Archive for the ‘Accounting’ Category

ABA fear of twin-track Accounting Standards

Tuesday, August 18th, 2009

The speed at which new international accounting rules are drawn up could lead to future problems, the American Bankers Association (ABA) has warned.

In a white paper, the ABA has explained that while the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) are working on tackling the same issues, they are doing so in different ways and at different speeds.

Currently, the IASB plans to finalise a significant section of its new financial instruments standard in 2009.

If this happens before the FASB completes work on its rule, the US could have to adopt the IASB’s standard, meaning American companies would not have “appropriate due process for providing input” on the matter, the white paper warned.

IIA unveils e-learning support for 2009

Thursday, September 11th, 2008

As part of an exciting step in the development of the Institute of Internal Auditors’s learning delivery, IIA Learning will be introducing a new programme of e-learning support to better serve students’ needs from June 2009.

This new integrated learning model will be aimed at helping students study on their own by allowing for online networking and collaborative learning.  Available to all Diploma students enrolled with IIA Learning for their tuition support, the new virtual learning environment will give students the opportunity to engage with tutors, fellow students and the study materials within an online learning environment.

The AAI claim this virtual learning environment means students will have access to the learning texts (available in print and online), resources including discussion papers and unit guides, and online quizzes to test knowledge or get immediate feedback. Tutors will respond directly to the online discussions, answer any email queries and foster the social and learning climate of the course. Tutors will also mark specially designed assignments and facilitate the learning in the group forums.

The Institute believes that this new method of learning will result in improved interaction between the tutor and the student as well as increasing our efficiency regarding the management and coordination of tutor activity. All students and members will be kept informed of the progress and can expect to see more details about this exciting project in the coming months.

FDs forecast Credit Crunch lasting until end-2009

Thursday, September 11th, 2008

The annual poll in CA Magazine, the journal of The Institute of Chartered Accountants of Scotland, concluded that FDs are forecasting the Credit Crunch will last until the end of 2009.  The survey was carried out amongst nearly 200 finance directors, all members of ICAS, representing companies of all sizes in Scotland and throughout the rest of the UK.

Of note, more than a fifth of those polled (22.5 per cent) believe the UK is already in recession and 42.5 per cent believe that a recession this year is “very likely”. Only just over 6 per cent believe recession is “not likely”.  Almost no respondents (1.3 per cent) expect the liquidity crisis or “credit crunch” to ease by the end of this year and only 13.1 per cent see this happening in the first half of 2009.

More than half (51.3 per cent) expect the crunch to end in the second half of next year and a pessimistic 30.6 per cent fear that it will go on into 2010 and beyond. Scottish-based finance directors were the most optimistic, with 15.7 per cent anticipating the crunch to end in the first half of 2009.

50% of FDs at Stock Exchange-listed companies expect the shortage of finance to go on well into 2010 or even later.

Big Four earn £424million from FTSE 100 audits

Thursday, September 11th, 2008

Fees earned by the Big Four accountancy firms through their work as auditors to the FSTE 100 climbed in 2007-8 to £424million, according to an article on accountingweb.co.uk.

Based upon an original survey published by CCH, the Big Four’s fees from doing statutory audit work for FTSE 100 companies have been increasing steadily in the last five years, despite natural declines in work related to the 2002 Sarbanes-Oxley Act.

The survey showed that fees had risen 6% over the year, (against 18% for 2006-7), and that statutory audit fees earned by the Big Four now represent 60% of all earnings from FTSE 100 clients.  While the £424 million represents an all-time high, experts warned the decline in fee growth means its still too early to say whether the Big Four will ride out the downturn unscathed.

FSSC to ‘review standards of accountancy in UK’

Tuesday, September 9th, 2008

The Financial Services Skills Council (FSCC) has, according to GAAPweb.com, announced that it has secured the necessary funding to complete a full review of accountancy standards.

The FSCC says it now plans to complete the National Occupational Standards which will cover aspects of the financial industry including accounting, credit management and payroll administration, reports Accountancy Magazine.

The FSCC hopes for industry involvement to help complete the review which is due for completion before the end of April 2009.

ACCA Poland to host CFO Euro Summit

Monday, September 8th, 2008

ACCA Poland is, according to ACCAGlobal.com, to host an event in Warsaw in October that will be the first in a series to address senior-level finance executives from Europe’s largest organisations.

The ACCA CFO European Summit, which claims it will be attended by more than 100 chief financial officers, chief executives and financial directors from some of Central and Eastern Europe’s largest companies, will focus on those aspects of a chief financial officer’s remit that supplement the typical financial responsibilities.

The event will feature panel discussions, which will give delegates the opportunity to share their experiences and best practice.

CIMA and Elsevier to extend CIMAstudy.com

Monday, September 8th, 2008

Joint venture partners CIMA and Elsevier have now launched CIMAstudy.com courses to support the Managerial level of CIMA’s professional qualification. CIMAstudy.com provides CIMA students all over the world with a flexible form of study in an interactive environment.

Robert Jelly, Director of Education at CIMA, said:

‘This launch could not have come at a better time. As we are all increasingly concerned about the environment, the price of oil and inflation in general, here is a way to reduce your carbon footprint and optimise your training costs by placing on-line learning at the heart of your exam success solutions.’

Stephen Bradley, Vice President of Professional Learning at Elsevier, added:

‘With the launch of the six new Managerial subjects we’re firmly on track to better serve the needs of our growing CIMA student customer base. These new courses bring together subject, software and publishing expertise to give students, worldwide, a dynamic learning resource that they can use to study at their own pace and to ensure that the time they invest in their learning pays off.’

ACCA reports record exam participants

Wednesday, August 20th, 2008

According to ACCAglobal.com, record number of ACCA students - 164,646 - taking a total of 335,566 papers sat their final ACCA exams in June, with over 6,000 successful candidates achieving affiliate status.

Clare Minchington, ACCA’s managing director - learning and technical policy, said: ‘The new qualification, launched in 2007, continues to be well received by employers, tuition providers and candidates.

To meet the demands of globalised and complex economies, we are committed to ensuring that all our examinations meet the highest standards and provide a thorough testing of our students.

CIMA equivalent to Master’s Degree

Wednesday, August 13th, 2008

The CIMA (Chartered Institute of Management Accountants) website is reporting that their professional qualification is equivalent to a master’s degree.

The claim is supported by the independent UK agency responsible for government scoring of immigrants’ qualifications has said.

A point score of 35, which is the same as an MSc, has been awarded to the CIMA professional qualification by UK NARIC, the independent body that assesses and scores qualifications from around the world.

The UK government uses this information on its official database to benchmark qualifications held by potential immigrants to the UK under its highly skilled worker programmes.

Robert Jelly, CIMA’s Director of Education, commented, ‘CIMA is delighted to be awarded this rating by an independent body that objectively ranks the value of various qualifications. This shows the prestige the CIMA professional qualification holds in the UK and throughout the world”.

More information, see: http://www.cimaglobal.com

SEC to enforce XRBL standard in US

Friday, May 16th, 2008

At a recent meeting, the US Securities and Exchange Commission (SEC) has set out its recommendation that companies should submit their accounts electronically using XBRL, otherwise known as the eXtensible Business Reporting Language. 

A phased implementation is planned, beginning with companies turning over more than $5bn annual for financial periods beginning on or after 15 December 2008 and extending in successive years to other US and international filers who use US GAAP a year later.

The interesting thing is, will the UK follow suit?

Here, Companies House already accepts XBRL accounts data and HMRC is also interested in it for the submission of tax accounts.