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Stories that are tagged 'financial reporting'

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.
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.
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.
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.
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.
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.
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.
Australia Announces Overhaul Of Audit System
3/1/2012
The Australian government has introduced legislation designed to enhance audit quality and strengthen regulatory oversight.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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'.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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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