News briefs

IASB issues exposure draft

The International Accounting Standards Board (IASB)
is seeking comments on an exposure draft of proposed amendments to
IFRS 1 First-time Adoption of International Financial Reporting
Standards and IAS 27 Consolidated and Separate Financial
Statements. The proposals address concerns that retrospectively
determining cost in accordance with IAS 27 on first-time adoption
of IFRS cannot, in some circumstances, be achieved without undue
cost or effort. This might create a barrier to entities’ adoption
of IFRS in separate financial statements.

Hofmann to lead PKF

Wolfgang Hofmann has been named as the new chairman of PKF
International. Hofmann, who succeeds Steffen Johansen, takes up the
post next year. He has been a partner of PKF Germany since 1986 and
the European chairman of the network since 2000. The main focus of
his work is the support of international and capital market
oriented enterprises as well as M&A related consulting.

GTI grows 25 percent

The fee income of Grant Thornton International’s combined member
firms has grown by 25 percent to $3.5 billion during the past 12
months. “It has been a fantastic year really for us,” Grant
Thornton International chief executive David McDonnell told TA’s
sister publication the International Accounting Bulletin. “It’s
been the first year for us since we really rolled out a new global
strategy about a year ago… we’re showing 25 percent growth, which
we’re really pleased about.” The results place Grant Thornton as
the sixth-largest global network in terms of revenues.

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Leadership from the top is critical to the effective
operation of an audit firm, according to a paper issued by the
Transnational Auditors Committee of the International Federation of
Accountants’ Forum of Firms. The study, entitled ‘Tone at the Top
and Audit Quality’, summarises current practices at some of the
largest accountancy networks. It found that setting the right tone
can positively influence audit quality in areas including strategy,
communication, job descriptions, performance appraisals and