The watchdog being watched

IFRS the international accounting standard setter and watchdog is now under scrutiny. The London based accounting body is being accused by the European politicians of poor governance structures, a lack of transparency and its close links to the accounting industry;...

IFRS hits Taiwan

Starting 2013, publicly traded companies in Taiwan will be required to state their financials in Taiwan-IFRS. It seems like the country has been preparing for this move as according to institutional investors except the land assets accounting which is different in the...

SEC vs Chinese government

On Dec. 3 the Securities and Exchange Commission formally accused the Chinese affiliates of the Big Four accounting firms of violating the U.S. law. The issue was the failure of these China based audit firms’ to provide audit work papers in ongoing accounting fraud...

IFRS in an accounting mess!

IFRS is in news again. This time it isn’t in context of the convergence project. It is for wrong accounting in their books! How can an international accounting standard setter have their accounting messed up? Well they did! The issue it turns out is that the...

Setting a deadline for the deadline

When the financial crisis was at its peak in 2009, the G20 group met to set a date for the worldwide convergence of the financial standards by end of the year. The deadline got postponed to mid-2011 and then again mid-2013. In a recent report from the SEC which made...