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DOUBLE ENTRIES 16.18

Authors:Andy Lymer and Amelia Baldwin
Type:Double Entries Archive
AccountingEducation.com's
Double Entries
The oldest continuous online accounting newswire in the world
ISSUE 16.18 OCTOBER 22, 2010

Advert
BOOK OF THE WEEK:
Financial Reporting under IFRS: A Topic Based Approach
by Wolfgang Dick and Franck Missonier-Piera
ISBN: 978-0-470-68831-1
Paperback: 360 pages
September 2010
Financial Reporting under IFRS: A Topic-Based Approach offers a global perspective on IFRS by presenting the prescribed rationale and principles and illustrating them through numerous examples from large international companies. The book develops the fundamental skills necessary to read and use the information contained in all types of financial statements, through examples, activities, questions and answers.
Broadly divided into three sections, section one examines the structure of the Balance Sheet and the Income Statement, their links and the accounting mechanisms used to prepare them. Section two deals with the identification, evaluation and reporting of Balance Sheet items. Section three covers the use of financial statements to analyze a firm's performance and its risks. Throughout the book special topics are covered, including Derivatives and Hedge accounting (IAS 39), Business Combination (IFRS 3) and Operating Segments (IFRS 8).

Features:
•UNIQUE APPROACH: takes a concise topic-based approach, giving precise and clear explanation of the principles of IFRS presented in as many different circumstances as possible
•INTERNATIONAL EXAMPLES: richly illustrated by cases and examples of reporting using IFRS from major global company accounts including AstraZeneca, BP, British Airways, Renault, Unilever and Vodafone
Click here for a sample chapter
For further details including sample chapters, or to request an inspection copy please visit the Wiley website

news.

CANADA [01] CGA-CANADA RELEASE STUDY ON ENTREPRENEURSHIP IN CANADA DURING SMALL BUSINESS WEEK

INTERNATIONAL - IASB
[02] TRUSTEES APPOINT HANS HOOGERVORST TO SUCCEED SIR DAVID TWEEDIE
[03] DUCK-KOO CHUNG TO SERVE AS TRUSTEE OF THE IFRS FOUNDATION
[04] IASB AND FASB CONSULT ON EFFECTIVE DATES FOR ACCOUNTING STANDARDS

INTERNATIONAL - IFAC
[05] IAASB PROPOSES NEW GUIDANCE ON AUDITING COMPLEX FINANCIAL INSTRUMENTS
[06] ACCOUNTANCY SUMMIT ON CORPORATE GOVERNANCE REFORM LOOKS BEYOND THE GLOBAL FINANCIAL CRISIS
[07] IFAC SMP COMMITTEE RELEASES UPDATED ISA GUIDE

INTERNATIONAL - OTHER
[08] IVSC ANNOUNCES NEW CHAIRS OF PROFESSIONAL AND STANDARDS BOARDS

UNITED KINGDOM
[09] ASB ISSUES DRAFT UITF ABSTRACT ON ACCOUNTING ISSUES RELATED TO REPLACEMENT OF RPI WITH CP FOR RETIREMENT BENEFITS
[10] APB PUBLISHES EXPOSURE DRAFT OF A REVISION OF PRACTICE NOTE 11 - THE AUDIT OF CHARITIES IN THE UK
[11] FRC WELCOMES UK PUBLIC BODIES REVIEW
[12] FRC SHOWCASES INVESTOR BACKING FOR STEWARDSHIP CODE

UNITED STATES
[13] GLOBAL INDIRECT TAX MANAGEMENT - IT'S TIME TO AUTOMATE SAYS NEW DELOITTE REPORT
[14] FASB WEBINAR RELEASED DISCUSSING PRELIMINARY VIEWS ON INSURANCE CONTRACT - DISCUSSION PAPER

Editorial
Welcome to the 18th issue of Double Entries 2010.
This issue's big news is the announcement of the replacement for Sir David Tweedie as the Chair of the IASB. The Chair Elect is Hans Hoorgervorst. See full details in our IASB news item below.
Also note two events announced this week on our events database - a Workshop to be held in London on 23rd November by CIMA on working with and for NGOs (see here) and the Call for Papers for the 2011 Canadian Academic Accounting Association Annual Conference in Toronto next May (see here).
Until next time ....
Andy Lymer & Amelia Baldwin, Editors, Double_Entries@accountingeducation.com

EVENTS UPDATE
The following event(s) have been added to the Events database during the past week:

1. Workshop announcement: Exploring the possibilities for finance professionals to engage with and contribute to the work of non-government organizations (NGOs)
Sponsor: CIMA
Venue: CIMA offices (London)
Dates: 23rd November 2010 (1 Day)

