Search Results for: accountancy

BY DAVID HAWORTH

THE BRUSSELS office for whistle-blower MEP Paul Van Buitenen told Accountancy Age that the Dutchman will not be standing for a second term of office on the European Parliament in June. The admission follows reports in the Amsterdam Telegraaf and Netherlands television that Van Buitenen was not planning to renew his electoral mandate.…

BY ALAN OSBORN

ONE of the most striking developments in the fight against money laundering over the past 10 years has been the growing sophistication and alertness of traditional bank clerks and other comparatively low level financial service company staff in the detection of suspicious activity and the vetting of new clients.…

BY MARK GODFREY

THOUGH its top trading partners continue to stick with the fair value or mark to market principle set by the International Financial Reporting Standards (IFRS), China remains unwilling to embrace the principle. Though Beijing, keen to nurture its companies into global corporate champions, has been bringing its Accounting Standards for Business Enterprises (ASBE) closer to the IFRS it won’t require listed firms to use the fair value approach – “not for the foreseeable future,” Dickson Leung, partner at the Beijing offices of Lehman Brown has told Accountancy Age.…

BY RAGHAVENDRA VERMA

THE CLEANING up process of the accounts of scandal-hit India IT company Satyam has now begun and could take more than six months. KPMG and Deloitte have been mandated by the IT company’s new central government-appointed board to scrutinise its accounts.…

BY MARK GODFREY

MURKY dealings in the China’s corporate world suggest that the country’s adherence to acceptable accounting standards may be more in word that practice. Huang Guangyu, China’s second richest man and founder of electric retailing giant Gome, was accused in December of "financial crimes" by the China’s ministry of public security, which oversees the police.…

BY RAGHAVENDRA VERMA

WITH the Satyam scandal seriously affecting his big four firm’s global goodwill, on Thursday PricewaterhouseCooper’s international CEO Samuel DiPiazza rushed to New Delhi to meet India’s corporate affairs minister Prem Chand Gupta.

The meeting is seen by accounting industry experts as an effort to salvage PWC’s businesses in the country and explain the firm’s position in the billion-dollar fraud in which two of its auditing partners are behind bars.…

BY KEITH NUTHALL, GAVIN BLAIR, and MARK GODFREY

BACK in November 2008, long before the accession of Barack Obama to the US presidency, world leaders gathered together under the G20 banner to forge a common response to the ongoing financial crisis.…

BY JOSEPH GOLDSTEIN

THE VICTORY of the next USA president, Barack Obama and the expansion of his Democratic Party’s control over Congress are likely to dampen calls to end the use of fair value accounting in America.

With Democrats now firmly in charge of the country’s economic agenda, supporters of fair value accounting can probably breathe a sigh of relief this side of the Atlantic.…

By Alan Osborn

The world is not over-full of specialist academics at universities and colleges teaching anti-money laundering (AML) methods – but these important experts are out there if you look for them. Their low profile is partly because the subject is often subsumed into financial crime generally and partly because genuine AML skills can command a useful premium to banks and other major financial institutions better able to support lavish salaries and back-up systems.…

BY ALAN OSBORN

A MAJOR strengthening of Canada’s regulations and programmes fighting money laundering and terrorist financing has taken place in 2008 and will continue into 2009, going a long way towards erasing the worryingly negative impression left by last year’s report by the Financial Action Task Force (FATF).…