Accounting
GAAP to be dropped early for EU firms
European firms listed in the US stock exchange will be allowed to start using IFRS instead of US GAAP from 2008, a year earlier than expected.
 
Partners warned of Revenue onslaught
With less than three months until the deadline to launch investigations into most 2005/06 partnership returns, professional services firms can expect intense scrutiny from HMRC.
 
CIMA to advise Bangladeshi colleagues
The Chartered Institute of Management Accountants (CIMA) will lead a project to strengthen the capabilities of the main accountancy body in Bangladesh.
 
Dell files restated accounts after probe
Computer manufacturer Dell has filed its past due periodic reports with the US Securities and Exchange Commission, including all financial accounts since 2003 restated after a probe.
 
Chinese IFRS materials launched
Preparers and users of financial statements in China can now benefit from the ICAEW Certificate in International Financial Reporting Standards (IFRS).
 
Half-year reports likely to get longer
The introduction of the new international accounting standards (IAS 34) may produce some significant changes in communication between companies and capital markets.
 
Baker Tilly merges with Slater Maidment
Mid-tier accountants Baker Tilly have announced the merger with Slater Maidment, a London based specialist accountancy practice based in St. James’s Square.
 
Exposure draft on hedge accounting
The Accounting Standards Board (ASB) has issued an exposure draft of amendments to hedge accounting financial reporting standards.
 
EU takes on Big Four auditing firms
The European Union has published an independent study on the ownership rules that apply to audit firms and their consequences on audit market concentration.
 
Move to tackle Big Four ‘damp squib’
Measures designed to tackle the continuing dominance of the Big Four accountancy firms in the UK audit market are "a total damp squib that will do nothing to enhance competition or choice in the market," according to a leading professor of accountancy.
 
BDO Stoy Hayward acquires Chiltern
BDO Stoy Hayward has acquired Chiltern, the UK's largest independent tax advisory firm and a leading provider of specialist tax services to smaller accountants and legal practices.
 
IAASB issues two new exposure drafts
The IAASB is proposing revisions to ISA 505 to address concerns that external confirmations may not always be as reliable as expected as audit evidence.
 
CIMA launches Centre of Excellence
The Chartered Institute of Management Accountants (CIMA) is teaming up with the University of Bath to launch the CIMA Centre of Excellence at the University's School of Management.
New layer.
 
Business hits out at compulsory e-filing
The Federation of Small Businesses (FSB) says that forcing small businesses to file pension administration electronically should be a choice not an obligation.
 
Income Top 50 accounting firms up 13%
Annual fee income of the largest 50 accounting firms in the UK rose by 13 per cent to £8.8bn in the financial year ending in 2007 according to a new report.
 
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