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Australia To Reform Not-For-Profit Sector Regulation 5/21/2012 The Australian government is to introduce a new regulatory framework for the not-for-profit sector, to be overseen by an Australian Charities and Not-for-profits Commission. The government will, however, push back the enforcement date for the revised governance and financial reporting standards.
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UK Consults On Corporate Governance Reforms 4/27/2012 The UK's Financial Reporting Council has launched a consultation on planned revisions to corporate governance and auditing rules intended to give effect to new company stewardship proposals.
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Mauritius Builds Synergy Between Domestic Regulators 4/13/2012 Mauritius's Financial Services Commission and the territory's Financial Reporting
Council on April 10, 2012, signed a Memorandum of Understanding to ensure
effective information exchange in relation to financial reporting, auditing and
corporate governance.
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Australia Consults On Tax Hedging Rules 3/16/2012 Australia is to amend its tax hedging rules in an effort to provide further certainty and reduce compliance costs for affected taxpayers.
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BC To Introduce 'Social Enterprise' Company Form 3/12/2012 Changes to British Columbian legislation will allow for the introduction of a new hybrid type of company, the community contribution company.
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UK Financial Reporting Body To Revise Auditing Rules 3/7/2012 The Auditing Practices Board of the UK Financial Reporting Council has proposed revisions to the International Standards on Auditing, which were issued as part of the
'Clarity Project', to ensure that they can be introduced throughout both UK and Ireland for entities undertaking auditing activities.
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FRC Proposes 2015 Delivery Of Accounting Standards 3/6/2012 The UK Financial Reporting Council, setting out its priorities and funding for 2012/13,
has said set a 2015 deadline for the entry into force of a new UK accounting framework,
UK Generally Accepted Accounting Principles.
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Australia Announces Overhaul Of Audit System 3/1/2012 The Australian government has introduced legislation designed to enhance audit quality and strengthen regulatory oversight.
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US Industry Warns Against Lease Accounting Proposals 2/23/2012 A coalition of several leading non-profit and commercial organizations, including
the US Chamber of Commerce, has released a report warning against the introduction of the International Accounting Standard and the Financial Accounting Standard
Boards' proposed lease accounting standard, noting the significant detrimental impact it would have on the United States' economy.
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Consultation Launched Into European Company Law 2/22/2012 The European Commission has launched an in-depth consultation on the future
of European company law, to ascertain whether Europe’s needs are still met
by the existing legal framework.
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US Accounting Standards Subject To Review 2/22/2012 United States accounting standards governing financial reporting for business combinations,
'operating segments', and deposit and investment disclosures will be
the next subjects of post-implementation reviews conducted by the Financial Accounting
Foundation, the agency has announced.
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ASB Maps Out Future Of UK Financial Reporting 2/3/2012 The UK Accounting Standards Board of the Financial Reporting Council has published financial reporting exposure drafts 46 to 48 setting
out revised proposals for the future of financial reporting in the UK and Republic
of Ireland.
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Banks Need Bespoke Accounting Rules, BoE Says 1/25/2012 Andrew Haldane, the Executive Director for Financial Stability at the Bank of
England, has called for a rethink of reporting requirements for the banking industry,
due to inconsistencies in how banking assets are quantified when the market value is unknown.
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Jersey Regulatory Risk Workshops Launched 1/24/2012 A series of workshops have been launched to help businesses and their employees to
better understand and comply with new regulatory requirements and better meet
stakeholder expectations when operating in Jersey.
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UK Pension Schemes Divided On Accounting Rules 1/19/2012 UK pension schemes are divided over whether their pension liabilities should form part of their annual accounts and be subject to audit, according to a new KPMG survey.
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GAAP Accounting Change Positive For Banking Investors 1/5/2012 Fitch credit ratings agency has said a new accounting rule change, requiring
banks to book losses on loans sooner, will have a gradual positive affect on US
bank income statements with the effect of insulating investors from risk.
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Antigua And Barbuda To Update Internet Infrastructure 1/3/2012 The government of Caribbean territory Antigua and Barbuda has announced that
the islands will be undertaking major upgrades to Internet infrastructure
during 2012 as part of efforts to improve the territory's competitiveness.
