Ernst & Young has
launched its people development framework ‘EYU’ across 15 countries
and territories in the Far East… The Institute of
Chartered Accountants of Pakistan
has elected Asad Ali
Shah as president for 2008/2009… A report on the selection and
application of accounting policies by UK Alternative Investment
Market (AIM)-listed mining companies is being undertaken by
PKF UKKreston International
has strengthened its Latin American representation with the
addition of a new member firm in Mexico…

Asia – Pacific

Ernst & Young has launched its people
development framework ‘EYU’ across 15 countries and territories in
the Far East. The framework will provide training and coaching to
professional and support staff across all parts of the
organisation, including assurance, tax, transactions and advisory
services. The programme offers a competency-based global learning
curriculum, balanced with local content, classroom and web-based
learning, as well as learning through planned experiences. Ernst
& Young Greater China people leader Loletta Chow said: “Clearly
we are operating in a competitive market for skilled people in
Greater China and across the region. Identifying and developing
talent and future leaders in the Far East is a cornerstone of our
strategy.”

PKF International has appointed Stephen
Darley as its first chief operating officer for the Asia-Pacific
region. Darley has 20 years of professional experience within the
region, including his most recent position as partner for RSM
Nelson Wheeler in Thailand. He will report to PKF International
chair Wolfgang Hofmann and the Asia-Pacific chair Paul Bull.

• The Australian National Institute of
Accountants
has established four new faculties to provide
technical advice, leadership to the accountancy profession and
evaluate policy issues in the areas of accounting education, small
business, taxation and the public sector.
NIA chief executive officer Roger Cotton said the faculties will be
chaired by leaders in their chosen field of expertise and be
supported by between four and six eminent professionals. “I see
these faculties as groups that will provide specialist information
and direction to ensure policy and change is well informed,” he
said. The four chairs are Beverley Jackling for the faculty of
accounting education, Jean Raar for the faculty of small business,
Lance Cunningham for taxation and Tyrone Carlin for the public
sector.

• The final of a tax competition that challenges university
students’ ability to apply their classroom knowledge to solve real
business situations will be held in October in Xiamen, China.
Eleven universities will compete for honours in the fifth
Deloitte China Tax Championship. The competition
attracted 270 students from 24 Chinese cities. In the decider,
students will be required to analyse a simulated business case,
identify key issues and present their solutions to a judging panel
comprising senior tax officials, Deloitte clients and Deloitte tax
partners.

• The Australian Accounting Standards Board has
released Interpretation 15: Agreements for the Construction of Real
Estate and Interpretation 16: Hedges of a Net Investment in a
Foreign Operation. The interpretations are based on International
Financial Reporting Interpretations Committee (IFRIC) 15:
Agreements for the Construction of Real Estate and IFRIC 16: Hedges
of a Net Investment in a Foreign Operation. Interpretation 15
applies to annual reporting periods beginning on or after 1 January
2009 while Interpretation 16 applies to annual reporting periods
beginning on or after 1 October 2008.

Africa, Middle East, South Asia

•The Institute of Chartered Accountants of
Pakistan
has elected Asad Ali Shah as president for
2008/2009. Shah has been an active member of the institute for
seven years. He has experience representing the institute at
International Accounting Standards Board’s annual meetings, the
United Nations group of experts on accounting and financial
reporting, and South Asian Federation of Accountants meetings.
Other appointments at the institute include Farrukh Viqaruddin
Junaidy as southern vice-president and Rashid Rahman Mir as
northern vice-president.

• The Chartered Institute of Management
Accountants
(CIMA) Sri Lanka division has elected its 36th
president. Gowri Shakar becomes the second woman to head the
institute in Sri Lanka and the third female president
globally.
Shankar said her aim is to reinforce the “professional excellence”
of CIMA Sri Lanka. She will also focus on launching Islamic finance
as a master course.

• The Jordan-based Arab Society of Certified
Accountants
has published an updated Arabic translation of
the Handbook of International Auditing, Assurance and Ethics
Pronouncements
. The handbook will be sectioned into two parts.
Part one includes information about the International Federation of
Accountants, the code of ethics, auditing, review and other
assurance services.
Part two features information about the clarity project of the
International Auditing and Assurance Standards Board, an amended
preface to the international standards on quality control,
auditing, review, other assurance related services and five
redrafted standards.

