IASB seeks to clarify earnings per share… ACCA announces
record results… Deloitte UK climbs above £2 bn in revenue… IASB
amends IAS 39… IASB member recognised for education efforts… UK
institute grows by a third… IASB seeks feedback on
improvements projects… Canadian regulator releases disclosure
review results
STANDARDS
IASB seeks to clarify earnings per share
The International Accounting Standards Board (IASB) has
published a proposal to simplify the calculation of earnings per
share and eliminate differences between the methods required by
IFRS and US GAAP. The US Financial Accounting Standards Board has
concurrently published an exposure draft to amend its equivalent
standard. The IASB said the proposals would, if implemented,
increase transparency for users of financial statements. The
deadline for comment is 5 December 2008.
EDUCATION
ACCA announces record results
A record number of students have passed their Association of
Chartered Certified Accountants (ACCA) final examinations,
according to the global body. The recently published results
revealed 6,174 students qualified to become ACCA affiliates. There
were also a record number of entrants for the examinations with
164,646 candidates taking a total of 335,566 papers. The ACCA said
student performance at the professional level was in line with
expectations but there were some disappointing results within the
fundamentals papers.
FINANCIAL RESULTS
Deloitte UK climbs above £2 bn in revenue
Deloitte UK has confirmed gross revenue growth of 11.5 percent
to reach £2 billion ($3.7 billion) for the year ended 31 May 2008.
The firm’s profit rose by 16 percent to £654 million. Senior
partner and chief executive John Connolly pocketed £5.7 million (up
22 percent), while partners on average took home £970,000 (up from
£877,000). Connolly said each of the firm’s core service lines
generated double-digit growth.
STANDARDS
IASB amends IAS 39
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By GlobalDataThe International Accounting Standards Board has amended IAS 39
Financial Instruments: Recognition and Measurement to clarify how
the existing principles of hedge accounting should be applied in
the case of a one-sided risk in a hedged item and in the case of
inflation in a financial hedged item. The changes are effective
retrospectively for annual periods beginning on or after 1 July
2009, with earlier application permitted. The board is involved in
three long-term projects on IAS 39, which will culminate in the
eventual replacement of the standard.
PEOPLE
IASB member recognised for education efforts
Mary Barth, a professor at the Stanford University Graduate
School of Business in the US and board member at the International
Accounting Standards Board, has been awarded the Outstanding
International Accounting Educator award from the American
Accounting Association. The award recognises substantial
contributions to international accounting education through
scholarly endeavours in research and teaching over a sustained
period of time. The association is a voluntary organisation that
promotes worldwide accounting education, research and
practice.
STRATEGY
UK institute grows by a third
The UK-based Institute of Financial Accountants has reported a
30 percent increase in new members from 6,153 to about 8,000 in the
past three months. Chief executive David Woodgate said: “The
institute is selectively building its presence in its chosen
markets and developing products and services.”
STANDARDS
IASB seeks feedback on improvements projects
The International Accounting Standards Board (IASB) is seeking
comments on proposed amendments to eight IFRS under its annual
improvements project. The proposals range from guidance added to
the appendix of IAS 18 Revenue, to changes of wording to clarify
the meaning and remove unintended inconsistencies between IFRS.
Unless otherwise specified, the proposed effective date for the
amendments is for annual periods beginning on or after 1 January
2010, although entities are permitted to adopt them earlier. The
deadline for comment is 7 November 2008.
REGULATION
Canadian regulator releases disclosure review
results
The Canadian Securities Administrators has published the results
of the continuous disclosure review programme for the fiscal year
ended 31 March 2008. Of the 854 continuous disclosure reviews, 39
percent were not required to amend or enhance disclosures.
Thirty-six percent were instructed to enhance disclosure in
future filings. Nineteen percent were required to re-file certain
continuous disclosure. Five percent were subject to enforcement and
1 percent had ceased trading orders.