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UK FRC Proposes Changes To Income Tax Reporting 12/30/2011 The Accounting Standards Board (ASB) of the Financial Reporting Council and
the European Financial Reporting Advisory Group (EFRAG) have published a consultation
paper seeking input on how financial reporting of corporate income tax could be enhanced.
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Gibraltar To Redraft Companies Act 12/29/2011 The Gibraltar government has commissioned a draft bill to replace the territory's Companies Act, which dates back to the year 1930.
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FASB, IASB Set Disclosure Requirements On Offsetting 12/23/2011 The International Accounting Standards Board and the Financial Accounting
Standards Board on December 16, 2011, issued common disclosure requirements
that are intended to help investors and other financial statement users to better
assess the effect or potential effect of offsetting arrangements on a company’s
financial position.
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Foundation Warns Against Lease Accounting Proposals 12/15/2011 The Equipment Leasing and Finance Foundation has warned against proposed amendments
to financial reporting requirements for leasing transactions, which it says
could cost the US economy USD10bn in lost GDP and 60,000 less jobs by 2016.
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HMRC Warns UK Businesses Of Upcoming VAT Filing Changes 12/9/2011 With e-filing and payment set to become mandatory for the UK's value-added tax registered businesses, HM Revenue and Customs has issued an alert detailing how the changes will work.
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Australia Announces Enquiry Into AGMs 12/9/2011 The Australian government has announced that the future of the company annual general meeting is to be examined in the light of changes to the way in which information is distributed and how shareholders interact with their companies.
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Accounting Failures 'Exacerbated Banking Crisis' 12/6/2011 A new report, assessing the causes of the global financial crisis, claims that shortcomings in the accounting standards issued by the International Accounting
Standards Board were a contributing factor to the instability experienced in the UK and Irish banking sectors,
and subsequent taxpayer-funded bailouts.
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Corporate Responsibility Reporting Hits Record High 11/25/2011 The UK now tops the global rankings for corporate responsibility reporting, with Japan coming a close second, according to a new report from KPMG.
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Boards Consult On Revenue Recognition Standard 11/18/2011 The International Accounting Standards Board and the Financial Accounting Standards
Board have released for public comment a revised draft standard to improve and
converge the financial reporting requirements of International Financial Reporting
Standards and US accounting standards for revenue (and some related costs) from contracts with customers.
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OECD Reviews Transfer Pricing Rules On Intangibles 11/21/2011 The Organization for Economic Cooperation and Development has noted the progress
made by its Working Party and private sector representatives on definitional and
ownership issues related to transfer pricing for intangibles as defined by the
OECD Transfer Pricing Guidelines.
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FAF Sets Out Convergence Agenda 11/17/2011 The Financial Accounting Foundation, which oversees the United States accounting
standards setter the Financial Accounting Standards Board, has generally backed
the Securities and Exchange Commission's proposed approach to converging United
States Generally-Accepted Accounting Principles standards with International Financial
Reporting Standards.
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UK Urged To Ease Reporting Burden 11/15/2011 Cutting out unnecessary 'clutter' in annual reports would help many UK businesses struggling under burdensome regulation, without devaluing the reports themselves, according to a new survey.
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EU To Modify Transparency Directive 10/28/2011 The European Commission is proposing to modify notification requirements
for acquirers when they reach a certain stake in a listed company, reduce burdensome
reporting obligations for all listed companies, and simplify accounting rules
for small- and medium-sized enterprises, to produce further cost savings
for businesses.
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FASB Consults On Investment Property Reporting Rules 10/26/2011 The US accounting standards setter, the Financial Accounting Standards Board
has issued a proposed Accounting Standard Update intended to develop accounting guidance for investment
property entities.
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US Accountants Back IFRS Opt-In 10/24/2011 A majority of certified public accountants support optional adoption of
the International Financial Reporting Standards by listed United States
companies, according to a recent survey by the American Institute of Certified
Public Accountants.
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AICPA Pushes For Private Company Standard Setter 10/21/2011 The American Institute of Certified Public Accountants on October 18, 2011 approved
an ultimatum to the Financial Accounting Foundation, which warns that either the
Foundation must adopt recommendations for the establishment of an independent accounting
standards setter for private companies - without the power
of veto being granted to the Financial Accounting Standards Board - or AICPA will
consider other options to achieve the objective independently.
