April 9th, 2010
Source: PWYP International
The International Accounting Standards Board (IASB) took important steps today to improve reporting and disclosure by the oil, gas and mining industries. But extractive industry experts said the proposals have been weakened by pressure from companies and have yet to clearly recommend reporting of the full information that investors and citizens need.
In its formal “Discussion Paper” for a new extractive activities standard, the world’s leading rule-setter for accounting explores several new reporting requirements for reserves, production and costs. The Discussion Paper, which represents an important step in the...
Continue Reading
August 20th, 2009
So, the dust is settling. UBS has had to conceded, Swiss banking secrecy is seriously damaged, and now what?
Senator Carl Levin, has I note said:
The UBS settlement is at most a modest advance in the effort to end bank secrecy abuses, tax haven bank misconduct, and the tax haven drain on the U.S. treasury. It will take a long time before we know whether this settlement will produce meaningful gains due to treaty procedures which are complex, depend upon the Swiss government to carry out, and open the door to potentially lengthy appeals.
In the meantime,...
July 29th, 2009
Ernst & Young have published their latest “
Tax policy and controversy brie?ng: A quarterly review of global tax policy and controversy developments”. On page 13 they say:
Country-by-country reporting concept attracts attention
At the Berlin meeting, a report which advocates the introduction of country-by-country reporting by multinational companies received some attention. The report, Country-by-Country Reporting: Holding multinational corporations to account wherever they are was authored by the Task Force on Financial Integrity and Economic Development, a global group of civil society organizations. It was reported that at the Berlin meeting...
July 16th, 2009
The IASB has issued a two page plus new accounting standard for small and medium sized enterprises. As
Accountancy says:
The international standard-setter has today published its long-awaited International Financial Reporting Standard for SMEs after five years of consultation on the standards.
The International Accounting Standards Board aimed to produce a standard which is less complex than full IFRS and which would improve comparability for SME users of accounts, who comprise 95% of businesses.
Commenting on the standard, IASB chairman Sir David Tweedie said: ‘For the first time,...
