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The Financial Accounting Standards Board released a set of mostly minor revisions and technical corrections to the lease accounting standard. The Codification Improvement to Topic 842, Leases, affects only narrow aspects of the previous guidance. FASB didn’t create a Transition Resource Group on the leasing standard, as it did with the revenue recognition and credit loss standards. But FASB and its staff have been helping stakeholders during the transition period until the standard takes effect in December for public companies responding to inquiries and eliciting feedback on potential implementation issues that could arise. The document addresses a number of those issues. The lease accounting standard will put operating leases on the balance sheet of many companies for the first time ever, and there are some differences between FASB’s version of the standard for U.S. GAAP and the International Accounting Standards Board’s version for International Financial Reporting Standar...

The UK’s 18th biggest accountancy firm will join Baldwins, which is part of CogitalGroup. Wilkins Kennedy has more than 700 employees and partners, turnover in excess of £54m, and 18 offices across London and the South East. Connolly, the former chief executive of Deloitte, announced in 2016  he was creating a new advisory firm . In October that year,  the firm merged with Midlands-based Baldwins Accountants , bringing its revenue to £300m. Following the acquisition of Wilkins Kennedy, Cogital now has revenues of £500m, with 50% in the UK and 50% in the Nordic countries. It now serves 70,000 clients and employs 6,000 people across 170 offices, including in the UK, Norway, Sweden, Denmark and Finland. It also has technology and support centres in Romania and Lithuania. Cogital said that William Payne, senior partner at Wilkins Kennedy, will become a managing director in the South region, and will join the board of Baldwin Holdings. Baldwin’s South arm wil...

Donald Trump will make his long-awaited, and controversial, first visit as president to the UK next week, a part of which will be a dinner with 150 British business leaders Senior partners from the Big Four have been invited to represent the accountancy profession.  Deloitte chief executive David Sproul is attending to “recognize the importance of the UK-US economic relationship and the close business links between the two countries,” a spokesperson for the firm said.  Steve Varley, EY UK chairman, is attending; along with KMPG’s UK chairman Bill Michael. PwC’s UK leader Kevin Ellis was invited but cannot attend due to a prior commitment.  The Financial Times, which first reported the dinner, said the location is being kept secret for security reasons but there is increasing speculation that it will be held at Blenheim Palace.  There are expected to be mass protests across the UK next week when president Trump arrives, with reports that he is speci...

Matthew Rosenberg AICPA The American Institute of CPAs recently named Matthew Rosenberg, president of RoseCap Investment Advisors in Colorado, as the winner of the 2018 AICPA Outstanding Young CPA Award in Honor of Maximo Mukelabai. Now in its seventh year, the award looks to highlight a CPA under 41 who demonstrates successful practices and notable contributions within the accounting profession. Rosenberg was honored at the 2018 AICPA Edge Conference in Las Vegas last week. “CPAs have always been known for giving back to their communities,” said Mark Koziel, executive vice president of firm services for the Association of International Certified Professional Accountants, in a statement. “From volunteering in his local area to serving as a college professor and mentor for the next generation of CPAs, Matt’s activities truly reflect the values represented by this award in honor of Maximo Mukelabai.” The award honors the legacy of Maximo Mukelabai, a member of the inau...

PricewaterhouseCoopers LLP was ordered to pay the Federal Deposit Insurance Corp. more than $625 million for negligence in the audit of Colonial BancGroup Inc., an Alabama bank holding company that failed during the financial crisis. U.S. District Judge Barbara Jacobs Rothstein issued the ruling Monday granting the FDIC’s damages request after she found in December that Pricewaterhouse had failed in its audits of the bank from 2003 to 2005 and for 2008. The firm didn’t design its audits to detect fraud or gather enough evidence of its funding to sign reports for those years, she said. “PwC US is disappointed by today’s ruling and we don’t believe the FDIC is entitled to the recovery of any damages in this case in light of the Court’s prior findings that numerous employees at Colonial actively and substantially interfered with our audits," said Phil Beck, an attorney for the firm. "We intend to pursue an appeal." Colonial BancGroup was the parent company of Colo...

SEOUL, July 9 (Yonhap) – South Korea's financial watchdog said Monday, it will tighten accounting rules on big companies and impose tougher penalties against corporate crimes. Yoon Suk-heun, governor of the Financial Supervisory Service (FSS), made the remarks as he laid out plans to reform the regulatory watchdog. Under the plans, the FSS will step up it's monitoring of accounting practices in the nation's top 50 companies, Yoon told reporters. The FSS will swiftly launch a probe into cases of stock price manipulation or unfair trading cases using short selling, Yoon said. FSS Gov. Yoon Suk-heun (Yonhap) Authorities have reviewed financial statements and required accounting firms to submit transparency reports as part of efforts to toughen rules on corporate accounting standards. Compared with other advanced nations, South Korea still lags far behind in overall accounting standards. To regain investor confidence, the government has drastically hiked fines a...

