forensics expert… EU concerned about proposed IASC monitoring
group… IAASB publishes consultation paper… IASB consults on
IFRS amendments… IIA survey finds a lack of XBRL knowledge among
auditors… IOSCO reveals focus of subprime crisis project
Kalavacherla joins IASB
Prabhakar Kalavacherla is set to become the newest member of the
International Accounting Standards Board. He will serve on the
board as a full-time member from 1 January 2009 to 30 June 2013.
Born in India, Kalavacherla is an audit partner at KPMG US.
He serves as reviewing partner for clients preparing financial
statements according to IFRS and filings with the US Securities and
Exchange Commission. He has also worked extensively in India, where
he led KPMG’s US GAAP practice.
FASB appoints forensics
Marc Siegel has been appointed to the Financial Accounting
Standards Board (FASB). Siegel’s term became effective on 20
October and runs to 30 June 2013.
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He previously led the Accounting Research and Analysis team at
the RiskMetrics Group in Maryland. FASB said he is a recognised
expert in forensic accounting, with 17 years of experience in
diverse and global industries. Financial Accounting Foundation
chair Robert Denham said Siegel has significant experience
uncovering flawed accounting practices.
Siegel succeeds George Batavick, former comptroller of petrol
retailer Texaco, whose term ended 30 June.
EU concerned about proposed
IASC monitoring group
The European Parliament has expressed concern about a number of
aspects relating to a monitoring group that is being established to
ensure the accountability of the International Accounting Standards
Committee Foundation (IASC). The monitoring group was proposed
after the EC, the Financial Services Agency of Japan, the
International Organization of Securities Commissions and the US
Securities and Exchange Commission jointly called for oversight of
the IASC due to the increasing use and influence of IFRS
The IASC intends for the monitoring group to be established at
the beginning of next year. However, the European Parliament is
concerned about the group being set up before further consultation
is launched and without a clear overview of the relationship that
will exist between the group and the IASC.
It also does not agree with the proposed composition of the
group, saying the International Monetary Fund and World Bank should
not be represented but others, such as the chair of the Basel
Committee on Bank Supervision, should be.
The International Auditing and Assurance Standards Board is
seeking feedback to help shape the proposal on a relevant and
cost-effective assurance service that is an alternative to an audit
for small- and medium-sized entities. The request for comment comes
in the form of a consultation paper, Matters to Consider in a
Revision of International Standard on Review Engagements 2400,
Engagements to Review Financial Statements. The deadline for
comment is 15 December 2008.
IASB consults on IFRS
The International Accounting Standards Board has published two
draft amendments. The amendment to IFRS 1 First-time Adoption of
International Financial Reporting Standards addresses the
retrospective application of IFRS in selected areas and ensures
entities applying IFRS do not face excessive cost or effort in the
transition process. The amendment to IFRS 5 Non-current Assets Held
for Sale and Discontinued Operations proposes to revise the
definition of discontinued operations. The deadline for comment is
23 January 2009.
IIA survey finds a lack of
XBRL knowledge among auditors
The Institute of Internal Auditors (IIA) will release guidance
on eXtensible Business Reporting Language (XBRL) after a survey of
chief audit executives found only limited knowledge of the
data-tagging system. The IIA survey found 51 percent of respondents
didn't have any knowledge of XBRL and 42 percent only knew
the very basics.
IOSCO reveals focus of subprime crisis project
The International Organization of Securities Commissions’
technical committee will prioritise its work to focus on two key
areas in response to the subprime crisis. Work will centre on
improving international co-ordination overseeing credit rating
agencies and the responsibility of investment managers to carry out
appropriate due diligence procedures to properly understand the
risks associated with products being invested in clients’ funds.
Other work priorities include firm risk management and accounting.
These work streams will contribute to developing new regulatory
standards for global markets.