widens with experience… IFRS for SMEs
rebranded… Watchdog launches new reporting
requirement for US firms… EFRAG calls for more
public consultation on IASB agenda setting…
ICAEW launches in Romania… IFAC division
addresses CPD… UK regulator recruits former
E&Y partner… IFAC committee proposes good
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
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.
Watchdog launches new reporting requirement for US
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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.
EFRAG calls for more public consultation on IASB agenda
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.
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.”
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
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.
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.