Blog News

Financial Reporting Council Publishes Its Annual Report for 2011/12

The Financial Reporting Council (FRC), the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment, publishes its Annual Report for 2011/12. The Annual Report describes the ways in which the FRC, working closely with its stakeholders, has contributed to promoting high quality confidence in corporate reporting and governance during [...]

FRC Issues Exposure Draft of Limited Scope Amendments to FRED 48 (draft FRS 102) the Financial Reporting Standard Applicable in the UK and Republic of Ireland

The FRC has issued an Exposure Draft of limited scope amendments to the proposed accounting standard draft FRS 102. The FRC anticipates finalising the draft FRS in early 2013 and for it to be effective for accounting periods beginning on or after 1 January 2015. The FRC also hopes to finalise its draft FRSs 100 [...]

FSA Consults on Changes to the Listing Rules to Enhance the Effectiveness of the Regime

The Financial Services Authority (FSA) has proposed a number of changes to the Listing Rules that aim to enhance the effectiveness of the Listing Regime. The Listing Rules set out the requirements for companies listed in the UK and are the responsibility of the United Kingdom Listing Authority (UKLA), operating under the FSA. The proposed [...]

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FASB Accounting Standards Updates

Effective July 1, 2009, changes to the source of authoritative U.S. GAAP, the FASB Accounting Standards Codification® (FASB Codification), are communicated through an Accounting Standards Update (Update). Updates will be published for all authoritative U.S. GAAP promulgated by the FASB, regardless of the form in which such guidance may have been issued prior to release [...]

FRC Publishes Updates to UK Corporate Governance Code and Stewardship Code

Following consultation in April, the Financial Reporting Council (FRC) has today announced limited changes to the UK Corporate Governance Code and Stewardship Code intended to increase accountability and engagement through the investment chain. Both Codes will continue to apply on a “comply or explain” basis. Changes to the UK Corporate Governance Code include: FTSE 350 [...]

FRC Issues Revised Auditing Standards to Enhance Communications to Audit Committees and Auditor Reporting

The FRC has, following consultation, today issued revised International Standards on Auditing (ISAs) (UK and Ireland): 260    Communication with those charged with governance 700    The auditor’s report on financial statements (Revised) 705    Modifications to the opinion in the independent auditor’s report 706    Emphasis of matter paragraphs and other matter paragraphs in the independent auditor’s report [...]

Six Considerations When Acquiring a Physician Practice

For many years, physicians owned two-thirds of all U.S. medical practices. In the past decade, however, hospitals and private equity firms have increased their ownership stake of medical practices as physicians seek to exchange the risks and rewards of entrepreneurship for the stability of employment. Crowe Horwath LLP, one of the largest public accounting and [...]

Employers Set to Receive Letters from HMRC As Biggest PAYE Shake-up for 60 Years Looms, Says KPMG

Almost all employers in the UK are set to receive a letter from the tax authorities next month outlining key changes to PAYE reporting. The tax authorities unveiled the plans to write to employers in HMRC’s latest “Employer Bulletin” issued this week. And according to the employment tax team at KPMG in the UK, receiving [...]

Former “Teach Me to Trade” Salesman to Settle Securities Fraud Charges and Pay a $200,000 Penalty

The Securities and Exchange Commission announced that on September 5, 2012 the United States District Court for the Eastern District of Virginia entered a settled final judgment in Securities and Exchange Commission v. David Gengler, Lashaico, et al, Civil Action No. 1:08cv235 (E.D.Va. filed March 11, 2008). The final judgment resolves the Commission’s case against [...]

FRC Publishes FRRP’s Annual Report 2012

The Financial Reporting Council has published a report of the findings of the Financial Reporting Review Panel (FRRP) in relation to its review of reports and accounts in the year to 31 March 2012 in which: 326 sets of accounts were reviewed. 130 companies were approached for further information or explanation. The Panel found the [...]

SEC Issues Report on Brokerage Firms’ Handling of Confidential Information

The Securities and Exchange Commission issued a staff report intended to help broker-dealers safeguard confidential information from misuse, such as insider trading. The report by the Office of Compliance Inspections and Examinations (OCIE) describes strengths and weaknesses identified in examinations into how broker-dealers keep material nonpublic information from being misused. This report should help broker-dealers assess the [...]

AICPA Awards $50,000 in Total Scholarships to Ten Students

The American Institute of CPAs announced ten recipients of the AICPA John L. Carey Scholarship, awarded to students from liberal arts and other non-traditional business backgrounds to pursue graduate accounting degrees and become CPAs. The 2012-2013 recipients are: Philip Casey, University of Illinois at Urbana Champaign Oliver Chase, University of Vermont Sean Escoffery, University of [...]

Sometimes You Can Be Right or You Can Be Liked

In his blog, IIA President and CEO Richard Chambers shares his personal reflections and insights on the internal audit profession. This week he focuses on how sometimes it’s impossible for internal auditors to be both right and liked at the same time. Here’s an excerpt: I often post my thoughts on Twitter (@RFChambers). Most of [...]

AICPA Congratulates California on Enactment of ‘CPA Mobility’

The American Institute of CPAs (AICPA) President and CEO Barry Melancon has hailed California for its enactment of legislation to modernize regulations to allow CPAs to represent clients across state lines. Melancon said: “I applaud California Governor Jerry Brown for signing the bill passed unanimously by the California legislature that permits cross-border mobility for CPAs. [...]

Want Better Performance? Fix Your Firm’s Pay Policies

You can’t run a successful business without a sound strategic plan tied to established goals. Yet many leaders of professional services firms fail to create that same alignment when it comes to the compensation of employees who carry out the plan. The result: Missed opportunities for driving consistent, superior performance. Merely tweaking flawed pay policies [...]

Rwanda: Financial Sector Development Program

The Financial Sector Development Program (FSDP) in Rwanda (Phase I and II projects) was supported by the Financial Sector Reform and Strengthening (FIRST) Initiative, a multi-donor grant facility that provides technical assistance to promote financial sector strengthening. The government mobilized more than US$30 million from other development partners and together with the World Bank-financed Competitiveness [...]

Improving Investment Climate for Rwanda’s Private Sector Development

Rwanda has steadily reformed its commercial laws and institutions since 2001 with support from the World Bank Group. Rwanda was named the top reformer in Doing Business 2010, having jumped 76 places from 143 to 67 in the annual ranking of 183 countries, the biggest improvement ever by any country. As a result of the [...]

FRC Publishes Lab Report on ‘Net Debt Reconciliations’

The Financial Reporting Council (FRC) has released the Financial Reporting Lab’s (Lab) project report on ‘Net debt reconciliations (NDR)’. The Lab worked closely with five leading companies and a range of investors in preparing the observations contained in the project report. Comments on existing company disclosure were gathered by the Lab in a series of [...]

City Staff Celebrate with Taekwondo Medallists

Staff from KPMG took time out yesterday to celebrate with two GB taekwondo medal winners who visited their offices in Canary Wharf. GB Taekwondo gold medal winner Jade Jones and bronze medal winner Lutalo Muhammad from Walthamstow, spent time with staff from the accountancy firm, who have been the official supporters of the GB Taekwondo [...]