Financial and Accounting News

• July 6, 2011 Progress on International Accounting Standards 'Substantial' PROGRESS TOWARDS convergence of International Financial Reporting Standards with US GAAP has been described as "substantial" by the standard setters. The International Accounting Standards Board and US ...
• July 6, 2011 Tax Court Allows Deduction for Payment to Long-Term Caregivers The Tax Court held that payments made to an elderly woman’s caregivers for personal care that she required due to her diminished capacity qualified as long-term-care services and were therefore deductible under IRC ...
• July 5, 2011 HMRC Launches VAT Initiative THE TAXMAN will be sending more than 40,000 letters out over the next few weeks informing businesses how to register for VAT. HM Revenue & Customs is focusing on businesses that have a turnover of £73,000 and ...
• July 5, 2011 IAESB Proposes Clarified Standard on Professional Accounting Education Entry Requirements The International Accounting Education Standards Board (IAESB) today released for public exposure a proposed revision of International Education Standard (IES) 1, Entry Requirements to a Program of Professional Accounting ...
• July 5, 2011 IAASB Seeks Global Views on Enhancing the Value of Auditor Reporting The International Auditing and Assurance Standards Board (IAASB) today released its consultation paper, Enhancing the Value of Auditor Reporting: Exploring Options for Change, to obtain views on enhancing the quality, ...
• July 5, 2011 New Publication from ISACA and IFAC Helps Organizations Maximize the Value of XBRL (Rolling Meadows, IL and New York, NY/June 22, 2011) ISACA and the International Federation of Accountants (IFAC)’s Professional Accountants in Business (PAIB) Committee have jointly developed a paper, Leveraging XBRL ...
• July 4, 2011 IAESB Proposes Clarified Standard on Professional Accounting Education Entry Requirements (New York/June 21, 2011) The International Accounting Education Standards Board (IAESB) today released for public exposure a proposed revision of International Education Standard (IES) 1, Entry Requirements to a Program of ...
• July 4, 2011 New Publication From ISACA and IFAC Helps Organizations Maximize the Value of XBRL (Rolling Meadows, IL and New York, NY/June 22, 2011) ISACA and the International Federation of Accountants (IFAC)’s Professional Accountants in Business (PAIB) Committee have jointly developed a paper, Leveraging ...
• July 4, 2011 Auditors Criticise EU Farm Payment System The EU's main audit body says agricultural subsidies - the biggest item in the EU budget - often go to people who do little or no farming. A new report by the European Court of Auditors complains of deficiencies ...
• July 3, 2011 IASB and FASB issue Common Fair Value Measurement and Disclosure Requirements The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today issued new guidance on fair value measurement and disclosure requirements for International Financial Reporting ...