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DOUBLE ENTRIES 16.10

Authors:Andrew Priest and Andy Lymer
Type:Double Entries Archive
AccountingEducation.com's
Double Entries
The oldest continuous online accounting newswire in the world
ISSUE 16.10 may 20, 2010

Accounting, Auditing and Accountability Journal - AccountingEducation.com Members Offer
Free access for AccountingEducation.com members to select articles from Emerald's Accounting, Auditing & Accountability Journal!
Emerald is pleased to offer all users of Accounting Education free access to selected articles from its renowned Accounting, Auditing & Accountability Journal (AAAJ). The journal, in its 23rd volume in 2010, published eight issues in the year, and at least one article from each issue will be freely accessible.
New free article made available this week:
•Accounting for needs? Formula funding in the UK schools sector by Gloria Agyemang (AAAJ - Vol. 23 Iss. 1).
See our offer page here for other articles already made available under this offer from volumes 21 and 22

news

INTERNATIONAL - IASB [01] IASB ADDRESS 'COUNTER-INTUITIVE' EFFECTS OF FAIR VALUE MEASUREMENT OF FINANCIAL LIABILITIES
[02] IASCF TRUSTEES PUBLISH REPORT ON THE SECOND PART OF THE CONSTITUTION REVIEW
[03] IFRS INTERPRETATIONS COMMITTEE APPOINTMENTS

INTERNATIONAL - IFAC [04] IPSASB PUBLISHES 2010 HANDBOOK OF PRONOUNCEMENTS
[05] IFAC AND THE PRINCE'S ACCOUNTING FOR SUSTAINABILITY PROJECT COLLABORATE TO PROMOTE SUSTAINABLE ORGANIZATIONS
[06] IAASB MEETING REPORTS - MARCH 15-19 2010
INTERNATIONAL - OTHER [07] MANAGEMENT ACCOUNTANTS CLIMB THE LEADERSHIP LADDER FASTER ACCORDING TO NEW CIMA RESEARCH
IRELAND [08] IRELAND'S 12.5% RATE OF CORPORATION TAX NOT UNDER THREAT SAY CHARTERED ACCOUNTANTS IRELAND
UNITED KINGDOMS [09] UK GETS NEW GOVERNMENT WITH EXPECTATION OF RADICALLY NEW POLICIES TO ADDRESS BUDGET DEFICIT
[10] ICAS CALLS ON THE NEW UK CHANCELLOR TO ADOPT KEY PRINCIPLES TO IMPROVE THE TAX SYSTEM
[11] ACCA RELEASES NEW RESEARCH REPORT ON DERIVATIVES REPORTING PRACTICES
[12] APB ISSUES DRAFT REVISED GUIDANCE ON THE AUDIT OF INSURERS

Editorial
Welcome to the 10th issue of Double Entries 2010. It is with great sadness we announce the news of the death of Professor Anthony Hopwood. Professor Hopwood was one of the foremost accounting researchers and teachers globally including among his many achievements being the founding and longstanding editor of the Accounting, Organisations and Society (AOS) journal - arguably one of the top accounting journals in the world. A fuller tribute to Professor Hopwood's contribution to the accounting world can be found here - http://www2.lse.ac.uk/ accounting/Home.aspx .
Till next issue ....
Andrew Priest & Andy Lymer, Editors, Double_Entries@accountingeducation.com

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JOURNALS UPDATE
The following Journal's content has been added to the Journals database during the past week:
International Journal of Accounting Information Systems Vol 11 Iss 2
•Speculation and e-commerce: The long and the short of IT - Colin Ferguson, Frank Finn, Jason Hall and Matt Pinnuck;
•The impact of outsourcing on information technology spending - Kevin W. Kobelsky and Michael A. Robinson;
•Labor processing labor: A new critical literature for information systems research - Aida Sy and Tony Tinker.
Schmalenbach Business Review, January 2010, Volume 62, Issue 2
•Risk Management with Default-Risky Forwards - Olaf Korn
•Financial Literacy and Mutual Fund Investments: Who Buys Actively Managed Funds? Sebastian Muller and Martin Webber
•Necessity and Opportunity Entrepreneurs in Germany: Characteristics and Earnings Differentials - Jorn Block and Marcus Wagner
•Entrepreneurial Orientation and Business Performance - A Replication Study - Hermann Frank, Alexander Kessler and Matthias Fink
Financial Accountability and Management Vol 26 Iss 2 2010
•PERFORMANCE REPORTING BY MALAYSIAN LOCAL AUTHORITIES: IDENTIFYING STAKEHOLDER NEEDS - Stuart Tooley, Jill Hooks and Norida Basnan
•EXAMINING ACCOUNTABILITY DIMENSIONS IN STATE-OWNED ENTERPRISES - Belinda Luke
•CHINESE PUBLIC FINANCE FRAMEWORK: A CONTEXTUAL ANALYSIS - ChunLei Yang and Robert W. Scapens
•MULTILEVEL FRAMING: AN ALTERNATIVE UNDERSTANDING OF BUDGET CONTROL IN PUBLIC ENTERPRISES - Lars Fallan, Inger Johanne Pettersen and Jan Ivar Stemsrudhagen
•EXAMINING THE PRACTICAL RELEVANCE OF PUBLIC SECTOR MANAGEMENT ACCOUNTING RESEARCH - G. Jan van Helden and Deryl Northcott



