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June 14, 2008

News Briefs

Remuneration gender gap widens with experienceIFRS for SMEs rebrandedWatchdog launches new reporting requirement for US firmsEFRAG calls for more public consultation on IASB agenda settingICAEW launches in RomaniaIFAC division addresses CPDUK regulator recruits former E&Y partnerIFAC committee proposes good practice guidance

RESEARCH Remuneration gender gap widens with experience

The remuneration gender gap between chartered accountants in the UK widens as careers progress, according to a new study by the Institute of Chartered Accountants in England and Wales (ICAEW) and recruiters Robert Half. Male accountants who have the ICAEW ACA qualification earn an average salary that is 50 percent higher than their female counterparts. The survey found that the gap between the two widens through different career stages. Females who have worked for 20 or more years earn 25 percent more than those who qualified in the past four years. For males, the difference is 72 percent.

STANDARDS IFRS for SMEs rebranded

Following feedback on the exposure draft IFRS for SMEs, the International Accounting Standards Board has renamed the draft set of standards to IFRS for Private Entities. The standard setter has also published an updated version of its work plan, which was approved at its June meeting.

REGULATION Watchdog launches new reporting requirement for US firms

US accounting firms registered with the Public Company Accounting Oversight Board will be required to publish annual information from 2009 onwards including audit fees, the disciplinary history of staff and disciplinary proceedings against the firm. The new rules are in line with the Sarbanes-Oxley Act. Reports will be publicly available on the board’s website.

REGULATION EFRAG calls for more public consultation on IASB agenda setting

The European Financial Reporting Advisory Group (EFRAG) has called on the International Accounting Standards Board (IASB) to make its agenda decision and priority setting processes more public. Currently, the international standard setter’s agenda process does not involve a public consultation stage. The advisory group made the plead in a draft comment letter in response to an IASB/US Financial Accounting Standards Board memorandum of understanding [MoU] on the boards' directions to 2011. EFRAG also outlined its concerns about the implications of the IASB’s prioritisation exercise for projects that were not mentioned in the MoU and were not credit crunch projects.

STRATEGY ICAEW launches in Romania

The Institute of Chartered Accountants in England and Wales (ICAEW) is launching its ACA qualification in Bucharest, Romania. Training for the qualification will be available from September 2008. ICAEW deputy president Martin Hagen said: “The ICAEW is committed to working with the Romanian professional bodies to exchange and share its technical expertise. This will help ensure that the profession in Romania attracts the brightest people to best deal with the changing economic situation.”

EDUCATION IFAC division addresses CPD

The International Accounting Education Standards Board, a subsidiary of the International Federation of Accountants (IFAC), has published a new information paper entitled Approaches to Continuing Professional Development Measurement, which aims to assist IFAC member bodies and other stakeholders develop effective continuing professional development programmes for professional accountants.

PEOPLE UK regulator recruits former E&Y partner

A former Ernst & Young UK (E&Y) partner has been appointed deputy chair of the UK Financial Reporting Review Panel (FRRP). David Lindsell, a panel member since January 2007, replaces Ian Brindle, who has completed his final term. Lindsell recently resigned from E&Y where he was an audit engagement partner and global director of IFRS services. He is currently a member of the standards advisory council of the International Accounting Standards Board and of the supervisory board of the European Financial Reporting Advisory Group.

REGULATION IFAC committee proposes good practice guidance

Two draft international good practice guidance documents have been released by the International Federation of Accountants Professional Accountants in Business Committee. Evaluating and Improving Governance in Organizations sets out a framework, a series of fundamental principles and references on how to evaluate and improve governance in organisations. Costing to Drive Organizational Performance is designed to assist professional accountants in business deliver useful cost information to support effective decision making and organisational performance.

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