News briefs

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

AASB consult on financial statements for superannuation

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.

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.”

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

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.

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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.

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.

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.