Accounting & Business

  Sir Andrew Likierman profile   What do you bring to the post of NAO Chair?   What I hope is a good combination of experience, expertise and independence. I’ve worked with Parliament as advisor to several Select Committees, in government for many years and in the private sector. I’ve also specialized at different times […]

  World accountancy news   US on the road to IFRS   US companies could file accounts using IFRS in 2010, under the detailed roadmap for accounting standards convergence published by the US Securities and Exchange Commission. IFRS would be required for listed US companies by 2014.   Only listed US companies whose industry mostly

  Donors who give to charities expect their money to be spent properly. Unfortunately this is not always the case, according to the regulator for charities in England and Wales, the Charity Commission.   In fact, says the Commission, poor accounting and financial reporting practices are common across the charitable sector. Fraud, weak management and

  Fair value under pressure   The International Accounting Standards Board has yielded to intense pressure from European Union governments and United States regulators to allow some distressed financial instruments to be reclassified, removing them from the requirement to report at fair value. Many banking and insurance executives have blamed the use of fair value

  Alan Shooter is fed-up. He is an FCCA and his central London firm Shooter Greene & Co is well respected. Yet he worries that clients are increasingly turning their backs on skilled and experienced firms such as his and taking their business to firms that call themselves ‘accountants’ – but are not qualified.  

  Off-balance sheet and off track   Tougher action against off-balance sheet accounting practices, global regulation of financial markets and permanent restrictions on short selling may all be long-term outcomes of the global financial meltdown.   Leaders of the leading industrial countries appear to have reached a consensus that light touch regulation of the financial

  Liechtenstein concedes in tax battle   Liechtenstein has yielded to international pressure, agreeing to share financial information on non-residents who bank in the principality. Prince Alois – the permanent representative of his father, the head of state – said Liechtenstein’s new approach reflected an international mood towards mutual assistance on tax.   “In the

Accounting & Business – News analysis EU takes action on auditor liability   The European Commission has proposed limits on auditors’ liability to protect the Big Four from further reductions in numbers, threatening the viability of a competitive market for company audits. It hopes the move will also strengthen mid-tier audit firms, enabling them to

  Letter from Ireland   by Paul Gosling   A trickle threatens to become a flood. Shire Pharmaceuticals made news in April as the first FTSE 100 company to move its tax residency to Dublin – jumping out of Britain’s 28% corporation tax net, into Ireland’s more hospitable 12.5% tax rate. Shire was persuaded not

  Accounting & Business June 2008   News Despatch   FRC repeats warning of a Big Four collapse   A collapse of a Big Four firm remains the biggest risk to the effective functioning of the audit market, the UK’s Financial Reporting Council has warned.   As part of the ongoing implementation of recommendations from