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January 14, 2008

News Briefs

UK firm reveals new boss…

PricewaterhouseCoopers Russia continues Yukos legal battle…

ASB proposes amendments…

EFRAG discusses pension reporting…

PEOPLEUK firm reveals new boss Simon Michaels will be the new managing partner of BDO Stoy Hayward when the UK firm’s current boss, Jeremy Newman, becomes the BDO International chief executive in October. The announcement follows a formal election process held this month. Michaels is currently the head of the firm’s business restructuring line and is on the firm’s risk management committee. He has been at BDO Stoy Hayward since 1987 and was made a partner in 1999.

MERGERS AND ACQUISITIONSHorwath adds French network Horwath International has secured a new French representative – a five-firm network now known as Horwath Partenaires France, which had a combined fee income of more than €40 million ($59 million) in 2007. Horwath Partenaires France was established on 10 December 2007 and the five firms – Didier Kling & Associés, Dauge & Associés, Fidelio, Becouze & Associés and Fideliance – have between them 50 partners, 480 staff and 39 offices.  

LEGAL PricewaterhouseCoopers Russia continues Yukos legal battle PricewaterhouseCoopers (PwC) Russia will continue to fight claims it was guilty of assisting former Russian oil giant OAO Yukos with tax evasion despite a recent Moscow arbitration court decision turning down the firm’s appeal against the charges. The recent ruling upholds a March 2007 court decision following a case brought by Russian tax authorities against PwC Russia and Yukos. PwC Russia is believed to be the country’s largest accounting network. A spokesperson from PwC Russia said the firm will re-appeal the decision.

STANDARDS PCAOB adopts AS6The US Public Company Accounting Oversight Board has adopted the new Auditing Standard No 6 – Evaluating Consistency of Financial Statements and an accompanying set of amendments to the board’s interim auditing standards. The new standard and amendments update the auditor’s responsibilities to evaluate and report on the consistency of a company’s financial statements and align the auditor’s responsibilities with the Financial Accounting Standards Board’s Statement of Financial Accounting Standards No 154 – Accounting Changes and Error Corrections. STANDARDS ASB proposes amendments The UK Accounting Standards Board (ASB) has proposed amendments to financial reporting for share-based payments. The draft amendments to Financial Reporting Standard (FRS) 20 follow similar proposals by the International Accounting Standards Board to amend IFRS 2 Share-based Payment – Group Cash-settled Share-based Payment Transactions. The ASB is also proposing amendments to its interpretation on group and treasury share transactions that will keep it in line with its international counterpart. Comments on the proposed amendments are due before 31 March 2008.

STRATEGY CIMA launches Chinese portal The Chartered Institute of Management Accountants (CIMA) has launched a online Chinese portal. The new site is synchronised with the CIMA global site and will provide the institute’s latest information, tools, techniques and professional development materials in Chinese, as well as extra materials relevant to the Chinese market, including events, news and job vacancies. CIMA director of brand Ray Perry said the site “will give us the opportunity to support a wide range of individuals and employers across China with our relevant professional development support for management accountants”. STANDARDS EFRAG discusses pension reportingThe European Financial Reporting Advisory Group (EFRAG) and the UK Accounting Standards Board have issued a joint discussion paper on the financial reporting of pensions. According to EFRAG, the reporting of pensions has recently been the subject of controversy and the objective of this discussion paper is to stimulate discussion on the principles that might be reflected in future accounting standards on pension benefits that are related to employment. This paper is part of EFRAG-led Pro-active Accounting Activities in Europe initiative. Comments on the paper are invited by 14 July 2008.

CORPORATE GOVERNANCE Networks call for partnerships The leaders of the Big Four networks have joined with the heads of ten other global organisations to call for partnerships to improve the effectiveness of public governance frameworks and institutions as a key aspect of corporate global citizenship.

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