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Tag Archives: Accounting Profession News

Microsoft and PwC Roll Out Vat.Net

New Delhi: Software major Microsoft Corporation India Pvt Ltd and professional services firm PricewaterhouseCoopers (PwC) India have launched a value added tax (VAT) solution for state tax departments in India. The two companies have jointly invested $1 million to develop the VAT solution, according to PwC director Roopen Roy. “Most of our development work is done through partnerships as we ...

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New global accounting rules unveiled

New accounting proposals by the International Accounting Standards Board will force listed companies to deduct the cost of stock options from their reported profits, it emerged on Thursday. Companies will be required to recognise the cost of stock options and cash payments tied to the value of shares at the time of inception in terms of the proposals, the business ...

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Accounting Firm claims Chief Govt Audit Overseer Fired it when it raised Financial Problems

Accounting firm BDO Seidman LLP released documents yesterday that showed that William H Webster had fired it as the auditor of US Technologies after the firm warned him about financial problems at the company, newspapers reported. Webster, who has been named by the US Securities and Exchange Commission to head a new board overseeing the accounting industry, has said he ...

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SEC's Head Accountant in USA Resigns

The chief accountant of the Securities and Exchange Commission in the US resigned yesterday after 15 months in office, the second top official in the agency to depart because of his role in the controversial selection of former FBI and CIA director William H. Webster as head of the new national board to police the accounting industry. Robert K. Herdman ...

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New Fraud Standard Expands All Auditors Responsibility

The Auditing Standards Board of the AICPA has issued SAS No. 99, Consideration of Fraud in a Financial Statement Audit, that gives U.S. auditors increased responsibility for detecting material fraud. “While many reforms have been focused on public companies that have to file with the SEC, this Standard affects how the auditor conducts audits of any company, and encourages an ...

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FASB and IASB Agree to Work Together toward Convergence of Global Accounting Standards

LONDON, United Kingdom: The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have issued a memorandum of understanding, marking a significant step toward formalizing their commitment to the convergence of U.S. and international accounting standards. The FASB and IASB presented the agreement to the chairs of leading national standard setters at a two-day meeting being held in ...

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IFAC Task Force Focuses on Restoring Credibility in Financial Statements

(New York/October 18, 2002) – Improving the credibility of financial reporting worldwide is the objective of a new task force appointed by the International Federation of Accountants (IFAC), an organization representing more than 150 accountancy organizations from around the world. The IFAC Task Force on Rebuilding Public Confidence in Financial Reporting will be chaired by John Crow, former Governor of ...

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IFAC Issues Exposure Draft on Compliance with International Financial Reporting Standards

(New York/Oct. 28, 2002) — The International Federation of Accountant's International (IFAC's) Auditing and Assurance Standards Board (IAASB) is proposing new guidance designed to clarify when financial statements are in full compliance with International Financial Reporting Standards (IFRSs), thus contributing to greater consistency in the application of these standards. The exposure draft of International Auditing Practice Statement (IAPS) Reporting on ...

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IAASB Seeks Comments on Audit Risk Guidance

(New York/Oct. 29, 2002) — Contributing to the improvement of audit quality worldwide, the International Federation of Accountant's (IFAC) International Auditing and Assurance Standards Board (IAASB) has proposed new standards to help auditors identify and address audit risks. On an international level, the proposed new guidance represents significant changes to the standards governing audits of financial statements. Three International Standards ...

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Gemstar Drops KPMG as Auditor

New York (Nov. 5, 2002) TV Guide publisher Gemstar said it has fired KPMG, its outside auditor, following a disagreement over the company’s financial statements. The dispute centered on a restatement of the company’s financial statements, which was recommended by the board’s audit committee, but rejected as unnecessary by KPMG. “We were not surprised we were terminated in light of ...

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