October 7, 2022

Accounting News Roundup: IASB Urges U.S. on IFRS…Again; Film Credits Showing Life in Idaho, Arizona; Auditors Feel They’re Skeptical Enough | 03.11.11

BOJ Pledges Liquidity on Japan Quake as Toyota Shuts Plants [Bloomberg]
Japan’s central bank pledged to ensure financial stability after the strongest earthquake in at least a century forced Toyota Motor Corp. to shut some plants, knocked out oil refineries and sparked a plunge in stocks. The magnitude 8.9 earthquake struck off the coast of Sendai, a city of 1 million in the northeast, unleashing a tsunami as high as 10 meters (33 feet) that engulfed towns along the coast. The Tohoku region, which includes Sendai, accounts for about 8 percent of the country’s gross domestic product, according to Macquarie Song>IASB urges US to adopt new accounting rules [FT]
Speaking in Washington DC on Thursday, Sir David Tweedie sought to reassure the US that it would not be ceding control of its accounting system to foreign politicians if it adopted the IASB’s rules. The plea by Sir David comes at the same time as a push by the European Commission to secure a greater say for public authorities in the oversight of his organisation. The US Securities and Exchange Commission is due to decide this year whether to jettison US accounting rules in favour of adopting the IASB’s international financial reporting standards (IFRS), which are followed in the European Union and a number of other countries.

Has India Abandoned IFRS? [The Accounting Onion]
Paging Sir David…

Medical marijuana subject to new LA tax [DMWT]
If only it were that simple.

3 Accounting Associations Merge to Form IGAF Polaris [AT]
Three international accounting associations—Polaris International, Fidunion and IGAF Worldwide—are merging together to create one of the largest associations of independent accounting firms in the world. The merged association, which will operate under the name IGAF Polaris, will contain 385 member firms with combined annual revenue of over $1.82 billion. The association will include a combined total of 2,402 partners, 16,304 professional staff operating out of 846 offices in 88 countries around the globe.

Arizona and Idaho Look Again to Film Tax Credits [Tax Foundation]
Joe Kristan is getting heartburn.


Pentagon accounting problems ‘serious’: Treasury [AFP]
Essentially the DoD is unauditable.

Ford truck crashes into public accountant’s office in Dodge City [Dodge City Daily Globe]
Yes, that Dodge City.

Deloitte Announces Alliance Agreement with MicroStrategy to Deliver Business Intelligence and Analytic Solutions [PR Newswire]
Under the agreement, Deloitte will combine MicroStrategy’s advanced business intelligence (BI) technology with its broad array of consulting, advisory and implementation services to assist their mutual clients in meeting information, business intelligence and analytic needs. The alliance includes collaboration on solution, service and market development, education, training, sales and delivery.

Auditors reject lack of scepticism concerns [Accountancy Age]
Auditors have rejected the suggestion that there [sic] work requires more scepticism. Following the release of a discussion paper from regulators on whether auditor scepticism needs to be increased, firms defended their attitude and working processes to provide audits. Some noted that the application of international financial reporting standards (IFRS), which can provide a range of potential outcomes, is confused by regulators as a lack of scepticism.

BOJ Pledges Liquidity on Japan Quake as Toyota Shuts Plants [Bloomberg]
Japan’s central bank pledged to ensure financial stability after the strongest earthquake in at least a century forced Toyota Motor Corp. to shut some plants, knocked out oil refineries and sparked a plunge in stocks. The magnitude 8.9 earthquake struck off the coast of Sendai, a city of 1 million in the northeast, unleashing a tsunami as high as 10 meters (33 feet) that engulfed towns along the coast. The Tohoku region, which includes Sendai, accounts for about 8 percent of the country’s gross domestic product, according to Macquarie Securities Ltd.

IASB urges US to adopt new accounting rules [FT]
Speaking in Washington DC on Thursday, Sir David Tweedie sought to reassure the US that it would not be ceding control of its accounting system to foreign politicians if it adopted the IASB’s rules. The plea by Sir David comes at the same time as a push by the European Commission to secure a greater say for public authorities in the oversight of his organisation. The US Securities and Exchange Commission is due to decide this year whether to jettison US accounting rules in favour of adopting the IASB’s international financial reporting standards (IFRS), which are followed in the European Union and a number of other countries.

Has India Abandoned IFRS? [The Accounting Onion]
Paging Sir David…

Medical marijuana subject to new LA tax [DMWT]
If only it were that simple.

3 Accounting Associations Merge to Form IGAF Polaris [AT]
Three international accounting associations—Polaris International, Fidunion and IGAF Worldwide—are merging together to create one of the largest associations of independent accounting firms in the world. The merged association, which will operate under the name IGAF Polaris, will contain 385 member firms with combined annual revenue of over $1.82 billion. The association will include a combined total of 2,402 partners, 16,304 professional staff operating out of 846 offices in 88 countries around the globe.

Arizona and Idaho Look Again to Film Tax Credits [Tax Foundation]
Joe Kristan is getting heartburn.


Pentagon accounting problems ‘serious’: Treasury [AFP]
Essentially the DoD is unauditable.

Ford truck crashes into public accountant’s office in Dodge City [Dodge City Daily Globe]
Yes, that Dodge City.

Deloitte Announces Alliance Agreement with MicroStrategy to Deliver Business Intelligence and Analytic Solutions [PR Newswire]
Under the agreement, Deloitte will combine MicroStrategy’s advanced business intelligence (BI) technology with its broad array of consulting, advisory and implementation services to assist their mutual clients in meeting information, business intelligence and analytic needs. The alliance includes collaboration on solution, service and market development, education, training, sales and delivery.

Auditors reject lack of scepticism concerns [Accountancy Age]
Auditors have rejected the suggestion that there [sic] work requires more scepticism. Following the release of a discussion paper from regulators on whether auditor scepticism needs to be increased, firms defended their attitude and working processes to provide audits. Some noted that the application of international financial reporting standards (IFRS), which can provide a range of potential outcomes, is confused by regulators as a lack of scepticism.

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