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November 26, 2009

News Briefs

STRATEGY 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 (IFAC).

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.

RESEARCH 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 year.

Of those respondents who reported economic crime in the last 12 months, 38 percent reported experiencing accounting fraud, almost three times higher than 2003.

STANDARDS 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.

AUDIT 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.

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