1. ACCA Releases Reports on Talent Management and the Finance Professional in 2020

The Association of Chartered Certified Accountants (ACCA) recently released two new reports on key global trends affecting the finance profession. The first report, Finance Professional in 2020, explores key drivers and trends that impact on individuals, employers and the profession, and offers insights into the skills and knowledge finance professionals will need in the future. The second paper, Talent Management in the Finance Profession, reviews why talent management is becoming increasingly important for all organizations, the issues organizations need to consider in developing talent management programs, and challenges faced. It also considers regional perspectives and differences in approach.

Both reports are available on the ACCA website at http://www.accaglobal.com/employers/approved/services/professional_insight/insight.

Source: http://www.accaglobal.com

2. Canada Continues International Convergence Initiatives

The Canadian Auditing and Assurance Standards Board (AASB) has released its Strategic Plan which reflects the AASB's focus on adoption of International Standards on Auditing set by the International Auditing and Assurance Standards Board. The AASB's Strategic Plan can be downloaded at http://www.cica.ca/index.cfm/ci_id/36072/la_id/1/document/1/re_id/0.

For more information on International Standards on Auditing, visit: http://www.iaasb.org.

In addition, the staff of the Accounting Standards Board of Canada has prepared a bulletin for public companies regarding frequently asked questions about Canada’s move to International Financial Reporting Standards. The bulletin may be of interest to boards of Canadian public companies and their management, accountants and auditors. The bulletin can be viewed at http://www.cica.ca/index.cfm/ci_id/35840/la_id/1/document/1/re_id/0.

Source: http://www.cica.ca

3. FEE Releases Report on Quality Assurance Arrangements of EU Member States

The Fédération des Experts Comptables Européens (FEE) has published a report, Quality Assurance Arrangements across Europe, on the quality assurance systems and public oversight arrangements of 29 European countries as of July 1, 2006. The report found that a significant number of European Union member states are still considering the impact of the Statutory Audit Directive in relation to the creation of a system of public oversight and the implementation of Article 29 on quality assurance. In addition, all countries surveyed except one have a system of external quality assurance in place that covers all audit firms or all statutory auditors.

The report is available on FEE's website at http://www.fee.be/publications/default.asp?library_ref=4&content_ref=629.

Source: http://www.fee.be

4. Ghana to Transition to IFRSs by 2009

By 2009 Ghana will switch to using International Financial Reporting Standards (IFRSs) in the preparation and reporting of the country’s financial information. The changeover will mark the gradual phase out by 2009 of the Ghana National Accounting Standards, which are published by the Institute of Chartered Accountants, Ghana. The implementation of IFRSs will begin with listed companies, government business enterprises, banks, insurance companies, securities brokers, pension funds and investment bankers and public utilities by requiring the use of IFRSs for reporting deadlines beginning December 31, 2007. Small- and medium-sized enterprises, state-owned enterprises, ministries, departments and agencies will be given a transitional period of two years to enable them to begin to use IFRSs by 2009.

For more information on the accountancy profession in Ghana, visit the institute's home page at http://www.icagh.com.

Source: http://www.estandardsforum.com

5. Hong Kong Institute Releases Q&As on Audits of Licensed Corps. and Associated Entities

The Hong Kong Institute of Certified Public Accountants has released a new questions and answers (Q&As) document to raise practicing members’ awareness of the common audit issues that may be encountered by auditors of licensed corporations and associated entities of intermediaries. The Q&As, developed by the Institute’s Expert Panel on Securities, address some of the common issues and questions to be considered in the planning process and the practical procedures that can be applied. They are available on the institute's website at http://www.hkicpa.org.hk/professionaltechnical/assurance/rm/EPS_0701.pdf.

