Table Of Content

The Accountant December 2008 www.WorldAccountingIntelligence.com as ERD EX: 2008 This index lists The Accountant story headlines during 2008, showing number of issue followed by page number AccountAbility Auditing makeover on track 6058, 12 CIMA launches Chinese portal A new andi mproved tool 6060, 11 CIMA names Ireland leader Australian Accounting Standards Board Fair value needs a fair go Accounting and Auditing Organization of Islamic Sustainability reporting CIMA works towards greater Financial Institutions suggested to lure new recruits international presence The crescent moon is rising 6050, 12 CIMA considers setting up global Australian Auditing and Islamic finance institute Accounting Standards Board of Japan Assurance Standards Board Ethics are good for the bottom line A global language for accounting AUASB issues exposure draft Getting involved Japan denies claims CIMA reaches 75,000 members 6058, 13 Australian Securities Credit crunch brings complexity concerns... 6059, 1 Accounting Standards Board, UK and Investments Commission Stakeholders rally behind fair value 6059, 8 ASB proposes amendments New Australian securities chief UK reports daunting but exciting times..6059, 14 IASB commits to due process executive appointed Unlocking business intelligence 6060, 14 Audit quality control improves with repeat American Institute of Certified Public inspections, says regulator 6055, 9 Chartered Institute of Public Finance and Accountants Accountancy AICPA labels structural changes Autorité des marchés financiers CIPFA reveals strategy and to US standard setter premature Institutes present a combined front 6050, 17 leadership changes CPAs reluctant to embrace Crossing borders IFRS for US companies 6051, 13 Canadian Accounting Standards Board Survey finds public finance Profession prepares for IFRS transition 6052, 11 Profession prepares for IFRS transition ..6052, 11 management lacking AICPA gives confidence vote to IASB 6053, 3 UK reports daunting AICPA proposes IFRS exams Canadian Institute of Chartered Accountants but exciting times Study finds race barriers within US firms ...6055, 5 Global co-operation high on Calls increase for timeline Indian institute’s agenda Chartered Institute of Taxation for US IFRS adoption Profession prepares for IFRS transition UK profession calls for better Overhauling archaic laws tax consultation Auditing makeover on track Canadian Securities Administrators Changing the landscape Canadian regulator releases China Accounting Standards Committee Stakeholders rally behind fair value disclosure review results US and Chinese standard setters form closer ties Association of Chartered Certified Accountants Centre for Audit Quality A global language for accounting ACCA reshuffles UK leadership Sarbox implementation raises ACCA continues global growth audit quality standards China Securities Regulatory Commission Authorities unite to combat PCAOB reporting unlikely to EU moves slowly on XBRL adoption 6050, 10 Liechtenstein tax evasion 6051, 13 affect firms’ bottom lines New ACCA leaders plot ambitious targets...6054, 3 Chinese Institute of Certified Public Accountants ACCA announces record results Centre for Global Accounting Education, Chinese institute grows UK ties ACCA teams up with Caribbean Benchmarking and Research IFAC members set out action plans institutes on monitoring Recognition encourages mobility 6050, 2 UK reports daunting but exciting times... 6059, 14 CMA Canada Think global, act global CGA-Canada Profession prepares for IFRS transition ..6052, 11 CGA-Canada turns 100 years old 6051, 2 Auditing Practices Board (UK) Profession prepares for IFRS transition 6052, 11 Compagnie Nationale des Commissaires aux UK audit board revises Comptes ethics standards Chartered Accountants Regulatory Board Institutes present a combined front 6050, 17 UK standard setter looks to lead Irish regulator publishes first report.....6053, 13 Global co-operation high on Indian international developments institute’s agenda ‘Milestone’ brings clarity Chartered Financial Analyst Institute project close to finish Striking a fair balance 6054, 12 Committee of European Securities Regulators GAAP equivalence in CESR’s sight 6052, 3 Auditing Standards Board, US Chartered Institute of Management Accountants