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UK Consults On Corporate Governance Rules 10/20/2011 The UK’s Financial Reporting Council is to be refocused and streamlined under new proposals, designed to ensure the body is in a strong position to promote the highest standards of corporate reporting, governance and auditing.
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FAF Rejects 'Little GAAP' For US Private Companies 10/7/2011 A new body, with the authority to identify standards that require modification
and to vote on specific proposed exceptions or modifications to United States
Generally Accepted Accounting Principles for private companies, is the
centrepiece of a plan released for public comment by the Financial Accounting
Foundation.
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Privately-Held Companies Urge Separate US Accounting Standards 9/15/2011 The American Institute of Certified Public Accountants has requested the
United States Financial Accounting Foundation to take heed of the
many letters it has received demanding differential financial reporting standards
for private companies and a separate independent board to oversee those standards.
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FRC To Increase Transparency In Financial Reporting 9/6/2011 Companies should improve the way they report to investors on the key strategic
risks facing their businesses, according to two new reports published by the UK Financial Reporting Council.
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China, Hong Kong Converge Audit Standards 9/7/2011 A joint declaration signed between the China Auditing Standards Board and the
Hong Kong Institute of Certified Public Accountants promises further convergence
between the Mainland's and Hong Kong's Auditing Standards.
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IASB Proposes Standards For Investment Entities 8/31/2011 KPMG UK has welcomed proposals issued by the International Accounting Standards Board to encourage more investment funds to switch to International Financial Reporting Standards.
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UK's Micro Businesses Set For Simplified Reporting 8/30/2011 The UK is looking to reduce the amount of red tape encountered by the smallest businesses in their reporting requirements, in a move designed to boost innovation and growth in the sector.
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IoM Charity Reporting Requirements Change 8/26/2011 The government of Isle of Man has reminded Manx-registered charities of new
income thresholds, in place since August 1, 2011, that may require them to have
their accounts independently examined or audited.
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US Accountants Urge Optional IFRS Adoption 8/22/2011 Paul Stahlin and Barry Melancon, the Chairman and CEO, respectively, of the American
Institute of Certified Public Accountants have, in a letter, recommended
to the Securities and Exchange Commission that United States public companies
should be allowed the option of adopting International Financial Reporting
Standards.
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IFRS 9 Deferred As Convergence Talks Sour 8/9/2011 The International Accounting Standards Board has announced its intention in an
exposure draft to defer the mandatory adoption of the IFRS 9 standard until January
1, 2015, following disagreement on convergence with the US standards setter, the
Financial Accounting Standards Board.
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UK Companies House Abandons E-File Mandate 8/2/2011 Companies House has announced that due to better-than-expected uptake of electronic accounts filing,
it has reconsidered its original intention to mandate electronic delivery of most filing
services by March 2013.
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IoM Firms Alerted To Anti-Terror Law 8/1/2011 The Insurance and Pensions Authority of the Isle of Man has alerted licenceholders
to the recently-approved Prevention of Terrorism Financing Code 2011, which
was adopted by the island's legislative assembly, the Tynwald in July 2011,
and comes into force on September 1, 2011.
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IASB Consults On Direction Of IFRS 7/28/2011 The International Accounting Standards Board has announced the launch of
a public consultation to seek broad input on the strategic direction and overall
balance of its future work programme.
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UK Banking Levy Regulations Made 7/26/2011 UK legislative amendments have been published with respect to the collection
and management of the Banking Levy. The changes will enter into force on August
11, 2011, the UK tax authority, HM Revenue and Customs has said.
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UK Contributes To EU Corporate Governance Debate 7/27/2011 The principle of 'comply or explain' plays an essential part in
promoting best practice in corporate governance, says the UK Financial Reporting
Council in a submission to the European Commission.
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KPMG Warns Of IAS 19 Impact 7/12/2011 Entities with defined benefit pension obligations will find their profit and loss accounts
significantly affected by recent changes made to international accounting standards, KPMG in Australia has warned.
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Bermuda Leads Adoption Of Insurance Reporting System 7/8/2011 Bermuda's role in the development of a new computer-based insurance reporting system has been recognised in a new report, leading its regulatory authority to stress the positive impact such software can have on the industry.
