GAAP equivalence in CESR’s sight…
Oversight board under FOI spotlight…
NIA launches programme in China…
UK audit board revises ethics standards…
GAAP equivalence in CESR’s sight
The Committee of European Securities Regulators (CESR) is seeking
comments on its draft advice to the EC regarding the equivalence of
Canadian and South Korean GAAP to IFRS. The paper does not make any
proposals regarding Indian GAAP, as CESR is still in the process of
obtaining information about the situation regarding the use of IFRS
in India. Comments on the exposure draft are due by 25 April
Oversight board under FOI spotlight
The UK Professional Oversight Board has become subject to the UK
Freedom of Information Act in respect of its statutory duties. In
accordance with the requirements of the Act, the board has adopted
a publication scheme and published guidance on the Freedom of
Information Act, including how to make a request, on its website.
The board has also published the findings of a public consultation
on the publication scheme it held last year. The report contains a
summary of the responses, feedback received and outlines its
response to the key issues raised.
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NIA launches programme in China
Australia’s National Institute of Accountants (NIA) has launched
its education programme in China. The launch follows an
announcement in December last year that the NIA had signed an
agreement to jointly deliver accountancy education programmes with
the China Enterprise Confederation – China Enterprise Directors
Association (CEC/CEDA), which is the nation’s major employer
association. At the launch ceremony, agencies of the CEC/CEDA,
covering 44 cities and regions in 24 provinces of China, signed to
be part of the NIA programme. More are expected to sign soon.
UK audit board revises ethics standards
The UK Auditing Practices Board has published revised ethical
standards for auditors, which become effective for audits of
financial statements commencing on or after 6 April 2008. The
revisions are necessary in order to comply with requirements of the
EU Statutory Audit Directive, as well as adhere to the principles
of international ethical standards, add clarity to existing
standards, and assist their implementation in practice.