Monitoring group a step closer as Firms must respond to change 6057, 10 The crescent moon is rising 6050, 12 stakeholders call for balance Strictly no copying permitted. For information on additional copies or syndicated online access to this newsletter, please contact Client Relations on +44 (0)20 7563 5688 or [email protected] The Accountant December 2008 www.WorldAccountingIntelligence.com as ERD EX: 2008 This index lists The Accountant story headlines during 2008, showing number of issue followed by page number AccountAbility Auditing makeover on track 6058, 12 CIMA launches Chinese portal A new andi mproved tool 6060, 11 CIMA names Ireland leader Australian Accounting Standards Board Fair value needs a fair go Accounting and Auditing Organization of Islamic Sustainability reporting CIMA works towards greater Financial Institutions suggested to lure new recruits international presence The crescent moon is rising 6050, 12 CIMA considers setting up global Australian Auditing and Islamic finance institute Accounting Standards Board of Japan Assurance Standards Board Ethics are good for the bottom line A global language for accounting AUASB issues exposure draft Getting involved Japan denies claims CIMA reaches 75,000 members 6058, 13 Australian Securities Credit crunch brings complexity concerns... 6059, 1 Accounting Standards Board, UK and Investments Commission Stakeholders rally behind fair value 6059, 8 ASB proposes amendments New Australian securities chief UK reports daunting but exciting times..6059, 14 IASB commits to due process executive appointed Unlocking business intelligence 6060, 14 Audit quality control improves with repeat American Institute of Certified Public inspections, says regulator 6055, 9 Chartered Institute of Public Finance and Accountants Accountancy AICPA labels structural changes Autorité des marchés financiers CIPFA reveals strategy and to US standard setter premature Institutes present a combined front 6050, 17 leadership changes CPAs reluctant to embrace Crossing borders IFRS for US companies 6051, 13 Canadian Accounting Standards Board Survey finds public finance Profession prepares for IFRS transition 6052, 11 Profession prepares for IFRS transition ..6052, 11 management lacking AICPA gives confidence vote to IASB 6053, 3 UK reports daunting AICPA proposes IFRS exams Canadian Institute of Chartered Accountants but exciting times Study finds race barriers within US firms ...6055, 5 Global co-operation high on Calls increase for timeline Indian institute’s agenda Chartered Institute of Taxation for US IFRS adoption Profession prepares for IFRS transition UK profession calls for better Overhauling archaic laws tax consultation Auditing makeover on track Canadian Securities Administrators Changing the landscape Canadian regulator releases China Accounting Standards Committee Stakeholders rally behind fair value disclosure review results US and Chinese standard setters form closer ties Association of Chartered Certified Accountants Centre for Audit Quality A global language for accounting ACCA reshuffles UK leadership Sarbox implementation raises ACCA continues global growth audit quality standards China Securities Regulatory Commission Authorities unite to combat PCAOB reporting unlikely to EU moves slowly on XBRL adoption 6050, 10 Liechtenstein tax evasion 6051, 13 affect firms’ bottom lines New ACCA leaders plot ambitious targets...6054, 3 Chinese Institute of Certified Public Accountants ACCA announces record results Centre for Global Accounting Education, Chinese institute grows UK ties ACCA teams up with Caribbean Benchmarking and Research IFAC members set out action plans institutes on monitoring Recognition encourages mobility 6050, 2 UK reports daunting but exciting times... 