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Pension Accounting Standard To Cut Corporate Profits 6/22/2011 KPMG in the UK has commented on the release by the International Accounting Standards Board of its long-awaited
revised pensions accounting standard 'IAS 19 Employee Benefits'.
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SEC Proposes Stronger Broker-Dealer Rules 6/21/2011 Building on rules adopted in December 2009 to strengthen the protection provided
to investors who turn their assets over to investment advisers, the United States
Securities and Exchange Commission has now proposed amendments to the broker-dealer
financial reporting rules.
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Australia Preparing For Fund Reporting Changes 6/10/2011 Assistant Treasurer Bill Shorten has announced changes that will facilitate
financial services providers in transitioning to the new Product Disclosure
Statement regime from June 2012. The regime affects providers of superannuation funds and simple managed investment schemes.
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BHP Billiton Wins Lengthy Tax Credits Case 6/7/2011 The High Court of Australia has upheld the ruling of the Federal Court that
BHP Billiton properly applied the arm's length principle in writing off debt
accumulated by its financing subsidiary from a loan provided to an ill-fated subsidiary formed to undertake an iron ore project in Boodarie, Western
Australia. As a result of the ruling, the mining giant can now claim AUD554m
(USD580m) in tax credits.
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Tax Charge Forces Sony Into Net Loss 5/26/2011 Sony, the Japanese electronics group, has had to revise its consolidated results
forecast for the fiscal year ended March 31, 2011, from that announced in February,
largely due to a write-off of deferred tax credits in Japan.
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Trans-Tasman Accounting Convergence Work Completed 5/20/2011 The Australian Accounting Standards Board and the New Zealand Financial Reporting Standards Board have issued Australian Accounting Standards and New Zealand equivalents to International Financial Reporting Standards.
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New Zealand International Tax Bill Reported Back 5/17/2011 The New Zealand government’s Finance and Expenditure Committee has reported to Parliament on the Taxation (International Investment and Remedial Matters) Bill introduced in October last year.
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Standard Setters Complete Fair Value Project 5/16/2011 The International Accounting Standards Board and the Financial Accounting
Standards Board on May 12 issued new guidance on fair value measurement
and disclosure requirements for International Financial Reporting Standards
and US Generally Accepted Accounting Principles.
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Israeli Government Publishes Financial Statements 5/12/2011 The Israeli Government’s financial statements for 2010 have just been published and for the first time units in all branches of the Government have been consolidated in the reporting process.
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UK SMEs Eager For Accounting Switchover 4/28/2011 UK businesses strongly support the introduction of International Financial
Reporting Standards and Financial Reporting Standards for small and medium-sized
entities as a replacement for UK GAAP, believing that now is the right
time to move towards the new model of financial reporting, a new survey from
Ernst & Young shows.
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South African Companies Act Signed 4/22/2011 South Africa’s President Jacob Zuma has signed the Companies Amendment Act
of 2010 into law and, together with the Companies Regulations and all other relevant
documents, it will come into effect on May 1, 2011.
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UK Accountants Support Standards Convergence 4/18/2011 A new survey shows an overwhelming majority of UK accountants favour the convergence of the Generally Accepted Accounting Practice with International Financial Reporting Standards.
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Guernsey To Update Corporate Governance Code 4/13/2011 The Guernsey Financial Services Commission has announced the publication of a draft Finance Sector Code of Corporate Governance aimed at providing guidance to locally-regulated
financial services businesses.
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ICAS And NZICA Seek Reduced Disclosure Requirements 4/4/2011 The Institute of Chartered Accountants of Scotland and the New Zealand Institute of Chartered Accountants have launched a project with the aim of reducing the volume of disclosure requirements in International Financial Reporting Standards.
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ASB Sets Out Standard For Public Benefit Entities 3/22/2011 The UK Accounting Standards Board of the Financial Reporting Council on
March 18 published Financial Reporting Exposure Draft 45, setting out
proposals to be included in a Financial Reporting Standard for Public Benefit
Entities.