Source: http://www.hkicpa.org.hk

6. ICAEW Launches Program to Help Small Business

Small and medium entities (SMEs) will be able to get the expert finance advice they need with the launch of a new program by the Institute of Chartered Accountants in England & Wales (ICAEW). The SME Funding Adviser Scheme, which has been set up in response to a government initiative, aims to ensure businesses have access to a wide choice of independent professional advisers across the United Kingdom on a whole range of business finance options.The ICAEW is one of a number of organizations that has worked with the UK government to establish the new program which aims to meet the needs of SMEs and help them to address some of the key issues in raising finance. More information on the SME Funding Adviser Scheme is available on the ICAEW website at http://www.icaew.co.uk/index.cfm?route=137652.

Source: http://www.icaew.co.uk

7. IMA Issues Two New Statements on Management Accounting

The Institute of Management Accountants (IMA) in the United States has released two new Statements on Management Accounting (SMAs).The first, Enterprise Risk Management (ERM): Frameworks, Elements, and Integration, provides an overview of the enterprise risk management process and frameworks, and is designed to help management accountants understand their roles and responsibilities in ERM projects. The second, Implementing Activity-Based Costing, provides those considering implementing an activity-based costing system with information regarding the roles and responsibilities of management accountants, the need for behavior change management when implementing the system, and how to design, implement and sustain the system and evaluate its effectiveness.

Both SMAs can be downloaded free-of-charge from the IMA website at http://www.imanet.org/publications_statements.asp, following a short registration process.

Source: http://www.imanet.org

8. Indian Institute to Develop Local Government Accounting Standards

To help improve the transparency and effectiveness of municipal governments, the Institute of Chartered Accountants of India (ICAI) is preparing to develop accounting standards for local government bodies. The ICAI has established sub-groups to develop standards to help local bodies move from the cash to the accrual basis of accounting. The new standards will help revenue recognition and assist local bodies in more easily identifying where tax or service charge payments are due. The ICAI plans to help train local administration officials once the Urban Development Ministry accepts its recommendations.

For more information on the ICAI's program to develop local government accounting standards, visit its website: http://www.icai.org.

Source: http://www.icai.org

9. Malaysian Institute Launches Financial Reporting Standards Implementation Committee

The Malaysian Institute of Accountants has established a new committee to provide implementation guidance on financial reporting standards to accountants, auditors and preparers of financial statements. The Financial Reporting Standards Implementation Committee (FRSIC) will develop implementation guidance on contentious or so-called "gray" areas of implementation. Auditors and preparers, and others with an interest in financial reporting, are being invited to refer substantial new issues to the FRSIC where there is need to establish a standard treatment.

For more information, see the Malaysian institute's website at http://www.mia.org.my/mia/stoppress/detail.asp?id=368.

Source: http://www.mia.org.my

10. New Corporate Governance Rules Adopted in Sri Lanka

New rules on corporate governance are being incorporated into the listing rules of the Colombo Stock Exchange in Sri Lanka. The rules were developed by the Securities and Exchange Commission (SEC) of Sri Lanka and the Institute of Chartered Accountants of Sri Lanka in consultation with the Colombo Stock Exchange. A two-stage implementation process is planned so that listed companies have adequate time to become compliant.

The rules are available on the SEC website at http://www.sec.gov.lk/pdf/CG%20Draft%20rules%20-%2024th%20Jan%2007.pdf.

Source: http://www.estandardsforum.com

11. Survey Finds 80% of European Countries Have Adopted Accrual Accounting in Part or Full

A paper published by the Fédération des Experts Comptables Européens (FEE) reports findings of a survey on the progress made by European countries in implementing accrual accounting in the public sector. Key findings of the survey include:

• 80 percent of countries that responded have adopted some form of accrual accounting across the full range and size of public bodies;
• A number of countries have made rapid progress in the development and implementation of accrual accounting; and
• Data suggests that a more common approach to implementing accrual accounting is to make the transition first at the local level and only later to transfer the implementation of accrual accounting to the national government.

Improved consistency of financial reporting through the adoption of accrual accounting allows accounts to be compared over time and between organizations, enabling an assessment of the performance of the public sector to be made.

For more information and to download the paper, visit the FEE website at http://www.fee.be/news/default.asp?library_ref=2&content_ref=637.

Source: http://www.fee.be