Accounting Profession News
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ING Bank Sues JP Morgan, Deloitte
ING Bank contends it lost hundreds of millions of dollars as a result of a “massive Ponzi scheme” at now-defunct…
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IRS in US seeks Grant Thornton client data
The Internal Revenue Service (IRS) has asked a judge to force Chicago-based accounting firm Grant Thornton LLP to name clients…
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IFAC Proposes New Standard on Impairment of Public Sector Assets
The International Federation of Accountants has released a new exposure draft (ED) of an International Public Sector Accounting Standard (IPSAS)…
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Deloitte Tohmatsu, AF Ferguson Firm Up Blueprint For State-run Insurers in India
Consultants major Deloitte Tohmatsu and AF Ferguson who were appointed by the Life Insurance Corporation (LIC) and four state-owned general…
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KPMG, PwC, Ernst & Young sued for overbilling
PricewaterhouseCoopers LLP, KPMG LLP and Ernst & Young LLP are being sued for overbilling clients for travel expenses in a…
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Cost Accountants to determine cost of locally-made cars and tractors
ISLAMABAD (September 13 2003): Secretary Industries and Production, Javed Ashraf Hussain, on Friday said government has engaged Finance ministry's cost…
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Deloitte CEO says Sarbanes-Oxley reforms working
The accounting and corporate governance reforms passed by Congress last year after a wave of scandals are working, but attempts…
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IASB publishes proposals on macro hedging
The International Accounting Standards Board (IASB) has published proposals to improve the implementation of IAS 39 Financial Instruments: Recognition and…
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IFRIC releases draft interpretation on Changes in Decommissioning, Restoration & Similar Liabilities
The International Financial Reporting Interpretations Committee (IFRIC) has released draft IFRIC Draft Interpretation D2 Changes in Decommissioning, Restoration and Similar…
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FSA warns companies on accounting standards
The Financial Services Authority in UK yesterday warned that British companies have been too slow in adopting new international accounting…