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IASB Chair Urges US Adoption Of IFRS 3/16/2011 The outgoing Chairman of the International Accounting Standards Board has urged the United States to adopt International Financial Reporting Standards this year, rebuffing concerns that the international accounting rules will be subject to undue influence by foreign governments.
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Regulators Urged Not To Interfere In Standard Setting 3/7/2011 The Institute of Chartered Accountants England and Wales has said that regulators
— who often in policymaking decisions have a distinct focus, but not necessarily
one aligned with investors’ interests — should have no particular
influence over setting the detail of accounting standards.
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Accountants Issue New US Service Organisation Control Reports 2/2/2011 It is intended that information system service organizations, such as cloud computing
providers and healthcare claims processors, will benefit from new service organisation
control reports, which have been developed by the American Institute of
Certified Public Accountants.
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Isle Of Man Notes Online Filing Milestone 2/2/2011 The Isle of Man’s online tax filing service has now processed GBP100m in tax payments
since its inception in 2007, the Department of Economic Development has announced.
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Revenue Revises Proposals For Mandatory E-Filing 1/28/2011 The Irish Revenue has revised the scope and timing of the next phase of the mandatory e-filing/payment project in the light of feedback received from a recent consultation exercise.
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UK Audit Regulators Agree Cooperation Framework 1/19/2011 The Financial Services Authority and the Financial Reporting Council have agreed
a new Memorandum of Understanding to enable a greater degree of cooperation
and information exchange between the two regulators.
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HMRC To Probe Small Firms' Records 1/19/2011 The UK Forum of Private Business is warning small firms to keep proper financial records or face fines in excess of GBP3,000.
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CAI Opens Debate On Audit Reform 1/14/2011 Chartered Accountants Ireland has announced the launch of a discussion paper,
entitled 'Future of the Statutory Audit', which invites debate on whether the
scope and role of audit should change to meet the evolving regulatory environment,
and the needs of the industry's various stakeholders.
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Indian Trade Body Urges IFRS Deferral 12/31/2010 The Federation of Indian Chambers of Commerce and Industry has urged the government to defer the date of implementation of compliance with International Financial Reporting Standards from April 1, 2011 to a date when companies are better equipped to deal with the envisaged new accounting concepts and standards.
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FINMA Reinforces Supervision Of Financial Reporting 12/15/2010 Switzerland’s Financial Market Supervisory Authority has announced
that together with SIX Exchange Regulation, it aims to reinforce the supervision
of financial reporting in the Confederation.
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Qatar Praised At Tax Seminar 12/13/2010 The general consensus at a seminar of business leaders held in Doha was that Qatar continues to be a significant player within the Gulf Cooperation Council and on the global stage.
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IASB Proposes Improvements To Hedge Accounting 12/10/2010 The International Accounting Standards Board on December 9 published for public
comment an exposure draft on accounting for hedging activities.
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Jersey's EFA Granted MoME Operational License 11/12/2010 Europlan Fund Administrators Limited, the Jersey based
specialist fund establishment and administration service provider, has announced that it has extended its current fund services' offering having received a license from the island's Financial Services Commission to provide Manager of Managed Entity services to Jersey Fund Services Businesses.
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FASB Seeks To Improve Accounting For Repurchase Agreements 11/5/2010 The US Financial Accounting Standards Board has issued an Exposure Draft on its proposal to improve accounting for repurchase agreements.
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SEC Progresses Work Plan For Global Accounting Standards 11/2/2010 The United States’ Securities and Exchange Commission has published its
first progress report on the work plan aimed at providing the information needed
to evaluate the implications of incorporating International Financial Reporting
Standards into the financial reporting system for US securities’
issuers.
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IASB Issues Guidance On Financial Liabilities 10/29/2010 The International Accounting Standards Board has issued guidance on accounting for financial liabilities to complete the classification and measurement phase of the project to replace IAS 39 Financial Instruments: Recognition and Measurement.
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FASB Updates Guidance On Insurance Contract Acquisition Costs 10/18/2010 The Financial Accounting Standards Board has issued an update to Financial Services—Insurance, Topic 944,
which provides guidance on accounting for costs associated with acquiring or renewing insurance contracts.
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FASB Updates Accounting For Debt Restructuring 10/13/2010 The US Financial Accounting Standards Board has issued an Exposure Draft of a proposed Accounting Standards Update intended to increase transparency in financial reporting about troubled debt restructurings.
