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International Accounting AICPA: Demand for IFRS Knowledge among CPAs Increases As the SEC reviews the IFRS "roadmap", a new poll by the AICPA reveals that U.S. CPAs are still evaluating international accounting standards but recognize the need to learn IFRS. The U.S. accounting profession recognizes a need to acquire knowledge of international accounting standards even as the Securities and Exchange Commission revisits plans for adoption, according to a recent survey conducted by the American Institute of Certified Public Accountants.

News & Insights

IFAC Proposes New Public Sector Reporting Standards The International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) is expanding its guidance in two significant areas: accounting for intangible assets and entity combinations. Survey Finds 90 Percent Think U.S. Will Introduce a U.S. Emissions Trading Scheme by 2015 As downturn bites, majority of companies have scaled back, delayed or cancelled carbon credit project investments. IG: Foreigners Allowed Improper Tax Credits by IRS The IRS allowed foreign workers - many of them in the U.S. illegally - to improperly claim nearly $7 billion in child tax credits from 2004 to 2007, a government investigator said Thursday. Protiviti Part 6: Global Reach and Impact of the Crisis How widespread is the crisis? What emergency actions did global regulators take? How will this impact the standing of the U.S. dollar as the main reserve currency? These and other questions are answered in the sixth installment of our series of commonly asked questions about the global economic crisis. IASB Round-Table to Review Off Balance Sheet Activities The International Accounting Standards Board (IASB) announced details of round-table discussions on consolidation and the derecognition of financial instruments. EU to Scrap Some Small Business Accounting Rules European Union regulators suggested scrapping financial reporting requirements for small companies, saying they shouldn't have to file the same kind of annual accounts or do the same regular audits as large firms. UBS has Closed 14,000 American Accounts, Still Opposes IRS Probe UBS has closed more than 14,000 accounts owned by Americans as it complies with a federal court settlement of charges it conspired to help the clients evade U.S. taxes, a top official of the Swiss bank said Wednesday. FASB Initiates Projects to Improve Measurement and Disclosure of Fair Value Estimates Robert H. Herz, Chairman of the Financial Accounting Standards Board, today announced the addition of new FASB agenda projects intended to improve (1) the application guidance used to determine fair values and (2) disclosure of fair value estimates. PricewaterhouseCoopers Announces $700,000 Grant to Accelerate IFRS Curriculum PricewaterhouseCoopers LLP (PwC) today announced the awarding of $700,000 in grants to colleges to accelerate preparedness of U.S. accounting students for the anticipated adoption of International Financial Reporting Standards (IFRS). Oil Slips below $36 as Inventories Rise Surging crude inventories and investor skepticism over the U.S. stimulus package dragged oil prices below $36 per barrel Thursday. SEC Charges KBR and Halliburton for FCPA Violations KBR and Halliburton have agreed to pay $177 million in disgorgement to settle the SEC's charges. Kellogg Brown & Root LLC has agreed to pay a $402 million fine to settle parallel criminal charges brought today by the U.S. Department of Justice. The sanctions represent the largest combined settlement ever paid by U.S. companies since the FCPA's inception. BRIEF: The Path to IFRS: Considerations for the Shipping Industry Deloitte has released a new publication in its IFRS series. In this publications you will learn on how to addresss IFRS in the shipping industry. IASB Trustees Allow Monitoring by Global Regulators The trustees overseeing the International Accounting Standards Board (IASB) have approved the creation of a group of global regulators to formally monitor the work of the London-based accounting rule maker. Global Pension Fund Balance Sheet Stressed Global institutional pension fund assets in the 11 major markets shrank by around 19% during 2008, from US$25 trillion to around US$20 trillion. The contraction is in sharp contrast to an average five-year growth rate (to end 2007) of 12% p.a., taking assets back to below 2005 levels. EU May Fund Private Sector Financial Oversight The European Commission suggested Monday that the European Union should help fund private-sector financial oversight groups to make them independent of the market. Falling Oil a Credit Issue for Some Producers The sharp drop in crude prices is forcing oil companies to exclude some untapped oil and natural gas reserves from their books because they're no longer economically viable, potentially affecting company borrowing power. IAASB: Impact of Credit Crisis on Going Concern Assumptions To help auditors and management address the challenges of assessing going concern in these uncertain times, the IAASB released a new practice alert entitled Audit Considerations in Respect of Going Concern in the Current Economic Environment.

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