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September 14, 2007

News briefs

News briefs

Standards UK small entity audit guidance

The UK Auditing Practices Board has issued new guidance for smaller entity audit documentation while withdrawing Practice Note 13, ‘The audit of small businesses’, with immediate effect. Practice Note 26 provides guidance on how the special considerations of a smaller entity audit impact on the working papers that an auditor needs to prepare. The guidance was strongly supported when released in consultation draft form in January.

Standards AASB consult on financial statements for superannuation entities The Australian Accounting Standards Board (AASB) has released a consultation paper outlining a case for superannuation entities being required to prepare consolidated financial statements in accordance with a fair value model. David Boymal, chairman of the AASB, said there are a number of arguments in favour of requiring parent superannuation entities to prepare fair value consolidated financial statements, the most significant of which is the provision of relevant information to users.

Regulation Hong Kong institute accepts ruling The Hong Kong Institute of Certified Public Accountants (HKICPA) will not appeal a court’s decision to order it to resume distributing newsletters from the accountancy representative on the Legislative Council of Hong Kong to its members. HKICPA president Mark Fong said: “Demand for our services is greater than ever before and we are responsible in part for the economic development of Hong Kong and China. The council understands it’s time to focus our resources on matters that are more constructive to the profession rather than answering to political issues.”

Research CAs lead on stock exchange There are 253 chartered accountants (CAs) on the boards of the top 100 performing companies on the Johannesburg stock exchange, according to a study by the South African Institute of Chartered Accountants. Other figures to emerge included: of the top 100 performing companies, 93 CAs occupied leadership positions; of these, 24 were chief executives, 49 were chief financial officers, 14 were chairpersons, three were deputy chairpersons and three were chief operating officers. The study was based on similar Canadian research. Regulation EFRAG seeks experts The European Financial Reporting Advisory Group (EFRAG) is seeking nominations for its technical experts group (TEG). The present mandate period for six of the 12 current TEG members expires on 31 March 2008. The board expects some members will be reappointed but up to two new appointments will be made. The board will consider candidates based on technical competence in either national standards or IFRS, background, experience and geographic spread. Appointments to the TEG are for two years.

Regulation CESR publishes SEC protocol The Committee of European Securities Regulators (CESR) has published a protocol that covers the confidential exchange of information regarding dual-listed issuers to be executed between the US Securities and Exchange Commission (SEC) and each CESR member. The protocol is aimed at enhancing co-operation between the staff of CESR members and the staff of the SEC in their work on the application of US GAAP and IFRS in the EU and US.

Standards Germans further revenue debate The Deutsches Rechnungslegungs Standards Committee (DRSC) is holding a public discussion about European standard setters’ views on revenue recognition. The debate centres around the discussion paper entitled Revenue Recognition – A European Contribution, which was prepared by the DRSC and staff of the European Financial Reporting Advisory Group (EFRAG) and has been approved by standard setters in the Netherlands, Poland, Spain, Sweden and the UK. The paper develops a working definition of revenue and concludes that revenue should be recognised as it arises.

Education ACCA supports financial literacy

The Association of Chartered Certified Accountants (ACCA) is supporting the UK Open University’s financial literacy course. The ACCA said its participation will ensure the course, which has attracted 2000 participants since being launched in November last year, reflects the latest thinking in personal finance. The association said that with its support, the Open University will be able to expand the course’s reach, with plans in the future to work with other agencies to offer free financial health checks.

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