UK firm reveals new boss…

PricewaterhouseCoopers Russia continues Yukos legal
battle…

ASB proposes amendments…

EFRAG discusses pension reporting…

PEOPLE
UK 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 ACQUISITIONS
Horwath
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.
 

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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 AS6
The 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 reporting
The 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.