Following from the success of the "Challenges in using management controls in NGOs" roundtable in February, CIMA is pleased to announce a further workshop to explore the possibilities for finance professionals to engage with and contribute to the work of non-government organizations (NGOs). The workshop will be facilitated by Dr Matthew Hall from the London School of Economics, and offers the opportunity to gain insights from donor organizations as well as a practical case study from staff at Voluntary Service Overseas.
The workshop will address the following:
•What are the important "DOs & DON'Ts" when designing performance management systems and KPIs in NGOs?
•How can finance staff balance and reconcile the often conflicting demands for information and reports from donors, managers, and front-line staff?
The workshop will be held on the 23rd November 2010 at 9.30am with breakfast available from 9am and will close at 12.30 at CIMA offices, London. If you would like to book your free place please email research@cimaglobal.com please note that numbers are limited.

2. Call for Papers: CAAA ANNUAL CONFERENCE 2011
Dates: Thursday, 26 May 2011 to Sunday, 29 May 2011
Venue: Toronto Hilton Hotel, Ontario, Canada
Amazing New Frontiers for Accounting
Accounting is perhaps the oldest of the disciplines in the business school, and double-entry bookkeeping gives it a unique and stable structure. On the other hand, the recent decade has seen major changes in the environment of accounting, including the recent global financial crisis, leading to the need for considerable rethinking about accounting institutions and practices. CAAA invites you to join your colleagues from around the world at the Toronto Hilton hotel on May 26-29, 2011 to share an exploration of the amazing new frontiers for accounting and the challenges they present for accountants in practice and academia.
See further details in our Events Database listing here



NEWS UPDATE
CANADA
[01] CGA-CANADA RELEASE STUDY ON ENTREPRENEURSHIP IN CANADA DURING SMALL BUSINESS WEEK
The Certified General Accountants Association of Canada (CGA-Canada) have released Laying the Foundation for a National Entrepreneurship Strategy: The CGA Entrepreneurship Report during small business week in Canada. The report makes a series of recommendations to the federal government to improve the climate for entrepreneurship and also lays the foundation for a national strategy. Click through to access this report. [AL]



INTERNATIONAL - IASB
[02] TRUSTEES APPOINT HANS HOOGERVORST TO SUCCEED SIR DAVID TWEEDIE
The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), have announced the appointment of Hans Hoogervorst as chairman and Ian Mackintosh as vice-chairman of the IASB. Mr Hoogervorst will succeed Sir David Tweedie on his retirement as chairman of the IASB at the end of June 2011. More details, and full biogs, can be found in our full news item. [AL]
[03] DUCK-KOO CHUNG TO SERVE AS TRUSTEE OF THE IFRS FOUNDATION
The IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), has confirmed the appointment of Duck-Koo Chung to serve as a Trustee of the IFRS Foundation for an initial three-year term, with effect from 1 January 2011.
[04] IASB AND FASB CONSULT ON EFFECTIVE DATES FOR ACCOUNTING STANDARDS
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have published documents seeking views on when new financial reporting standards resulting primarily from their work to improve and achieve convergence of International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP) should become effective. See more details in our full news item. [AL]



INTERNATIONAL - IFAC
[05] IAASB PROPOSES NEW GUIDANCE ON AUDITING COMPLEX FINANCIAL INSTRUMENTS
The International Auditing and Assurance Standards Board (IAASB) has released for public exposure a new proposed pronouncement - International Auditing Practice Statement (IAPS) 1000, Special Considerations in Auditing Complex Financial Instruments - that highlights practical considerations for auditors when dealing with complex financial instruments. The pronouncement gives particular emphasis to auditing considerations relating to valuation and disclosure issues for financial statement items measured at fair value. Click through for more details in our full news item. [AL]
[06] ACCOUNTANCY SUMMIT ON CORPORATE GOVERNANCE REFORM LOOKS BEYOND THE GLOBAL FINANCIAL CRISIS
Accountancy leaders from around the world met in Geneva on October 12 to discuss next steps for global corporate governance reforms. Participants from more than 50 countries were on hand to address key questions including: What lessons has the financial crisis revealed about corporate governance? What corporate governance reforms should be developed on a global basis? And what role should the accountancy profession play? Click through for further details of this Summit. [AL]
[07] IFAC SMP COMMITTEE RELEASES UPDATED ISA GUIDE
The Small and Medium Practices (SMP) Committee of the International Federation of Accountants (IFAC) has issued the second edition of its Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities (ISA Guide). The implementation guide is intended to help practitioners understand and efficiently apply the Clarified International Standards on Auditing (ISAs), which are effective for audits of financial statements for periods beginning on or after December 15, 2009. More in our full news story here. [AL]



INTERNATIONAL - OTHER
[08] IVSC ANNOUNCES NEW CHAIRS OF PROFESSIONAL AND STANDARDS BOARDS
The International Valuation Standards Council (IVSC) has announced the appointment of new Chairs to its International Valuation Professional Board (IVPB) and International Valuation Standards Board (IVSB). Jean-Florent Rérolle, Managing Director and European co-head of Financial Advisory Services at Houlihan Lokey, becomes Chair of the IVPB and Steven J. Sherman, Chair of KPMG’s Global Valuations practice, will chair the IVSB.