6059, 14 CMA Canada Think global, act global CGA-Canada Profession prepares for IFRS transition ..6052, 11 CGA-Canada turns 100 years old 6051, 2 Auditing Practices Board (UK) Profession prepares for IFRS transition 6052, 11 Compagnie Nationale des Commissaires aux UK audit board revises Comptes ethics standards Chartered Accountants Regulatory Board Institutes present a combined front 6050, 17 UK standard setter looks to lead Irish regulator publishes first report.....6053, 13 Global co-operation high on Indian international developments institute’s agenda ‘Milestone’ brings clarity Chartered Financial Analyst Institute project close to finish Striking a fair balance 6054, 12 Committee of European Securities Regulators GAAP equivalence in CESR’s sight 6052, 3 Auditing Standards Board, US Chartered Institute of Management Accountants Monitoring group a step closer as Firms must respond to change 6057, 10 The crescent moon is rising 6050, 12 stakeholders call for balance Strictly no copying permitted. For information on additional copies or syndicated online access to this newsletter, please contact Client Relations on +44 (0)20 7563 5688 or [email protected] December 2008 The Accountant www.WorldAccountingIntelligence.com INDEX: 2008 Pen CESR proposes guidance on Good starting point 6059, 10 Firms divided in the lead up to fair value measurement 6056, 10 Belgium’s high cost of employment 6059, 10 new audit inspection reports CESR seeks to clear the way for Governance code moves a Indian GAAPi n Europe 6059, 11 FAR SRS step closer in the UK Sweden’s Big Bang Confédération Fiscale Européenne Sweden proposes SEK100 Financial Reporting Review Panel, UK Putting tax advisers on the map miltion auditor liability cap UK regulator recruits former E&Y partner CPA Australia Federal Audit Oversight Authority Financial Services Agency Japan CPA Australia goes new age New audit oversight regulations Monitoring group a step closer as Women recruits exceed men a headache for Swiss firms 6057, 11 stakeholders call for balance Rising number of women Isolation fears mount narrows gender gap Fédération des Experts Comptables Européens Australian accountants urged to Monitoring group a step closer as Financial Stability Forum tackle climate change stakeholders call for balance Standard-setters urged to Sustainability reporting suggested Copenhagen to host SME/SMP congress ... 6057, 15 tighten regulations to lure new recruits Making connections 6058, 10 IASB launches credit crisis webpage Accounting goes hi-tech and green Europe stands firm against IFRS for PEs....6058, 11 SMP advice on its way Unanimous supportt o boost EU clout 6059, 10 Financial Supervisory Commission, Taiwan Firms embrace reforms 6052, 16 CPA Ireland Federation of Accounting Profession Greater co-ordination needed Thailand’s one-stop shop Forum of Firms Profession places hopei n law review Forum looks to raise the standard Financial Accounting Foundation Danish Institute of State Authorised Public AICPA labels structural changes to German Accounting Standards Board Accountants US standard setter premature German board raises ED9 concerns Making connections 6058, 10 Increasing diversity and IFRS top Germany debates convergence IFAC calls for no divergence in agenda of new FAF president and IFRS for SMEs SME audit standards 6059, 11 Stakeholders rally behind fair value Ayear of transition Tweedie defends hasty moves European Commission Financial Accounting Standards Board An absent roadmap EC moves closer to GAAP equivalence 6050, 5 IMA establishes business committee Stakeholders rally behind fair value Firms respond to EC audit proposals 6050, 16 AICPA labels structural changes to Aglobal language for accounting 6053, 9 US standard setter premature German Auditor Oversight Commission Firms query Eighth Directive burdens 6054, 2 US and Chinese standard setters Ayear of transition Striking a fair balance 6054, 12 form closer ties Monitoring group a step closer IFRS adoption presents opportunities Global Reporting Initiative as stakeholders call for balance Striking a fair balance It pays to be sustainable 6053, 14 Next IAASB leader to focus on Financial instruments continue to Stakeholders divided over reporting 6054, 8 worldwide ISA implementation challenge IASB Emerging markets lead the Insurance industry warns liability Ready, willing and able? .............cceeeeeee 6058, 8 way on reporting caps will not lower premiums IASB and FASB update MoU 6058, 13 European decision a relief to Tweedie defends hasty moves Government Accountability Office third-country auditors FASB appoints forensics expert A question of choice 6050, 15 EC ‘names and shames’ IASB commits to due process EC director warns accountingisa Government Accounting Standards Board sensitive issue 6058, 11 Financial Reporting Council, Australia