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DFSA Signs MoU With Regional Standard-Setters 10/13/2010 The Dubai Financial Services Authority, the regulator of the Dubai International
Financial Centre, on October 10 announced the signing of a Memorandum of Understanding
with the Asian-Oceanian Standard-Setters Group, which took place in September.
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IRS Planning For Potential Impact Of IFRS 10/8/2010 The United States Internal Revenue Service is preparing for the potential
transition of US-based publicly-held companies to International Financial Reporting
Standards, according to an audit report released by the Treasury Inspector
General for Tax Administration.
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Standards Setters Deal With Hyperinflation The International Accounting Standards Board has published for public comment an exposure draft entitled 'Severe Hyperinflation, a proposed amendment to IFRS 1' which covers first-time adoption of International Financial Reporting Standards. |
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New Filing Rules For Canadian Partnerships 9/23/2010 The Canada Revenue Agency on September 17 announced changes to the requirements
for filing partnership information returns.
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IRIS Notes Strong Uptake Of iXBRL In UK 9/16/2010 IRIS Accountancy Practice Solutions has released figures showing strong adoption
of iXBRL among its accountancy practice customers amid concerns within the industry
that many practices and their technology providers will not be iXBRL
compliant by the cut-off date of April 2011.
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IASB Consults On Deferred Tax 9/13/2010 The International Accounting Standards Board has published for public comment an exposure draft entitled Deferred Tax: Recovery of Underlying Assets.
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IASB Proposes Amendments To IFRS Adoption Procedure 8/31/2010 The International Accounting Standards Board has published for public comment proposed amendments to procedures for first-time adoption of International Financial Reporting Standards.
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Zurich Insurance, SocGen Fall Foul Of The UK FSA 8/31/2010 The Financial Services Authority has announced the imposition of a record
fine, of GBP2,275,000, on the UK branch of Zurich Insurance Plc (Zurich UK)
for failing to have adequate systems and controls in place to prevent the loss
of customers’ confidential information. The fine is the highest levied
to date on a single firm for data security failings.
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FASB Consults On Defined Contribution Pension Plan Update 8/27/2010 The US Financial Accounting Standards Board has issued for public comment an exposure draft of a proposed Accounting Standards Update on defined contribution pension plans.
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HK Changes Tax Practice On Prepayments 8/26/2010 Hong Kong’s Inland Revenue Department has issued a new amendment to
its practice notes to clarify, in the situation where a profits tax return is
filed by a foreign company, what accounting standards are acceptable for the preparation
of financial statements.
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Directors Protest NZ Tax Changes 8/24/2010 According to a letter from a group of 19 senior company directors, the net
profit after tax of New Zealand companies will be distorted by more than NZD1bn through the application of international financial reporting standards to the property tax changes announced in the budget in May this year.
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UK Lease Association Concerned At IASB Proposals 8/23/2010 Proposals published by the International Accounting Standards Board, could mean that asset finance, the largest source of debt finance for UK businesses, will be more difficult to obtain, according to the UK Finance and Leasing Association.
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Standard Setters Propose Lease Reporting Improvements 8/19/2010 The International Accounting Standards Board and the US Financial Accounting Standards Board have published for public comment joint proposals to improve the financial reporting of lease contracts.
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Isle Of Man Amends Late-Filing Penalties 8/4/2010 The Isle of Man government has announced that it is to amend the penalties regime,
introduced in 2005, and last revised in 2006. The changes are to relate to late-filing
offences in particular.
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Insurance Accounting Proposals Welcomed 8/3/2010 The recent proposals by the International Accounting Standards Board for a new accounting model for insurance contracts have been generally welcomed by tax experts, although much work lies ahead if the far-reaching plans are to be implemented properly.
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IASB Proposes Improvements To Insurance Accounting 8/2/2010 The International Accounting Standards Board has published for public comment an exposure draft of improvements to accounting standards for insurance contracts.
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IASB Decides On Tax Accounting 7/30/2010 The International Accounting Standards Board in London made tentative decisions on accounting for income tax at its sessions on July 19 - 23, 2010. The US Financial Accounting Standards Board joined some sessions.
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