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COVER
STORY
The
Future of Insurance Reporting - For Now
-- IIsa French
The
European Union's insurance sector has to gear up to embrace
IFRS 4.The gamut of changes range from redefining insurance
contracts to new disclosure requirements.
© Accountancy SA,June 2004(www.accountancysa.org.za).Reprinted
with permission.
COVER
STORY
Market
- Consistent Valuations for Life Insurers
-- Paul Turnbull and Neil Taverner
The
recent developments in financial reporting of insurance companies
is likely to shift the focus gradually from embedded value
reporting to market-consistent value reporting.
© Watson Wyatt LLP, Insurance and Financial Services Review,
April 2004 (www.watsonwyatt.com). Reprinted with permission.
ACCOUNTING
STANDARDS
IAS
39: Securitization Accounting
-- Jonathan G F Walsh
The
author discusses the issues in recognition and derecognition
of assets in accounting for securitization.
© GT News, May 2004 (www.gtnews.com). Originally published
as "Accounting for Securitization Transactions Under IAS 39".
Reprinted with Permission.
ACCOUNTING
STANDARDS
Revised
IASB Standards
-- Stephen Spector
The
author reviews the recent changes that are most likely to
impact North American Standards.
© CGA Magazine, May-June 2004 (www.cga-canada.org). The article
first appeared in CGA Magazine. Reprinted with permission.
TAXATION
BPO
Tax Tangle
-- C Padmavathi and S Vijaya Lakshmi
A
recent CBDT circular made taxation of BPOs an intensely debated
topic in India. The authors explain the taxation aspects as
well as how implications of taxability will deter outsourcing
of business operations to India.
© 2004 IUP. All Rights Reserved.
TAXATION
Transfer
Pricing
-- John C Hollas
Inter
company financial transactions of Canadian companies are under
close scrutiny. There is a need to select and apply appropriate
transfer pricing methods to determine arms length price.
© CA Magazine, June/July 2004 (www.camagazine.com). Reproduced
with permission from CA Magazine, published by the Canadian
Institute of Chartered Accountants, Toronto, Canada.
FINANCE
REPORTING
Crunch
Time - Part Two: Embedding International Financial Reporting
Standards in the Electricity Industry
-- Manfred Wiegand
The
author analyses some of the key accounting issues under IFRS
likely to be faced by the European electricity companies.
© 2004 PricewaterhouseCoopers. All Rights Reserved. Reprinted
with permission. This article originally appeared on the PricewaterhouseCoopers'
Global Website at http://pwcglobal.com.
FUNCTIONAL
REPORTING
The
Reality of Real-Time Reporting
-- David M Katz
New,
superfast 8-K rules under the Sarbanes-Oxley Act regarding
reporting of financially significant events on a rapid and
current basis could spawn problems with mergers, loan covenants,
and share prices. Needed: A solid risk-management plan.
© CFO Magazine, June 2004 (www.cfo.com). Reprinted with permission.
AUDITING
Statistical
Sampling Revisited
-- Neal B Hitzig
The
article discusses the role of statistical sampling as a substantive
tool for audit testing procedure. The author considers the
questions like when it is appropriate, sampling risk, audit
decisions and actions.
© The CPA Journal, May 2004 (www.cpajournal.com). Reprinted
with permission.
GOVERNANCE
AND ETHICS
Lessons
of the Scandal Trials: Eight Tips to the Board
-- Randy Myers
As
prosecutions against corporat crimes mount, board members
must tighten controls to protect themselves and others. These
eight tips can help you avoid trouble.
© Corporate Board Member, Special Legal Issue 2004 (www.boardmember.com).
Originally Published as "Lessons of the Scandal Trials". Reprinted
with permission.
FORENSIC
ACCOUNTING
Build
anAntifraud Practice Antifraud Practice
-- Joseph T Wells
The
author discusses how two experienced CPAs built their careers
around antifraud practices.
© Joseph T Wells. This article originally appeared in March
2004 issue of Journal of Accountancy. Reprinted with permission.
SPEECH
-- Scott A Taub
It
is important to remember that accounting for something in
a way that is not consistent with GAAP is still an error,
whether the item is material or not
© US Securities and Exchange Commission (www.sec.gov). Speech
by SEC Staff: Remarks at the University of Southern California
Leventhal School of Accounting SEC and Financial Reporting
Conference, May 27, 2004, Los Angeles, CA.
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