AICPA labels structural changes to Europe stands firm against IFRS for PEs .6058, 11 Sustainability reporting suggested US standard setter premature Investor group calls for rethink to lure new recruits on EU auditor liability stance 6058, 13 UK profession calls for clear and Haut Conseil au Commissariat aux Comptes Unanimous support to boost EU clout....6059, 10 specific going concern guidance Institutes present a combined front 6050, 17 European Financial Reporting Advisory Group Financial Reporting Council, UK HM Revenues & Customs EFRAG discusses pension reporting 6050, 14 FRC proposes changes to UK Authorities unite to combat Liechtenstein EFRAG calls for more public consultation audit committee rules tax evasion 6051, 13 on IASB agenda setting Monitoring group a step closer as Europe seeks louder IFRS voice stakeholders call for balance Hong Kong Institute of Certified Public European standard setters call for Market asked to fully fund UK regulator Accountants financial reporting review UK regulator tackles complexity Resources challenge heads agenda 6051, 11 EC director warns accounting US business group warns lawyers is a sensitive issue 6058, 11 could abuse standard changes 6058, 13 Independent Regulatory Board for Auditors Europe stands firm against IFRS for PEs 6058, 11 Credit crunch brings complexity concerns...6059, 1 Regulatory burdens Unanimous supportt o boost EU clout 6059, 10 Stakeholders rally behind fair value 6059, 8 amplify skills shortage Strictly no copying permitted. For information on additional copies or syndicated online access to this newsletter, please contact Client Relations on +44 (0)20 7563 5688 or [email protected] The Accountant December 2008 www.WorldAccountingIntelligence.com PE ivoex: 2008 Bearing the burden of legislation 6056, 12 ACCA teams up with Caribbean IASB works towards consolidated consolidation institutes on monitoring standard Indonesia Institute of Accountants Tweedie defends hasty moves Stepping up the pace 6060, 12 Institute of Cost and Management An absent roadmap Accountants of Pakistan Kalavacherla joins IASB Institute of Certified Public Atime for change Stakeholders rally behind fair value Accountants of Singapore Unanimous support to boost EU clout....6059, 10 Singaporean accountants rise rapidly, Institute of Cost and Works Accountants of India IASB consults on IFRS amendments 6059, 11 research finds 6056, 10 Indian industry fights skills shortage..... 6058, 1 IASB commits to due process Partners in nation building 6058, 17 Institute of Chartered Accountants in Australia International Accounting Standards Committee Accounting goes hi-tech and green 6055, 12 Institute of Internal Auditors Foundation IIA survey finds a lack of XBRL Governance reform urged at IASB 6053, 13 Institute of Chartered Accountants knowledge among auditors Monitoring group a step closer as in England and Wales stakeholders call for balance Chinese institute grows UKt ies ............. 6050, 2 Institute of Management Accountants IASC releases revised constitution Global co-operation high on Indian IMA establishes business committee review proposals institute’s agenda Thomson named acting IMA president .... EU concerned about proposed IASC monitoring Embracing heritagei s key for ICAEW’s future ..6051, 5 IFRS adoption presents opportunities UK profession calls for better IMA launches Dubai-based office tax consultation Management accounting body A global language for accounting releases Chinese accounting study Monitoring group a step closer as International Auditing and Assurance Standards stakeholders call for balance International Accounting Education Standards Board Board Remuneration gender gap widens International education board issues Clarity Project hits major milestone 6050, 3 with experience clarified guidance 6057, 16 Standard-setters urged to Embracing globalisation tighten regulations ICAEW launches in Romania International Accounting Standards Board Next IAASB leader to focus on worldwide ISA ICAEW launches tech qualification 6059, 3 German board raises ED9 concerns 6050, 3 implementation UK reports daunting but exciting times..6059, 14 Tweedie dismisses IFRS for micros Global auditing board outlines ICAEW and Indian institute enter agreement . 