B.C. is currently experiencing a boom in various industries including real-estate, mining, and construction. This is causing a surge in demand for Chartered Professional Accountants (CPAs). The profession can span any industry, public practice, government and education—and students can expect unlimited career opportunities if they choose to go down the CPA road. Accounting firm Manning Elliott functions as a student training office, having recruited students to become CPAs for 25 years. Eventually, these recruits work with private companies, public companies, U.S. tax, and Canadian tax. “The job landscape for CPAs right now is very desirable,” says Sylvia Marks, Manning Elliott’s Human Resources Manager. “The world is really their oyster.”   Misconceptions  Traditionally, the public has had many misconceptions around what CPAs actually do, says Marks. “People used to think of CPAs as introverted individuals in the backroom who just crunch numbers,” says ...

A new survey by the Hong Kong Institute of Certified Public Accountants (HKICPA) found that the average annual remuneration of young CPAs is around HK$817,000 (about US$104,000). “Accounting continues to be one of the highest-paying professions in Hong Kong,” concludes the Institute. “Improving economic sentiment has seen the percentage of membership reporting pay rises increase from 84% to 87% year-on-year, while the percentage of member respondents receiving a bonus has increased from 79% to 80%.” The Career Survey interviewed 3,310 HKICPA members and 3,887 students working towards their CPA qualification in the Institute’s Qualification Programme. The study was conducted from November 2017 to January 2018. Eight out of ten respondents (83%) in senior and middle-management posts in the Big Four accounting firms said their company is encountering recruiting difficulties New career paths The survey finds demand for accounting professionals remaining high in Hong Kong, w...

ZURICH  (Reuters) – Lonza < LONN .S> on Monday said it was restating its half-year 2017 financial figures to take into account its adoption of new accounting standards this year. The Swiss chemicals maker’s sales for the first half of 2017 now come to 2.31 billion Swiss francs ($2.34 billion), compared with 2.32 billion francs under the old standard. The new figures will be comparable with the results to be published by Lonza on July 25. Adjustments were also made to the company’s core earnings before interest and tax, which was reduced by 7 million francs to 440 million francs. The company’s  EBIT  margin, along with core  EBITA , and core  EBITA  margin were also affected by the change triggered by Lonza’s adoption of a new revenue recognition standard. ($1 = 0.9882 Swiss francs) (Reporting by John Revill) Source:  http://www.euronews.com/2018/07/09/lonza-restates-2017-figures-after-changing-accounting-standard

    16 November 2017 — Many thousands of business and finance professionals are looking up “Sydney” this week as registrations open for the World Congress of Accountants (WCOA), the world’s largest gathering of accountants being held at the International Convention Centre (ICC) in Sydney, Australia from 5-8 November next year. The numbers add up for Sydney, which last hosted the event in 1972, with it estimated to be worth $18 million to New South Wales (NSW) in 2018. Held every four years, WCOA is an initiative of the International Federation of Accountants (IFAC). Expected to attract more than 6,000 delegates from 130 countries next year, Chartered Accountants ANZ (CA ANZ) and CPA Australia will co-host the prestigious event being held in Sydney for the first time in 46 years. “I’ve heard people call WCOA the ‘Olympics of Accountants’ — I guess because it’s held every four years, and brings together the best business and finance minds from around the world. It t...

  Global Challenges | Global Leaders is a theme that speaks to the innovative way our profession turns challenges into opportunities. Our conference program will reflect this. With massive social, political and technological changes sweeping the globe, the need for decisive, impactful leadership is now. This leadership must be grounded in values like integrity, trust and honesty, and must embrace diversity, new technologies and innovation. As accounting professionals, we are perfectly positioned to lead and make a difference. Protecting  the public interest and building prosperity; Safeguarding  the future of the accounting profession;  Building trust  and confidence in financial advice;   Leadership   addressing the challenges;  Technology embracing disruptive technologies;  Ethics and integrity  the core of the profession;  Sustainability  integrated reporting and transparency;

History of the 114-year-old WCOA Accounting Conference The World Congress of Accountants was first held more than 110 years ago, at the dawn of the 20th century.   The World Congress of Accountants was first held more than 110 years ago, at the dawn of the 20th century. In 1904, the world was changing: Henry Ford set a land speed record; the USA took control of the Panama Canal; UK and France signed the Entente Cordiale and Australia elected its first national government. From that first event, subsequent conferences have been woven between major global events including the Great Depression and two World Wars. Today the World Congress of Accountants is a large-scale, international event which occurs, like The Olympic Games, every four years. With the 20 th Anniversary conference due to be held in Sydney in November 2018, we take a look back on the accounting event’s history. Taken from  1972 Pictorial Supplement of the Congress for The Australian Accountant a...