Court upholds watchdog’s
constitutionality…
Japan releases liability
research…
CIMA reaches 75,000
members…
IASB works towards consolidated
consolidation standard…
Banks increase fair
value disclosures…
LEGAL
Court upholds watchdog’s constitutionality
The Court of Appeals for the District of Columbia Circuit has
ruled that the manner in which US Public Company Accounting
Oversight Board (PCAOB) board members are appointed and overseen
under the Sarbanes-Oxley Act is constitutional. This had been
challenged in the matter of Free Enterprise Fund v. Public
Company Accounting Oversight Board. Commenting on the
decision, US Securities and Exchange Commission chair Christopher
Cox said the creation of the PCAOB was a central feature of the
Sarbanes-Oxley Act and that its continued existence is “vital to
protecting investors and furthering the public interest in the
preparation of accurate and informative audit reports”.
EVENTS
NZ institute celebrates 100 years
The New Zealand Institute of Chartered Accountants is
celebrating 100 years. Formerly known as the New Zealand Society of
Accountants, the organisation was officially established on 15
September 1908. New Zealand Minister of Commerce Lianne Dalziel
acknowledged the contribution the institute has made over the past
100 years, and said: “It is encouraging to see that almost 100
years after accountancy was introduced as part of the Bachelor of
Commerce degree in 1911, the institute still believes in the
importance of educating the next generation.”
AUDITOR AVAILABILITY
Japan releases liability research
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By GlobalDataThe Japanese Institute of Certified Public Accountants has
published an overview of the nation’s new limited liability audit
corporation system. Japan’s Certified Public Accounting Law was
changed in June 2007 to allow firms to choose between operating as
a limited liability partnership or non-limited liability
partnership. Previously, all accounting firms were required to be
organised as non-limited partnerships.
STANDARDS
Public sector standard amended
The International Public Sector Accounting Standards Board
(IPSAS) has proposed amendments to IPSAS 5 Borrowing Costs in an
exposure draft. The amendments aim to reflect the capitalisation of
borrowing costs as part of the cost of an asset. Comments should be
submitted to the IPSAS by 7 January 2009.
EDUCATION
CIMA reaches 75,000 members
Michelle Forrest has become the UK-based Chartered Institute of
Management Accountants’ 75,000th member. Forrest is a management
accountant for UK Premier League club Bolton Wanderers. She has
worked in the club’s finance department for 18 months and is
responsible for the production of the management accounts, covering
budget preparation, asset management, year-end activities and cash
flow management. This includes the financial side of player
transfers.
STRATEGY
IASB and FASB update MoU
The International Accounting Standards Board and the US
Financial Accounting Standards Board have updated their 2006
Memorandum of Understanding (MoU), restating their aim to complete
their major joint projects by 2011. The update is so that countries
due to complete convergence to IFRS that year, including Canada,
India, Japan and Korea, will not be adversely affected. The boards
said they have completed, or made significant progress on, seven of
the 11 areas identified by the MoU.
STANDARDS
IASB works towards consolidated consolidation standard
The International Accounting Standards Board (IASB) is holding a
series of roundtable meetings as part of its project to publish a
single IFRS on consolidation, replacing IAS 27 Consolidated and
Separate Financial Statements and the interpretation SIC-12
Consolidation – Special Purpose Entities. The objective of the
roundtable meetings is to progress the project by obtaining public
comment at an early stage. The views received in the roundtable
discussions are expected to help the IASB shape forthcoming
proposals for the new standard.
RESEARCH
Banks increase fair value disclosures
Global banks have demonstrated an increase in fair value
disclosures and in the range and depth of structured financial
disclosures since the onset of the credit crunch, according to a
report from PricewaterhouseCoopers Global. Based on the 2007 annual
reports of 22 global banks, the report reviewed bank disclosure
requirements for the three areas most affected by market events:
fair value, structured finance and risk management. It also
benchmarked current findings against the corresponding 2006
report.