6060, 3 standard despite SMEs’ concern 6050, 5 three year strategy New Zealand institute strengthens Momentum builds for principles 6050, 6 Audit standard setter issues international ties 6060, 15 IASB debates financial instruments 6051, 3 revised standards 6056, 10 Caribbean to focus on raising standards ....6051, 6 Firms must respond to change 6057, 10 Institute of Chartered Accountants of India International working group cuts IFRS discussions heat up in Japan 6058, 3 Global co-operation high on Indian SME standards down to size UK standard setter looks to lead institute’s agenda Standard-setters urged to international developments A year for education and consolidation ....6051, 4 tighten regulations ‘Milestone’ brings clarity Accounting technician course Governance reform urged at IASB 6053, 13 project close to finish launched in India IASB publishes amendments 6053, 13 IFAC calls for no divergence in SME audit A global language for accounting 6053,9 AICPA gives confidence vote to IASB 6053, 3 standards 6059, 11 Indian institute takes bite of Big Apple... 6054, 3 Striking a fair balance 6054, 12 IAASB publishes consultation paper 6059, 11 Indian industry fights skills shortage..... 6058, 1 Monitoring group a step closer as Partners in nation building 6058, 17 stakeholders call for balance International Ethics Standards Board for ICAEW and Indian institute Financialinstruments continue Accountants enter agreement to challenge IASB Ethics board reveals strategic plan 6053, 13 IFRS for SMEs rebranded Institute of Chartered Accountants in Ireland EFRAG calls for more public International Federation of Accountants Irish institute to launch forensic consultation on IASB agenda setting Recognition encourages mobility 6050, 2 accounting course Europe seeks louder IFRS voice Clarity Project hits major milestone 6050, 3 Profession places hope in law review IASC releases revised constitution Tweedie dismisses IFRS for micros review proposals standard despite SMEs’ concern 6050, 5 Institute of Chartered Accountants of Scotland TASB launches credit crisis webpage 6056, 9 Forum looks to raise the standard 6050, 11 Chinese institute grows UK ties IASB seeks to clarify earnings per share ...6057, 3 Narrative reporting could improve 6051, 3 Recognition encourages mobility 6050, 2 IASB amends IAS 39 Thailand’s one-stop shop Allison new Scottish president 6053, 3 IASB member recognised for IFAC division addresses CPD Credit crunch brings complexity concerns... 6059, 1 education efforts IFAC committee proposes Study has IFRS implementation tips 6059, 3 IASB seeks feedback on good practice guidance UK reports daunting but exciting times ...6059, 14 improvements projects 6057, 16 IFAC members set out action plans Ready, willing and able? ........... esses 6058, 8 IFAC division issues proposals to Institute of Chartered Accountants Europe stands firm against clarify code of ethics of the Caribbean IFRS for PEs 6058, 11 ACCA teams up with Caribbean Caribbean to focus on raising standards ....6051, 6 6058, 13 institutes on monitoring Strictly no copying permitted. For information on additional copies or syndicated online access to this newsletter, please contact Client Relations on +44 (0)20 7563 5688 or [email protected] December 2008 The Accountant www.WorldAccountingIntelligence.com INDEX: 2008 Ween SMP advice on its way National Association of Black Accountants Securities and Exchange Commission, US IFAC calls for no divergence in Study finds race barriers within US firms. 6055, 5 IMA establishes business committee SME audit standards EU moves slowly on XBRL adoption Small town boy takes on National Association of State Boards of Accountancy SEC chooses six fellows international leadership role Overhauling archaic laws 6055, 10 SEC launches Section 404(b) cost-benefit study International Financial Reporting National Institute of Accountants, Australia PCAOB to prepare for IFRS and Interpretations Committee NIA launches programmei n China 6052, 3 expand global inspection regime IFRIC releases interpretations on Accounting goes hi-tech and green 6055, 12 US IFRS experts predict global real estate and hedge accounting 6056, 9 Australian institute standards are on their way launches faculty system SEC penalises former International Institute of Islamic Finance Arthur Andersen partner The crescent moon is rising 6050, 12 Nederlandse Orde van Accountants — A global language for accounting Administratieconsulenten IFRS adoption presents International Organization of Securities Dutch institutes lay merger foundations ....6054, 1 opportunities Commissions Institutes look to reassert roles 6054, 13 IFRS introduction bigger than IOSCO to probe the role of Dutch institutes edge closer to merger.... 