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Tag Archives: Accounting Profession News

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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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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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 ...

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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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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 ...

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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 ...

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