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The Accountant 6073 December 2009

US risk accounting standards cause confusion: GAO

The US Government Accountability Office (GAO) is concerned the proposed risk assessment standards from the Public Company Accounting Oversight Board (PCAOB) could create confusion among auditors and drive up audit costs for accounting firms and their clients.

US risk accounting standards cause confusion: GAO

The US Government Accountability Office (GAO) is concerned the proposed risk assessment standards from the Public Company Accounting Oversight Board (PCAOB) could create confusion among auditors and drive up audit costs for accounting firms and their clients.

EFAA calls for IFRS for SMEs in Europe

The European Federation of Accountants and Auditors for SMEs (EFAA) has called for the EC to remove obstacles in the accounting directives that would prevent the application of IFRS for SMEs in Europe.

Mackenzie joins valuations standards council board

Grant Thornton International global head of public policy April Mackenzie has been appointed to the board of the International Valuation Standards Council (IVSC).

Industry group reviews pensions standards

A UK workplace pensions industry group has embarked on a major review of the standards used for accounting for pensions.

SME advocate hits out at EU accounting change

European SME organisation UEAPME has criticised the European Parliament’s (EP) decision to relax reporting requirements for EU micro-entities, saying it will decrease transparency and create an uneven playing field between EU states.

Comments sought on reporting entity concept

The International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) are seeking comments on an exposure draft on the reporting entity concept.

US could fall behind due to IFRS delays: GT

The US risks falling behind the rest of the world if the Securities and Exchange Commission (SEC) does not set an IFRS adoption date, Grant Thornton US warned. Grant Thornton released a statement regarding the SEC and IFRS that was co-authored by the US firm’s chief executive Stephen Chipman and Grant Thornton International chief executive Ed Nusbaum.

Irish concerns over UK Combined Code naming

Chartered Accountants Ireland has voiced concerns in its submission to the UK Financial Reporting Council’s consultation over the renaming of the UK Combined Code on Corporate Governance and questions whether board members should be subject to annual re-elections.

Irish concerns over UK Combined Code naming

Chartered Accountants Ireland has voiced concerns in its submission to the UK Financial Reporting Council’s consultation over the renaming of the UK Combined Code on Corporate Governance and questions whether board members should be subject to annual re-elections.

Korean SMEs get cash for IFRS adoption

The South Korean Small and Medium Business Administration is to provide up to $44,000 to SMEs to help them adopt IFRS for SMEs under the 2010 SME consulting assistance project.

IFAC launches publications and resources site

The International Federation of Accountants (IFAC) has launched a redesigned and expanded publications and resources website.

Europe votes to ease micro-entity reporting

The European Parliament (EP) has voted for changes to EU accounting rules allowing the exemption of micro-sized businesses (micros) from the EU financial reporting regime as laid out in the Fourth Company Law Directive.

US executives want early IFRS adoption option

US executives want to be able to adopt IFRS early once the Securities and Exchange Commission (SEC) has decided to require or permit US companies to use the international standards, according to a recent survey by KPMG’s IFRS Institute.

US executives want early IFRS adoption option

US executives want to be able to adopt IFRS early once the Securities and Exchange Commission (SEC) has decided to require or permit US companies to use the international standards, according to a recent survey by KPMG’s IFRS Institute.