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Tag Archives: Accounting Profession News

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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KPMG 'obstructed US tax inquiry'

The US Justice Department has accused accountancy firm KPMG of obstructing an investigation into tax shelters. According to a court filing, KPMG has withheld documents, delayed the handing over of others and concealed its role in offering advice on avoiding tax. The IRS has been investigating KPMG since last year, calling on the company to divulge information on tax shelters. ...

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ICAP issues clarification regarding ISE's ruling

The Institute of Chartered Accountants of Pakistan (ICAP) has issued this press release regarding Islamabad Stock Exchange's decision regarding mandatory rotation of auditors. “The Islamabad Stock Exchange has issued a circular dated 12 November 2003 informing all Listed Companies that they are required to change their external auditors every five years as per the Code of Corporate Governance. The Circular ...

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New accounting rules in China ensure world norms are met

China will accelerate improvements to its accounting standards and policies next year to keep abreast with economic growth and the expectations of the international business world. “We plan to promulgate 20-plus accounting standards next year,'' said Liu Yuting, head of accounting department under the Ministry of Finance at Tuesday's CFO Rising Conference in Shanghai. He said China's accounting system has ...

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