NEWS UPDATE
AccountingEducation.com probably has the largest Global Accounting News Archive on the web. Containing approximately 10,000 news stories dated from 1999 onwards covering all the key events of that period. Access the full, free, searchable, database here.
INTERNATIONAL - IASB
[01] IASB ADDRESS 'COUNTER-INTUITIVE' EFFECTS OF FAIR VALUE MEASUREMENT OF FINANCIAL LIABILITIES
The International Accounting Standards Board (IASB) has published for public comment its proposed changes to the accounting for financial liabilities. This proposal follows work already completed on the classification and measurement of financial assets (IFRS 9 Financial Instruments). The IASB is proposing limited changes to the accounting for liabilities, with changes to the fair value option. The proposals respond to the view expressed by many investors and others in the extensive consultations that the IASB has undertaken—that volatility in profit or loss resulting from changes in the credit risk of liabilities that an entity chooses to measure at fair value is counter-intuitive and does not provide useful information to investors. More in our full news item. [AL]
[02] IASCF TRUSTEES PUBLISH REPORT ON THE SECOND PART OF THE CONSTITUTION REVIEW
The Trustees of the IASC Foundation have published a report on the changes to the Foundation’s Constitution made as a result of the second part of their 2008-2010 Constitution review. The report also describes how the Trustees responded to the comments received during their extensive consultations. More in our full news item. [AL]
[03] IFRS INTERPRETATIONS COMMITTEE APPOINTMENTS
The Trustees of the International Accounting Standards Committee (IASC) Foundation, oversight body of the International Accounting Standards Board (IASB), have announced an appointment and reappointments to the IFRS Interpretations Committee, formerly known as the IFRIC. See our full news item for further details. [AL]



INTERNATIONAL - IFAC
[04] IPSASB PUBLISHES 2010 HANDBOOK OF PRONOUNCEMENTS
The International Public Sector Accounting Standards Board (IPSASB) published its 2010 Handbook of International Public Sector Accounting Pronouncements. In two volumes, the handbook contains all current IPSASB pronouncements, including 31 accrual-based standards and the IPSASB’s cash basis standard. Five of these standards were approved by the IPSASB in 2009, including requirements and guidance for all aspects of accounting for financial instruments, as well as intangible assets and agriculture. Click through for free access to this Handbook via our website. [AL]
[05] IFAC AND THE PRINCE'S ACCOUNTING FOR SUSTAINABILITY PROJECT COLLABORATE TO PROMOTE SUSTAINABLE ORGANIZATIONS
The International Federation of Accountants (IFAC) and The Prince’s Accounting for Sustainability (A4S) Project have entered into a memorandum of understanding to support the global accountancy profession’s role in developing sustainable organizations. More details can be found in our full news item. [AL]
[06] IAASB MEETING REPORTS - MARCH 15-19 2010
The most recent IAASB meeting was held on March 15-19, 2010 in New York. Amongst other items, the IAASB deliberated issues relating to the following projects: Revision of International Standard on Auditing (ISA) 610, Using the Work of Internal Auditors, Revision of ISA 720, The Auditor's Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements, Revision of International Standard on Assurance Engagements (ISAE) 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Information , Revision of International Auditing Practice Statement (IAPS) 1012, Auditing Complex Financial Instruments and Development of ISAE 3410, Assurance on a Greenhouse Gas Statement. More details in our full news item. [AL]



IRELAND
[07] IRELAND'S 12.5% RATE OF CORPORATION TAX NOT UNDER THREAT SAY CHARTERED ACCOUNTANTS IRELAND
Chartered Accountants Ireland has noted the EU Commission Communication on Reinforcing Economic Policy Coordination. In their view however, there is nothing in the Communication which could prejudice the 12.5% Corporation Tax rate in Ireland. Click through for further details. [AL]



