The US government has affirmed its desire for a single set of accounting
standards by the end of 2009.
A white paper says the convergence of its Generally Accepted Accounting
Principles with the International Financial Reporting Standards will help
‘revive’ the financial system in the US.
It calls for clarification on the use of fair value accounting standards,
particularly those applying to financial instruments by the end of 2009.
The paper also suggests improvements to loan loss provisioning, while
emphasising that the transparency of financial statements should not be lost in
As part of the government’s Flag It Up! campaign, Henry Cooper, former president of the AAT, highlights how accountants can protect themselves and their businesses from money launderers
Steve Butler of Punter Southall Aspire highlights the importance of pension governance meetings to protect against mistakes and safeguard company reputation
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
Nasar Zamir of Congruent discusses the RBS complaints process for GRG losses and how specialist guidance can best support a claim