Home » News » Practice (page 21)

Practice

GAAP reporting language formalized for Canada

Canadian accounting firms, consultants and software vendors have worked out a set of local terms to help speed adoption of a business reporting language that could improve the electronic handling of financial information. Like a dictionary of accounting terms, the Canadian taxonomy for extensible business reporting language (XBRL) covers primary financial statements issued in accordance with Canadian generally accepted accounting ...

Read More »

Deloitte Taps Rohr as CFO

Deloitte Touche Tohmatsu, the global professional services organization, announced that Jeffrey P. Rohr has been named chief financial officer of Deloitte Touche Tohmatsu and its U.S. member firm, Deloitte & Touche LLP. Rohr, 54, has served as regional managing partner of the U.S. firm's midwest practice in Chicago since 1995. He succeeds Bill Fowler, who is retiring after 38 years ...

Read More »

Deloitte distances itself from Alitalia figures

Alitalia's auditor Deloitte and Touche said today it was unable to form an opinion on the troubled airline's full-year 2003 results because of significant uncertainties surrounding the company's business plan and financing. “Because of relevant uncertainties… we are unable to form an opinion about Alitalia's full-year results,” Deloitte said. The auditor said that the carrier's financial situation deteriorated sharply last ...

Read More »

Outsourcing may not be best option for businesses: Ernst & Young

Singapore: Outsourcing has been a global catch-phrase in recent years as one way for companies to reduce costs, and Singapore companies have also been quick to jump on that bandwagon. Increasingly, they have been getting external parties to provide selected goods and services for their operations. But Ernst & Young Associates, which advises businesses on restructuring in Singapore, says companies ...

Read More »

IFAC Explores Budget Reporting for Governments and Need for International Public Sector Standards

A new Research Report commissioned by the International Federation of Accountants' (IFAC's) Public Sector Committee (PSC) considers best practices in budget formulation and reporting under differing budget models and government administrative arrangements, and examines whether the development of an International Public Sector Accounting Standard (IPSAS) on budget reporting falls within the PSC's mandate. The Research Report, entitled “Budget Reporting,” was ...

Read More »

IFAC Ethics Committee Revises Ethics Code on Audit Partner Rotation

The Ethics Committee of the International Federation of Accountants has approved a revision to its Code of Ethics for Professional Accountants to clarify guidance pertaining to lead partner rotation for audit clients that are listed entities. When the Ethics Committee initially updated Section 8 of the Code, “Independence Requirements for Assurance Engagements,” in November 2001, the Code specified that lead ...

Read More »

IFRIC: Interpretation on Changes in Existing Decommissioning, Restoration and Similar Liabilities

The International Financial Reporting Interpretations Committee (IFRIC) has released IFRIC Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities. The Interpretation contains guidance on accounting for changes in existing decommissioning, restoration and similar liabilities that are recognised both as part of the cost of an item of property, plant and equipment in accordance with IAS 16 Property, Plant and ...

Read More »

Deloitte among four to face tribunal over scandal

Accounting giant Deloitte, together with two of its partners and one other external auditor to the former Semple Cochrane – the Paisley engineering firm that was bailed out in 2000 after it admitted overstating its profits – have been sent to a disciplinary tribunal of the Institute of Chartered Accountants of Scotland. When the accounting scandal emerged, the ICA in ...

Read More »

Transparent accounting, auditing systems vital for corporate governance: ICAB President

A positive approach towards ensuring transparency in accounting, auditing and reporting systems, and amending the Companies Act are crucial factors to improve corporate governance, chief of Bangladesh's accounting and auditing professionals’ institution observed. “The existing Companies Act is outdated and is neither progressive nor user-friendly. It is necessary to make things more relevant to match with today's needs,” Akhtar Sohel ...

Read More »

India introduces online tax accounting system

India's finance ministry has introduced an online system for tax payments that are being collected by the Reserve Bank of India and 31 other banks in the country, an official statement said Monday. The objective is to simplify procedures and ensure that credits for tax payments are fast and the Income Tax Department is able to monitor collections on a ...

Read More »
X