Home » Tag Archives: Accounting Profession News (page 22)

Tag Archives: Accounting Profession News

PwC pays $50m over Raytheon

Auditor PricewaterhouseCoopers has agreed to pay $50m (£28m) to settle claims with New York State regarding its role in a 1999 lawsuit involving its defence-contractor client Raytheon. PwC's settlement follows Raytheon's $410m settlement this month on the same lawsuit, in which shareholders accused the defence firm of hiding financial problems. Raytheon's stock fell more than 75% between July 1999 and ...

Read More »

Implementation of accounting standards stressed

Economic growth in the region of Arabian Gulf, Middle East and South Asia can only sustain when corporate structure is strengthened coupled with International Accounting Standards (IAS) is followed by business houses. This is leading to expansion of accounting and consulting services in the area. The Allliot group meeting was held in Dubai under the chairmanship of Dr. A. Hadi ...

Read More »

Asia-Pacific accountants to meet in Dhaka

The 16th conference of the Confederation of Asian and Pacific Accountants (CAPA) will be held in Dhaka, Bangladesh on Monday, 24th May, 2004. President Iajuddin Ahmed will inaugurate the conference as chief guest while Commerce Minister Altaf Hossain Chowdhury will present as special guest. Institute of Cost and Management Accountants of Bangladesh (ICMAB) is organising the convention. Speaker Jamir Uddin ...

Read More »

Bank Sues BDO Seidman for $170 million

In a lawsuit that draws comparisons with Arthur Andersen's role in the Enron scandal, Banco Espirito Santo International sued BDO Seidman Tuesday, saying the accounting firm's unprofessional conduct cost the financial institution over $170 million. The lawsuit, filed in federal court in Miami, USA, concerns the E.S. Bankest scandal that produced nine indictments last year. Four of the defendants have ...

Read More »

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 »

ICAI recruiting thousands of accountants for GE India

A giant finance and accounting services outsourcing project appears to be headed towards India, with the Institute of Chartered Accountants of India recruiting accountants in “hundreds and thousands” for GE India. “We have been recently approached by GE to recruit thousands of accountants of various levels of qualification – qualified chartered accountants, those who are doing their articleship and even ...

Read More »

ICMAP submits budget proposals

KARACHI: The Institute of Cost and Management Accountants of Pakistan (ICMAP) has submitted budget proposals to the Federal Ministry of Finance and Central Board of Revenue (CBR) for due consideration. These proposals made by different chambers, trade bodies and industries representatives during the pre-budget seminar, organised by the ICMAP recently. The ICMAP has always extended full assistance in framing ‘business- ...

Read More »

IFRIC publishes proposed guidance on multi-employer plans

The International Financial Reporting Interpretations Committee (IFRIC) 1 has released for public comment a draft Interpretation giving guidance on employee benefit plans that have more than one participating employer (multi-employer plans). International Accounting Standard 19 Employee Benefits (IAS 19) allows participants in defined benefit multi-employer plans to use defined contribution accounting and provide additional disclosures if the information necessary for ...

Read More »

IASB Publishes Proposals for a Limited Amendment to its Standard on Business Combinations

The International Accounting Standards Board (IASB) has published for public comment proposals for a limited amendment to IFRS 3 Business Combinations. The proposals are set out in the Exposure Draft Combinations by Contract Alone or Involving Mutual Entities. The IASB invites comments on the Exposure Draft by 31 July 2004. The amendments being proposed to IFRS 3 are an interim ...

Read More »

KPMG: Male Finance Execs Fit the 'Profile of a Fraudster'

Long-serving, male executives are most likely to commit company fraud, according to a new study by KPMG Forensic. In addition, there is a 40 percent chance that the fraudster is from the finance department and a greater than 50 percent chance that he's scheming the company with the help of a colleague. The analysis, released this week by the United ...

Read More »