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Grant Thornton CEO sees damage from Parmalat

The global name of accountancy firm Grant Thornton International had been damaged by the Parmalat accounting scandal, Chief Executive David McDonnell was quoted by the Financial Times newspaper on Tuesday as saying. Its Italian affiliate, Grant Thornton SpA, audited certain Parmalat Finanziaria SpA units, including a Cayman Islands unit at the centre of the multi-billion-euro scandal. “It would be a ...

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Global accounting standards too important to fail now, says ACCA

The goal to achieve a global set of financial reporting standard is vital for the credibility of the world's capital markets, said the Association of Chartered Certified Accountants (ACCA). It said new “improved standards” paved the way for European listed companies to adopt the International Accounting Standards (IAS) in 2005. In turn, IAS should give more thought to the due ...

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Grant Thornton's image threatened by Parmalat

Welcome to the big leagues! In an industry torn apart by scandals over the past two years, mid-size accounting firm Grant Thornton had so far been able to keep a squeaky clean image and aggressively push for reform while its peers stood on the defensive. Thanks to the accounting debacle at Italian food maker Parmalat, however, the firm could soon ...

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Sage to buy US rival ACCPAC

UK business software company Sage Group is to acquire rival business management software vendor ACCPAC in a cash deal worth over £60m. ACCPAC, a subsidiary of Computer Associates, sells a suite of business management applications including accounting and customer relationship management (CRM) software to SMEs. The acquisition will give Sage a stronghold in the Canadian SME business software market, and ...

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Pricewaterhouse Settles Billing Case

Accounting giant PricewaterhouseCoopers has agreed to a $54.5 million settlement in a case that charged it and other major accounting firms overbilled clients for travel expenses, Arkansas court officials said on Monday. The settlement represents the latest blemish on the accounting industry hit hard by the collapse of Andersen and a series of corporate scandals over the past two years. ...

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KPMG Criticizes Court's Enron Report

Big Four accounting firm KPMG said a critical report by an independent examiner in Enron Corp.'s bankruptcy accusing the firm of being willfully blind to shady transactions was “riddled with flagrant legal and factual errors.” Harrison Goldin, the examiner for Enron's former wholesale trading unit, concluded in a report filed earlier this month that Enron had potential claims against the ...

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ICMAP calls for increased role of cost auditors

The Institute of Cost and Management Accountants of Pakistan (ICMAP) has recommended to the Central Board of Revenue (CBR) that all issues of sales tax, sales tax refunds, tax liabilities and refund of custom duty, pertaining to manufacturing concerns, be settled on the basis of their ‘cost audit reports’. The ICMAP has called for issuing a specially designed Statutory Regulatory ...

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FASB Issues Exposure Drafts to Support Convergence of Global Accounting Standards

The Financial Accounting Standards Board (FASB) in the USA will issue four Exposure Drafts that would improve U.S. generally accepted accounting principles and converge U.S. accounting guidance to existing international accounting standards. The documents will be available later today on the FASB’s website at www.fasb.org. The Exposure Drafts reflect the progress that the FASB and International Accounting Standards Board (IASB) ...

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IASB issues revised standards 32 and 39 focussing on Financial Instruments

The International Accounting Standards Board (IASB) has issued revised versions of its two Standards dealing with financial instruments. IAS 32 deals with the disclosure of financial instruments and their classification as debt or equity. IAS 39 deals with recognition, derecognition, measurement and hedge accounting. The release of these revised Standards is part of the IASB’s initiative to improve fifteen of ...

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IASB issues 13 revised accounting standards and withdraws IAS 15

The International Accounting Standards Board (IASB) has published 13 revised International Accounting Standards (IASs) and gave notice of the withdrawal of another IAS. The revised standards mark the near-completion of the IASB’s Improvements project. The project addressed concerns, questions and criticisms raised by securities regulators and other interested parties about the existing set of IASs. Improved versions of two further ...

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