Satyam Computer Services, a leading Indian outsourcing company that served more than a third of the Fortune 500 companies, was at the heart of a huge 2009 fraud perpetrated through the significant inflation of earnings and falsification of accounts and assets for a number of years. Chairman, Ramalinga Raju, resigned  in January 2009 after revealing that… Read more »
Posts Categorized: IFRS
Research and Development (R & D): Does This Indicate a Crack in the Foundation of IFRS Convergence?
When the IASB and FASB began the convergence process in 2002, they considered R & D as a high-priority project, where differences between US GAAP and IFRS were seen as particularly straightforward. However, as this article notes, still no consensus has been reached because IASB’s R&D treatment appears to defeat comparability in the eyes of… Read more »
Convergence Delayed
The head of the Financial Accounting Standards Board, which sets U.S. accounting rules, said June 1, 2010, that he does not expect FASB to meet a June 30, 2011 deadline for convergence with international accounting rules, as requested by the G20 group of industrial and emerging countries. According to FASB chairman, Robert Herz, changes that… Read more »
A New Twist for Job Seekers
Unemployed Individuals can increase their attractiveness to prospective employers by knowing about  certain tax breaks that employers can secure by hiring them. One group , National Tax Credit Group, LLC, is promoting this advantage by creating a “Tax Credit Card†which they issue to prospective employees after screening them for hiring credit eligibility. This article… Read more »
A Virtual Marketplace for Accountants
Launched in late April 2010, CPAbidding.com provides a new way for individuals and businesses to find and retain CPA-related services. This new Web site is free to use and helps connect individuals and businesses with CPAs. The goal of the service is to provide a more efficient and less expensive option for finding and hiring… Read more »
If You Are Planning to Work for Grant Thornton in Hawaii, Think Again.
Accounting firm Grant Thornton is leaving the Hawaiian market this summer after more than 50 years, and selling its practice to two of the firm’s audit partners from the Honolulu office. Several  established Big Four firms have preceded Grant Thornton in this exodus, including PricewaterhouseCoopers, who left in 2006 after 55 years. Questions: 1. What… Read more »
The Costs and Benefits of Simultaneous Audits for Multinational Companies
Simultaneous audits mean two separate exams, conducted by different governments, in which those governments share with each other some of the taxpayer’s information. Even though you may not have heard of them, they have existed since the 1970s, but are becoming more common today as government tax agencies race to match the level of global… Read more »
What’s the Diagnosis – Accounting Fatigue Syndrome (AFS)?
At a recent conference in Orlando, financial executives discussed one of the top reasons for employee fatigue – a continuous stream of regulatory and accounting standard-setting guidance that has been issued in recent years and the promise of more to come over the foreseeable future. Questions: 1. Although the article provides little detail, what accounting… Read more »
The Effects of Converting to IFRS
The Effects of Converting to IFRS The primary question raised in this article is: “What effects would switching to IFRS have for companies, if forced to switch by the SEC?†Based on a panel of four executives from four major companies, most agreed that there will be almost no material effects in areas that investors… Read more »
Good News for Accounting Graduates
Good news for accounting graduates! A nationwide survey of 3,500 accounting, finance, and human resource executives indicated that, in 2010, the majority of accounting and financial businesses that were impacted by the economic crisis are likely to hire accounting and financial candidates in 2010. About half of the survey respondents said they anticipated hiring support,… Read more »
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