CIPFA/LASAAC has announced a new governance framework for the Code of Practice on Local Authority Accounting. The new Code for 2010/11, when local authorities will complete their transition to IFRS-based reporting, will be prepared under the oversight of the Financial Reporting Advisory Board (FRAB) rather than the Accounting Standards Board (ASB) as for previous years.
Under [...]

The government is to inject up to £37bn of taxpayer cash into Royal Bank of Scotland (RBS) Lloyds TSB and HBOS, says the BBC.
RBS is to raise £20bn with a further £17bn to be put into HBOS and Lloyds TSB. Barclays intends to raise £6.5bn without government help.
Taxpayers will own about 60% of RBS and [...]

Michelle Forrest, management accountant for English Premier League football club Bolton Wanderers, has become CIMA’s 75,000th member, 89 years after the institute was founded.
On the CIMA website, CIMA President, Glynn Lowth, commented, ‘CIMA is extremely proud to celebrate our 75,000th member.
Chartered Management Accountants are financially qualified business leaders who have an indepth knowledge of the organisations in [...]

ACCA has announced its to be a Gold sponsor of the 18th World Congress of Accountants (WCOA), which will take place in Kuala Lumpur, Malaysia, in November 2010.
The ACCA website article reads:
The WCOA, which will be hosted by the Malaysian Institute of Accountants and co-hosted by the International Federation of Accountants, is to be held [...]

The shortlist for the Accounting Technician of the year at the Accountancy Age Awards has been announced.
Congratulations to:
Lucy Cohen, Mazuma
Elaine McCulloch, Proctor & Gamble
Khoo Peng Hong, Sony EMCS
Samantha Samuel, Forward Logistics
Paula Talbot, Neat Books
The winner will be announced at the awards ceremony held on 12 November.
Good luck, from all at accounting jobs.
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Charles Tilley, chief executive at CIMA (Chartered Institute of Management Accountants), will tell US business leaders that moving from US GAAP accounting standards to IFRS (International Financial Reporting Standards) is a crucial step forwards for global reporting.
According the CIMA website article:
Mr Tilley will be addressing the International Financial Executives Leadership Forum in Washington as part [...]

Americans must support a massive bail-out of financial markets to ease a “serious financial crisis”, US President George W Bush has said.
The BBC website article goes onto report:
Our entire economy was in danger, Bush said in a live TV speech, and failure to act now would cost more later.
He has invited presidential rivals John McCain [...]

According to FT.com, London’s benchmark FSTE100 index fell under the 5,000-point level for the first time since June 2005.
About 35 minutes before the start of trade in the US, the FTSE 100 was down 4.1 per cent at 4,990.6, a loss of 213 points coming close to matching the 220 points lost during the previous [...]

Shares in HBOS, the UK’s biggest listed mortgage lender, plunged more than 40 per cent on Tuesday as fears about the knock-on effects of the collapse of Lehman Brothers intensified.
News of sliding profits at Goldman Sachs, one of the US’s two remaining investment banks, added to the sense of crisis in the global financial system.  [...]

Credit ratings agencies, which assess the riskiness of debt, have downgraded AIG - making it more difficult for the firm to borrow money.
Talks between financial firms and officials aimed at helping the struggling firm will take place later.
AIG shares fell 70% in early trade, having fallen 61% on Monday.
On Monday, the insurer was [...]