Public sector convergence
International Public Sector Accounting
Standards have been converged with IFRS, according to the
International Public Sector Accounting Standards Board (IPSASB).
The IPSASB said the convergence project concluded with a final
release of four new, and several improved, standards. Three of the
new standards deal with financial instruments. The fourth tackles
IASB re-exposes liability
The International Accounting Standards
Board (IASB) has re-exposed proposals on measuring liabilities for
asset decommissioning, legal disputes and similar items. The IASB
previously published proposals to amend IAS 37 Provisions,
Contingent Liabilities and Contingent Assets, which includes
revised measurement requirements. However, respondents requested
more guidance on the measurement of these liabilities. Comments on
the new draft are requested by 12 April. The IASB aims to complete
the standard by the end of this year.
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Two-thirds of internal auditors (67
percent) are under-resourced and unable to do their job
effectively, according to a survey from consultants Protiviti. The
research, conducted at the Institute of Internal Audit annual
conference in October 2009, found only 14 percent of respondents
felt they had the skills required to meet their audit charter.
Forty percent said that prior to the recession their internal audit
function was not focused on the “right” risks, leaving them unable
to adequately carry out their audit charter.
IASC Foundation issues free
IFRS for SMEs training materials
The International Accounting Standards
Committee Foundation (IASC Foundation) has issued the first part of
a set of free training materials for IFRS for SMEs. The materials
form part of a range of initiatives by the IASC Foundation and the
International Accounting Standards Board (IASB) to support the
adoption of the IFRS for SMEs globally. There will eventually be 35
training modules – one for each section of the IFRS for SMEs. The
12 modules are available for download from the IASB website now and
the remainder will be published in the course of 2010.
Japan issues guidance on
foreign firm inspections
Japan’s Certified Public Accountants
and Auditing Oversight Board (CPAAOB) has published guidelines on
the inspection of foreign audit firms. The publication follows a
consultation held late last year to determine what concrete
procedures should be considered regarding information requirements
and inspections conducted by the CPAAOB. It came into effect on 14
IFAC makes senior
The International Federation of
Accountants (IFAC) has appointed two senior staff within its
quality and member relations team. Russell Guthrie will become
executive director and focus on stakeholder relations and
continuing the implementation of the member body compliance
programme. Guthrie has been with IFAC since 2001. Sylvia Barrett
will become director and focus on advancing IFAC’s activities for
small and medium practices, transnational audit practices, and the
adoption, translation, and implementation of global standards.
Barrett joined IFAC in 2002.
ACCA calls for improved
The Association of Chartered Certified
Accountants (ACCA) has called for improved dialogue between
regulators and businesses in 2010. In a policy paper, The Future of
Financial Regulation – An Update, the ACCA said regulators and
businesses need to communicate to ensure global finance regulation
progresses in 2010. The ACCA said essential changes include better
ethics training for directors, the implementation of a US-style
Consumer Financial Protection Agency in Europe and upgraded risk
functions for company boards.
CIMA opens 4th Mainland China
The Chartered Institute of Management
Accountants has opened a new office in Chongqing, its fourth in
Chongqing is increasingly the choice
of the business community in the upper reaches of the Yangtze River
and is becoming the economic hub of Western China, according to
Chen Yu, the deputy director of the Chongqing Foreign Trade and
Economy Commission. Chongqing is in central west China and had a
municipal population of 31 million in 2005, according to the
Chongqing Municipal Government.