• The Institute of Chartered
Accountants in England and Wales (ICAEW) has launched a
certificate in insolvency. The certificate teaches how to apply
insolvency principles and serves as a stepping stone for further
study towards the Joint Insolvency Examination Board (JIEB)
examinations. It also aims to provide a practical introduction to
the work of an insolvency practitioner. No prior knowledge or
qualifications are required.
Accountants Ireland has voiced concerns in its submission
to the UK Financial Reporting Council’s
consultation over the renaming of the UK Combined Code on Corporate
Governance. Chartered Accountants Ireland technical policy director
Aidan Lambe said he was concerned over the inclusion of ‘UK’ in the
governance code given its widespread acceptance and adoption in the
Republic of Ireland, particularly around listing rules.
• The EC Accounting
Regulatory Committee (ARC) voted in favour of endorsing
four standards at its March meeting – the revised IAS 24 Related
Party Disclosures; amendments to IFRIC 14 Prepayments of a Minimum
Funding Requirement and IFRIC 19 Extinguishing Financial
Liabilities with Equity Instruments; and amendments to IFRS 1
Limited Exemption from Comparative IFRS 7 Disclosures for
The next step in the endorsement process is
approval by the European Parliament. This is expected to be
completed by the middle of this year.
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• It is important for the
European capital markets to take advantage of the opportunities
offered by the next generation of financial reporting technology,
according to Aziz Tayyebi, the Association of Chartered
Certified Accountants chief financial reporting officer.
Tayyebi said it is important for Europe to take a more harmonised
stance regarding XBRL and promote a European regulatory framework,
similar to the requirements in the US.
• The number of women
occupying senior business positions in Russia has grown in the past
three years, according to a study by PricewaterhouseCoopers
Russia and the Russian Managers
Association. The survey of 76 HR directors at major
Russian and international companies working in Russia found women
make up the vast majority of chief accountants (93%) and a large
number of senior HR managers (70%) and CFOs (48%).
• The Chartered
Institute of Public Finance and Accountancy (CIPFA) and
the ICAEW have jointly developed a new
qualification for finance professionals working in the public
sector. The Certificate in International Public Sector Financial
Reporting covers both IFRS and the public sector equivalent,
International Public Sector Accounting Standards (IPSAS).
The institutes said the e-learning programme
is particularly relevant as the UK central government and National
Health Services Trusts are adopting IFRS for their 2009-10
accounts, while the first local authority IFRS accounts will be
produced in 2010-11. The qualification can also be adapted for use
in other countries that are looking to improve public sector
financial reporting and management, the institutes said.