6060, 1 Sarbox, claims firm chief accountants in subprime crisis XBRL roadmap lacks direction Global accounting strategies key Netherlands Authority for the Financial Markets on assurance for new IOSCO head Institutes look to reassert roles 6054, 13 US committee reveals ingredients Monitoring group a step closer to simplify financial reports as stakeholders call for balance 6055, 1 New Zealand Institute of Chartered Accountants Ready, willing and able? ............sssseeeeee 6058, 8 IOSCO reveals focus of subprime McLaughlin takes control of An absent roadmap crisis project 6059, 11 New Zealand institute Stakeholders rally behind fair value NZ institute celebrates 100 years US IFRS road map released Japanese Institute of Certified Public Accountants New Zealand institute strengthens The clash over fair value accounting JICPA releases audit review international ties IFRS discussions heat up in Japan South African Institute of Chartered Accountants Japan releases liability research Nordic Federation of Accountants The battle for South Africa’s CAs 6052, 10 Isolation fears mount Copenhagen to host SME/SMP congress ... 6057, 15 Accountants nurture grassroots talent Kampuchea Institute of Certified Public Ordre des Experts-Comptables Regulatory burdens amplify Accountants and Auditors Institutes present a combined front 6050, 17 skills shortage Cambodia in urgent race ahead of South Africa moves closer to stock excharige opening Professional Oversight Board, UK accrual-based standards POB chair retires Bearing the burden of legislation 6056, 12 Koninklijk Nederlands Instituut van Oversight board under FOI spotlight 6052, 3 SAICA creates new training model 6057, 11 Registeraccountants Firms query Eighth Directive burdens 6054, 2 Dutch institutes lay merger foundations....6054, 1 Mills chosen to lead UK oversight board 6056, 3 South African Institute of Professional Institutes look to reassert roles 6054, 13 Report highlights worrying decline Accountants Dutch institutes edge closer to merger.... 6060, 1 of qualified UK auditors Bearing the burden of legislation Keeping accountants accountable Korean Institute of Certified Public Accountants Audit threshold rise hampers South Asian Federation of Accountants Raising the standard small-firm training Investment advisory vitalt o the future Malaysian Accounting Standards Board Public Company Accounting Oversight Board Atime for change Malaysian standard setter to PCAOB adopts AS6 complete IFRS adoption by 2012 6057, 1 PCAOB to prepare for IFRS and State Authorised Public Accountants in Denmark Malaysia charts its convergence course....6057, 8 expand global inspection regime 6052, 3 Global co-operation high on IFRS adoption presents opportunities 6053, 17 Indian institute’s agenda Malaysian Institute of Accountants PCAOB to focus on global Malaysian institute faces critics 6058, 14 co-operation and staffing Sveriges Redovisningskonsulters Forbund Watchdog launches new reporting Sweden’s Big Bang 6057, 17 Market Participants Group requirement for US firms FRC proposes changes to UK Next IAASB leader to focus Talal Abu-Ghazaleh Organisation audit committee rules on worldwide ISA implementation CIMA considers setting up global PCAOB reporting unlikely to affect Islamic finance institute Ministry of Finance, China firms’ bottom lines A global language for accounting 6053, 9 Firms must respond to change Transnational Auditors Committee Court upholds watchdog’s Forum looks to raise the standard 6050, 11 National Accounting Council constitutionality Cambodia in urgent race ahead of stock exchange PCAOB advisory group to focus Wirtschaftspriiferkammer opening on committee reports A year of transition 6051, 17 Strictly no copying permitted. For information on additional copies or syndicated online access to this newsletter, please contact Client Relations on +44 (0)20 7563 5688 or [email protected]