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August 14, 2008

News briefs

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

The 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.

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