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
Smaller businesses could be excluded from government plans for making business transactions digital, found new research from ICAEW
Further powers are being sought by HMRC, but it is ‘failing’ to use those it already has, such as Conduct Notices, says RPC
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)