INTERNATIONAL - OTHER
[08] MANAGEMENT ACCOUNTANTS CLIMB THE LEADERSHIP LADDER FASTER ACCORDING TO NEW CIMA RESEARCH
According to the latest global report by CIMA (Chartered Institute of Management Accountants) based on the research by Centre of Excellence at the University of Bath School of Management, people who undertake advisory or management accounting roles are better prepared and skilled for leadership positions within their organisation. See further details in our full news item. [AL]



UNITED KINGDOM
[09] UK GETS NEW GOVERNMENT WITH EXPECTATION OF RADICALLY NEW POLICIES TO ADDRESS BUDGET DEFICIT
With a new Government established in the UK this week - the first coalition Government in this country for over 50 years - interesting times lie ahead for the financial services, education and wider business sectors undoubtedly as it sets to work on addressing the significant UK budget deficit. More in our full news story. [AL]
[10] ICAS CALLS ON THE NEW UK CHANCELLOR TO ADOPT KEY PRINCIPLES TO IMPROVE THE TAX SYSTEM
The Institute of Chartered Accountants of Scotland (ICAS) has written to George Osborne MP, congratulating him on his appointment as the UK's Chancellor of the Exchequer and calling on him to address, as a matter of urgency, a number of serious deficiencies in the UK tax system. Click through for more details and access to the full letter itself. [AL]
[11] ACCA RELEASES NEW RESEARCH REPORT ON DERIVATIVES REPORTING PRACTICES
Globally diversified firms face strong incentives to actively manage the exposure of their business operations to unexpected fluctuations in currency and interest rates. In a new report just published by the ACCA and entitled, Derivatives Reporting Practices by Multinationals (ACCA research report no. 117), Abhay Abhyankar, Paul Klumpes, Liyan Tang and Pengguo Wang report on their study of the use of derivatives by the largest European and US multinationals to manage their transaction exposure to interest rates and foreign currency, both before and during the financial crisis. Access the full report from our news item. [AL]
[12] APB ISSUES DRAFT REVISED GUIDANCE ON THE AUDIT OF INSURERS
The UK and Irish Auditing Practices Board (APB) of the FRC has published a consultation draft of a revision of Practice Note (PN) 20: ‘The Audit of Insurers in the United Kingdom (Revised)’. The consultation period ends on 16 August 2010.The UK and Irish Auditing Practices Board (APB) of the FRC has published a consultation draft of a revision of Practice Note (PN) 20: ‘The Audit of Insurers in the United Kingdom (Revised)’. The consultation period ends on 16 August 2010. Click through for further details. [AL]



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more about Double Entries & AccountingEducation.com.....
Double Entries is a weekly e-newsletter that provides up-to-date news of accounting and auditing around the world and is available both by email and on the World Wide Web at http//accountingeducation.com. Double Entries is edited by Andrew Priest at the School of Accounting, Edith Cowan University, Perth, Western Australia, Australia and Andy Lymer, Birmingham Business School, University of Birmingham, Birmingham, United Kingdom. Correspondents come from the profession and academia. Further information, source of the material and contributor names for specific articles in Double Entries can be found online by referring to the specific article in the News section of AccountingEducation.com.
Contributors: Andy Lymer [AL] (UK), Andrew Priest [AP], David Hardidge [DH], (Australia), Amelia Baldwin [AB], Roger Debreceny [RD] (US), Dave Kolitz [DK], Dieter Gloeck (South Africa), Nikoleta Radic [NR] (The Netherlands), Frank D'Andrea [FD] (Canada), Elisabeth Walliser [EW], Jean-Luc Rossignol [JR] (France), Nick Rowbottom (United Kingdom) [NR], Tony van Zijl [TV] (New Zealand, Barbara Weissenberger (Germany) [BW], Tan Bee Leng (Malaysia) and Rene Castro (Colombia).
Mailing Address: AccountingEducation.com Ltd, Unit 100, The Guildhall, Edgbaston Park Road, Birmingham, UK, B15 2TU.
NOTE - AccountingEducation.com Ltd does not assume copyright of any of the above materials where original source is given and original copyright remains with Information sources where acknowledged. The information contained in this newswire is supplied in good faith but is not endorsed in any way by AccountingEducation.com Ltd and should be confirmed before being used in any way.
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