April 2008 in accordance with the Companies Act 2006. This increases the levels at which businesses qualify for the small and medium sized business accounting exemptions. See full details in our news item. [AL]
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NEW REPORT RELEASED ON DOING BUSINESS IN SMALL ISLAND STATES
08 May 2008
A new report from Doing Business (part of the World Bank Goup) finds that small island developing states perform well in three Doing Business areas: dealing with licenses, employing workers and paying taxes; and relatively well on the ease of starting a business, protecting investors, and trading across borders. Priorities for reform in most of these countries are closing a business, getting credit, registering property, and enforcing contracts. This report draws on data from the global Doing Business project and database, as well as the findings of Doing Business 2008, an annual report published by the World Bank and the International Finance Corporation. See further details, and access the full report, from our full news item. [AL]
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ICAEW REVIEWS 2007 AND DECLARES IT A SUCCESSFUL YEAR
08 May 2008
The Institute of Chartered Accountants in England and Wales (ICAEW) has published its annual review of 2007, a year which, according to the report, has seen the organisation build on its position in the UK and focus on becoming an international organisation capable of representing and supporting members across the world. A highlight in 2007 was the launch of the revised Associate Chartered Accountant (ACA) qualification. See further details in our full news item. [AL]
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NEW CHAIR FOR THE UK ACCOUNTANCY AND ACTUARIAL DISCIPLINARY BOARD
08 May 2008
The UK's Financial Reporting Council (FRC) has this week announced the appointment of Timothy Walker as the next Chair of the Accountancy and Actuarial Discipline Board (AADB) and an executive director of the FRC. The appointment follows the decision earlier this year by Mike Fogden, the AADB Chair since 2001, not to seek a further term of office. Further details, and biographical information on Mr Walker, can be found in our full news item. We offer him our congratualtions on his appointment. [AL]
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GAO RELEASE REPORT ON VAT IN NON US COUNTRIES AS PART OF ONGOING DEBATE ABOUT OF CONSUMPTION TAXES IN USA
08 May 2008
This week the US Government Accountability Office (GAO) have issued a new report entitled: Valeue added taxes - Lessons Learned from Other Countries on Compliance Risks, Administrative Costs, Compliance Burden, and Transition. In describing why they undertook this report the GAO say that dissatisfaction with the federal tax system has led to a debate about U.S. tax reform, including proposals for a national consumption tax. One type of proposed consumption tax is a value-added tax (VAT), widely used around the world. While the economic and distributional effects of a U.S. VAT type tax have been studied, GAO was asked to identify the lessons learned from other countries’ experiences in administering a VAT. See further details, and a link to the full report, in our full news item. [AL]
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CPA AUSTRALIA SIGN LANDMARK AGREEMENTS WITH CANADIAN BODIES
08 May 2008
CPA Australia has extended its global reach into Canada, signing mutual recognition agreements (MRAs) with two of the country's leading accounting bodies — Certified General Accountants Association of Canada (CGA-Canada) and Certified Management Accountants Canada (CMA Canada). The MRAs identify areas for joint initiatives, including research and advocacy, and support each organisation's presence on the international accounting stage. See further details on these, and other CPA Australia MRAs, in our full news story. [AL]
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UK HOUSE OF LORDS COMMITTEE CONSULTS ICAS ON TAX CHANGES
08 May 2008
The influential Economic Affairs Committee of the UK's House of Lords has asked
The Institute of Chartered Accountants of Scotland (ICAS) to submit a report on
the lack of consultation which preceded changes to the Capital Gains Tax
(CGT) regime and the changes to deal with the tax status of non-residents
and non-domiciled individuals in the UK. The request came as Director of
Taxation, Derek Allen and Professor Alex McDougall of the Institute's
Taxation Committee gave oral evidence to the committee last week. [AL]
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PCAOB SEEKS NOMINATIONS FOR STANDING ADVISORY GROUP
08 May 2008
The US Public Company Accounting Oversight Board is soliciting nominations for members of its Standing Advisory Group. Click through for further details. [AL]
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EC RELEASE REPORT ON OPERATION TO DATE OF IFRS IN EUROPE
08 May 2008
The European Commission have released their report to the Council of the European Parliament on the operation to date of the regulation that brought into effect the introduction of IFRS use in Europe for all listed companies from 2005. The key findings of the report are that 'The first year of mandatory application of IFRS in the EU has been generally positive, even if the regulatory changes and lack of experience have posed a challenge for first-time appliers. The value of the accounting information supplied has increased and IFRS have generally been applied consistently in the EU. The level of consistency between IFRS accounts is likely to increase over time as preparers and auditors gain experience with applying the new accounting framework.' See further details and access the full report from our news item. [AL]
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