Accounting
Late notice new accounting standards
Financial information for accounting periods that end after 20 September 2007 will be subject to a new statement of standards. The measure is being brought in with little more than two months’ notice by the Auditing Practices Board.
 
Shift to rules-based accounting expected
The convergence of UK and US accounting standards is likely to mean a shift from a principles-based approach to more rules-based methodology for British warns accountants KPMG but there is a belief the UK methodology will remain key.
 
Divisions over fair-value accounting measurements
The UK’s Accounting Standards Board is seeking companies’ views on the proposed international standard on measuring fair value.
 
FTSE 100 companies producing OFRs despite government cancellation
Almost half of all FTSE 100 companies are producing OFRs – operating and financial reviews – even though the government controversially cancelled their introduction in 2005.
 
Beyond the finance system
The finance department within an organisation can often be thought of as a query master, dealing with requests from internal and external customers, when it should really be spending more time adding real value to the business. CedarOpenAccounts considers what the future holds for the finance function.
 
Are profit warnings wake up calls or the beginning of the end?
Sometimes all profit warnings show is that the company is very bad at forecasting. But Hugh Thompson argues they more often show that something fundamental is going wrong with the business, especially if the profit warnings occur more than once in a year.
 
Stepping out of the Dark Ages
Financial reporting practices applied to date are no longer robust enough to deal with modern business practices. Steven Brice of Mazars suggests that 2005 will be the year when global accountancy properly realises that companies now operate in increasingly integrated global markets.
 
Accountancy profession gets tough on discipline
Since the dramatic collapse of Enron, tougher regulations have been enforced on the accountancy profession. Jon Ashworth at The Times, describes the background behind such sanctions
 
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