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Member ICMAP Council appointed Secretary, Ministry of Education

Mr. Sajid Hassan, Member, ICMAP National Council has been elevated to the post of Federal Secretary, Ministry of Education, Government of Pakistan. Prior to this position, he was holding the post of Additional Finance Secretary (Expenditure) in the Ministry of Finance, Government of Pakistan. He possesses vast experience and has been involved in: (i) the formulation and implementation of the ...

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Chartered accountants to discuss networking, mergers

“Networking, mergers and brand promotion of professional firms” will be among the themes of focus at a two-day all-India conference of chartered accountants to be held here from July 16. Conceived to meet the emerging needs of the profession and its clientele, the concept of “networking” aims at encouraging accountants located at distant places and operating on a stand-alone basis ...

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Suit against E&Y ruled to be without merit

A three-judge panel in Chicago, USA has ruled that a $2 billion federal lawsuit against Ernst & Young in connection with the failure of a Chicago savings and loan in 2001 is without merit. The lawsuit, brought by the Federal Deposit Insurance Corporation, accused accounting giant Ernst & Young of fraud and negligence in misstating Superior Bank's assets. The FDIC ...

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US accounting rules blamed for software slump

Chief financial officers rushing to comply with Sarbanes-Oxley accounting rules in the US may have little time to sign off on new software deals, contributing to the industry's general weakness, according to a recently released report by analyst Piper Jaffray. That assessment comes in stark contrast to Wall Street's predictions a year ago that IT spending might get a boost ...

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PWC: Net will power global media growth

The internet and new technologies are set to power growth in the global entertainment and media industry, according to a new report from the influential consultants PricewaterhouseCoopers. Entertainment and media industry spending will increase at a 6.3 percent growth rate of $1.7trillion in 2008, sparked by an impressive growth in the Asia/Pacific region and improved by economic conditions and online ...

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FASB Mulling a Delay of Option-Rules Implementation

The Financial Accounting Standard Board in the US is considering changing the implementation date for it stock-option rules, after feedback on the board’s Exposure Draft during the three-month comment period indicated a desire for a delay. According to Steven Getz, FASB’s acting director of public relations, the board received more than 7,000 comment letters and many indicated that the looming ...

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PWC resign as auditors of Atlantic Dawn

PricewaterhouseCoopers, the auditors of the company behind Atlantic Dawn, one of Europe's largest fishing vessels, have resigned, saying that proper books have not been kept by the business. PriceWaterhouseCoopers notified their resignation to the Companies Registration Office on June 18. On Tuesday, the accountants filed another form with the CRO declaring that Atlantic Dawn had not kept 'proper books of ...

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IASB Publishes Discussion Paper on Standards for SMEs

The International Accounting Standards Board (IASB) has published a Discussion Paper on its proposal to develop a separate set of international accounting standards for small and medium-sized entities (SMEs). The Discussion Paper sets out the IASB’s preliminary views on aspects of the proposal and invites comments on them by 24 September 2004. The Discussion Paper does not include proposals for ...

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IFRIC publishes proposed guidance on members’ shares in co-operative entities

The International Financial Reporting Interpretations Committee (IFRIC) has released for public comment a draft Interpretation D8 Members’ Shares in Co-operative Entities giving guidance on the classification of members’ shares in co-operative entities as either financial liabilities or equity. The publication of this draft Interpretation is a direct response to concerns expressed by constituents that the classification of members’ shares in ...

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IFRIC publishes proposed amendment to the scope of SIC-12

The International Financial Reporting Interpretations Committee (IFRIC) has released for public comment Draft Amendment D7 proposing an amendment to the scope of Interpretation SIC-12, Consolidation—Special Purpose Entities. SIC-12 currently excludes from its scope post-employment benefit plans and equity compensation plans. Such plans are, at present, within the scope of the accounting standard IAS 19 Employee Benefits (as amended in 2002). ...

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