US IFRS road map released…
ICAEW and Indian institute enter
Governance code moves a step
closer in the UK…

US IFRS road map

The US Securities and Exchange Commission has released for
public comment its long-awaited road map proposing the use of IFRS
by US issuers. The 165-page proposal, which was initially announced
in August, provides more detail on moving the world’s largest
economy from the use of US GAAP to international accounting
standards by 2014. The SEC said it would make a decision in 2011 on
whether to proceed with mandatory adoption for all companies. As
many as 110 qualifying companies could opt to begin using IFRS in
fiscal years ending after 15 December 2009 – estimated to be about
14 percent of US market capitalisation.

ICAEW and Indian institute enter

The Institute of Chartered Accountants in England and Wales and
the Institute of Chartered Accountants in India have agreed to
allow members to gain reciprocal membership subject to
qualification requirements. Under the agreement, appropriately
qualified and experienced members of either institute will be able
to join the other by receiving credit for their existing
accountancy qualification and, where relevant, recognition for
their existing work experience. The two institutes combined have
more than 280,000 members.

Governance code moves a step
closer in the UK

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An Audit Firm Governance (AFG) Working Group, established by the
ICAEW, is seeking public feedback to help shape a governance code
for UK firms that audit public interest entities. The consultation
paper asks 20 questions on a range of topics from risk management
and governance structures to issues of scope, implementation and

The governance code is one of the key recommendations in last
year’s Financial Reporting Council (FRC) Market Participants Group

One requirement of the code being mooted is that firms introduce
independent non-executives on a governance board and that
independent non-executives form part of board committees covering
audit, remuneration and nomination matters. Some firms already
reflect this requirement in their current governance structures.
AFG project director Robert Hodgkinson said that during the first
half of 2009 the group will prepare a draft code for further