UNITED KINGDOM
[9] ASB ISSUES DRAFT UITF ABSTRACT ON ACCOUNTING ISSUES RELATED TO REPLACEMENT OF RPI WITH CP FOR RETIREMENT BENEFITS
This Information Sheet sets out for comment a proposed UITF abstract 'Accounting implications of the replacement of the Retail Prices Index with the Consumer Prices Index for Retirement Benefits'. This results from the move by the UK Government to make it possible for Pension Scheme Trustees to move their scheme to use of the alternative measure of inflation - CPI from the current wdely used RPI. This is particularly important for use in determining the extent of any annual minimum (index-linked) pension increases that should be applied to the scheme. Click through for further details. [AL]
[10] APB PUBLISHES EXPOSURE DRAFT OF A REVISION OF PRACTICE NOTE 11 - THE AUDIT OF CHARITIES IN THE UK The UK Auditing Practices Board (APB) has issued an exposure draft of a proposed revision of Practice Note 11 "The Audit of Charities in the UK". The consultation period ends on 21 January 2011. This Practice Note, which was last issued in December 2008, has been updated, primarily, to reflect the introduction of the clarified ISAs (UK and Ireland) that become effective for periods ending on or after 15 December 2010 and recently enacted Northern Irish legislation. Click through to access the ED itself. [AL]
[11] FRC WELCOMES UK PUBLIC BODIES REVIEW
The UK Government has announced that the Financial Reporting Council (FRC) will be retained and substantially reformed with its future reliance on government funding removed. The announcement was made as part of the Cabinet Office’s review of public bodies. See our full news item for further details. [AL]
[12] FRC SHOWCASES INVESTOR BACKING FOR STEWARDSHIP CODE
The Financial Reporting Council (FRC) has published for the first time the names of the UK and international institutional investors who have signed up to the Stewardship Code. A total of 68 institutions have published statements of support for the Code, including 48 asset managers, 12 asset owners and eight service providers. The Stewardship Code was launched by the FRC on 2 July and aims to promote more active discussion between company boards and investors as a basis for improving the quality of corporate governance and long-term company performance. See further details in our full news story. [AL]



UNITED STATES
[13] GLOBAL INDIRECT TAX MANAGEMENT - IT'S TIME TO AUTOMATE SAYS NEW DELOITTE REPORT
Organizations are paying closer attention to indirect taxes in the wake of reduced coffers in government treasuries, complex new rules globally and in the United States, heightened audit focus, and a sluggish economy. This dynamic environment, coupled with the related administrative burdens, presents significant challenges for tax departments - challenges that technology advancements may help address. In a new report, Global indirect tax management: It's time to automate, Deloitte reviews the indirect tax landscape, as well as trends related to automation of indirect taxes. More details in our full news item - and click through to get the whole report. [AL]
[14] FASB WEBINAR RELEASED DISCUSSING PRELIMINARY VIEWS ON INSURANCE CONTRACT - DISCUSSION PAPER
Now available on the FASB website is a pre-recorded webinar explaining the FASB’s recently issued Discussion Paper, Preliminary Views on Insurance Contracts. The webinar includes a slide presentation synchronized with audio and will be available through Friday, January 14, 2011. Click through to access. [AL]



more about Double Entries & AccountingEducation.com.....
Double Entries is a bi-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 Andy Lymer, Birmingham Business School, University of Birmingham, Birmingham, United Kingdom and Amelia Baldwin, College of Business, University of Arkansas Fort Smith.
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] and David Hardidge [DH], (Australia), Amelia Baldwin [AB], Gia Chevis [GC] and Roger Debreceny [RD] (USA), Dave Kolitz [DK] and Dieter Gloeck (South Africa), Nikoleta Radic [NR] (The Netherlands), Frank D'Andrea [FD] (Canada), Barbara Weissenberger [BW] (Germany), Haina Shi [HS] and Mingcheun Ren [MCR] (China), and Tan Bee Leng (Malaysia).
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.
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