USA and Switzerland sign agreement related to tax evasion

The US and Swiss governments have signed an agreement which will give the Internal Revenue Service (IRS) access to information that Swiss Bank UBS has on the names of 4,450 US citizens who have offshore accounts with the bank. The agreement can be found on the IRS website.

Interview with ICAS President in the Herald

On Saturday 15 August there was an interview in the Herald with current ICAS President Douglas Nisbet - "Let's stand up and be counted". The interview is also available as a podcast.

Research on decline of final salary pension schemes

Research by pension consultants Watson Wyatt has found that half the UK companies with defined benefit pension schemes expect to have closed them to all employees by 2012, according to an article in the FT on 18 August 2009.

FT op-ed on fair value accounting

On 18 August the Financial Times published an op-ed entitled "Disclose the fair values of complex securities" written by Robert Kaplan, Robert Merton and Scott Richard on fair-value accounting for asset holdings for banks and other financial institutions.

Tax Information Exchange Arrangement signed between the United Kingdom and Liechtenstein

On 11 August the UK and Liechtenstein signed an agreement on the exchange of tax information. The full text of the Memorandum of Understanding is available online.

SFO announcement re MG Rover case

The Serious Fraud Office (SFO) announced on 11 August that it won't pursue a criminal investigation in relation to the case of MG Rover's collapse.

ASB seeks views on proposals for the future reporting requirements for UK and Irish entities

The Accounting Standards Board has issued a consultation paper ‘Policy Proposal: the future of UK GAAP’, which sets out its proposals for the future reporting requirements for UK and Irish entities. Deadline for responses to the Consultation Document is 1 February 2010. The full text of the paper is available on the ASB website.

Guardian article on Deloitte's role as auditor of MG Rover

There was an article in the Guardian newspaper on 13 August on the role of Deloitte as auditor of the collapsed firm MG Rover.

FSA confirms introduction of remuneration code of practice

The Financial Services Authority (FSA) has introduced a new code that will require large banks, building societies and broker dealers in the UK to establish, implement and maintain remuneration policies consistent with effective risk management.
The new code is designed to achieve two objectives: firstly, that boards focus more closely on ensuring that the total amount distributed by a firm is consistent with good risk management and sustainability; and secondly that individual compensation practices provide the right incentives. The full text of the report is available from the FSA website.

FTSE 100 pension scheme report released

Publication of the annual report into the pension schemes of the FTSE 100 companies by actuaries Lane Clark & Peacock.

Centre for Policy Studies report on benefits and tax credits

The Centre for Policy Studies released a report on Monday called "Benefit Simplification: How and Why it Must be Done". The full report is available to download on their website.

Article in the Independent newspaper on pre-packs

Article from Monday 3 August's Independent on pre-pack administrations "Creditors are burnt as troubled companies rise from their ashes"

Taxpayer's Alliance report on lobyists

Pressure group Taxpayers Alliance has published a report saying that all public bodies in the UK should be banned from hiring lobbyists and consultants.

Moore Stephens win legal battle at House of Lords

Moore Stephens has won a House of Lords court ruling limiting auditors liability in instances of fraud, such as the Maddoff case. The ruling was in the case of Moore Stephens (a firm) (Respondents) v Stone Rolls Limited (in liquidation (Appellants).

Dunfermline Building Society report

The UK Government's Scottish Affairs Committee has published its report into the collapse of the Dunfermline Building Society. It is available online.

Treasury Select Committee Report - "Banking Crisis: Regulation and Supervision"

The UK Government Treasury Committee released its final Report following its evidence sessions this year on the Banking Crisis. The Report considers how regulation and supervision have changed, and can be further improved, in order to return to and maintain more stable banking. The full text is available online.

Auditing Practices Board issues an Update to the Bulletin containing Illustrative Examples of Charity Auditor Reports

The APB has issued Bulletin 2009/3 which "updates the example auditor’s reports in Bulletin 2009/1 for the effect of the Companies Act 2006. This Bulletin relates to accounting periods commencing on, or after, 6 April 2008 and supplements the guidance contained in Practice Note 11: ‘The Audit of Charities in the UK’ by providing illustrative examples of auditor’s reports for charities that are registered: In England and Wales, In Scotland, and In both jurisdictions. "
The Bulletin is available to download from the APB website.

Independent newspaper article - "Windfall for Tories as firms eye £4bn contracts"

Article in today's Independent on donations to the Conservative Party which have been made by accountancy firms including PwC and KPMG.

New Treasury Select Committee inquiry requests evidence

The new Treasury Select Committee inquiry on "Women in the City" is looking for written evidence. The inquiry will take evidence on the role of women in the City, developing themes which have emerged in the course of its banking crisis inquiry relating to corporate governance.
The deadline for submitting written evidence is 12 noon on Thursday 10 September and further details can be found on its website.

FCAG publishes review of standard-setting activities following the global financial crisis

The Financial Crisis Advisory Group (FCAG) has published its review of standard-setting activities following the global financial crisis. The Group was formed at the request of the IASB and the US Financial Accounting Standards Board (FASB) to consider financial reporting issues arising from the crisis. The UK member of the Group is Stephen Haddrill, currently Director General of the Association of British Insurers (ABI) who will become the new Chief Executive the Financial Reporting Council (FRC) later this year. The report is available on the IASB and FASB websites.