IFAC approves new members

The Iranian Association of Certified
Public Accountants, the Latvian Association of Certified Auditors
and Society of Certified Accountant and Auditors of Kosovo have
become members of the International Federation of Accountants

The Brunei Darussalam Institute of
Certified Public Accountants and the Ordre des Experts-Comptables
du Luxembourg are new associate bodies. Affiliate status has been
granted to the US National Association of State Boards of
Accountancy. IFAC now has 140 members and 19 associates in 124
countries and jurisdictions.

Accounting fraud tripled since 2003: PwC

Accounting fraud is the fastest
growing economic crime experienced by organisations globally and
appears to be linked to the economic cycle, according to a survey
by PricewaterhouseCoopers.

The study of 3,037 respondents in 54
countries found accounting fraud became increasingly prevalent this

Of those respondents who reported
economic crime in the last 12 months, 38 percent reported
experiencing accounting fraud, almost three times higher than

IASB amends related party transactions disclosures

The International Accounting Standards
Board has revised IAS 24 Related Party Disclosures to simplify the
disclosure requirements for government-related entities and clarify
the definition of a related party. The revision responds to
concerns the previous disclosure requirements and definition were
too complex and difficult to apply in practice, especially in
environments where government control is pervasive. The revised
standard is effective for annual periods beginning on or after 1
January 2011. Early adoption is permitted.

IFAC reports on ISA adoption

Adoption of ISAs is well underway,
according to a new online chart released by the International
Federation of Accountants. The chart indicates that ISAs have been
adopted or used as the basis of national standards in 126
jurisdictions around the world.

In 11 jurisdictions ISAs are required
by law or regulation and in 32 they have been adopted as the
national standards.