• The Institute of Chartered Accountants of
Pakistan
has established a faculty help programme to
nurture a more structured relationship between education faculties
and registered accounting education tutors. The institute said the
programme should help assist students overcome academic issues.

PricewaterhouseCoopers India, the nation’s
largest accounting firm, has released Technology Forecast,
an in-depth analysis of how technology trends are affecting
business. Originally published as an annual between 1996 and 2003,
Technology Forecast is now a quarterly journal. The
current edition discusses three emerging themes in technology: IT
complexity management; emergence and use of Enterprise Web 2.0; and
convergence of business intelligence, business process management
and business rules management into one software suite.

• The South African Institute of Chartered
Accountants
(SAICA) is changing the timing of part one of
its qualifying exam (QE1) in an effort to prevent knowledge loss
between examinations.
The QE1 is currently held in March and results are released in
June. From next year, it will be held in January and results will
be released in March or April. The shift to January brings the QE1
closer to the Certificate in the Theory of Accounting, which is
written in November the prior year.
SAICA project director for accounting Mandy Oliver explained:
“Evidence suggests that knowledge can be lost, particularly for
students who start their training contracts in January, work
significant hours immediately thereafter and accordingly may not
have enough time to study.”

Europe

• A report on the selection and application of
accounting policies by UK Alternative Investment Market
(AIM)-listed mining companies is being undertaken by PKF
UK
.
The report explores policies since IFRS became effective in 2007.
It reviews areas including exploration costs, amortisation and
depreciation, functional and presentational currencies, hedging,
segmental analysis and business combinations.

Alvarez & Marsal (A&M) has appointed
nine new managing directors and two senior directors as part of its
expansion in Europe, the Middle East and India. A&M said demand
for business improvement consulting services should help the firm
double in size by 2009.

Ernst & Young Russia has opened a
department which provides students with practical knowledge about
business maintenance and other areas of the profession at the State
University Higher School of Economics in Moscow, Russia. The
department will have facilities for 700 students and offer training
programmes, master classes and optional studies.
Twenty Ernst & Young specialists in audit, taxation and
business advisory services will participate in the programme.
Ernst & Young Russia HR director Olga Molina said: “By opening
our own department in the Higher School of Economics we have the
opportunity to talk directly to students, promote our company and
draw the attention of the most talented students.”

Grant Thornton UK has appointed a new
director to head its government and infrastructure advisory team
specialising in transport. Simon Bailey had an extensive career
working for train operating company Virgin Rail. His experience
includes franchise bidding, customer service, and commercial and
project management.

• The 2010 Ryder Cup will officially be partnered by
KPMG International. The transatlantic golf
tournament will be held in South Wales and extends KPMG’s corporate
partnership into a third Ryder Cup. KPMG was an official partner at
the 2002 Ryder Cup in England and the 2006 Ryder Cup in Ireland.
The competition takes place every two years.

• Paul Stewart is the new managing partner of
PricewaterhouseCoopers Czech Republic tax practice
in Prague.
Stewart will lead the tax team providing specialised services such
as corporate compliance, international taxation and tax
structuring, transfer pricing and M&A. In addition, he will
continue his current role as the firm’s tax and legal human capital
partner for Central and Eastern Europe.

• A Russian firm has released an updated edition of
International GAAP designed to guide professionals through
a range of problems involved in applying IFRS. The updated 2008
edition is prepared by the Ernst & Young
international financial reporting group and written in Russian. It
has more than 800 pages of new material compared to the 2007
edition.

North America, Latin America

Kreston International has strengthened its Latin
American representation with the addition of a new member firm in
Mexico. Agustin C Mendoza Contadores Públicos, based in Querétaro,
recently left Grant Thornton to join the Kreston International. The
firm specialises in tax and consulting services.

Deloitte US has issued a report strongly
urging corporate tax executives to closely monitor other countries’
transition to IFRS, which could have a significant effect on global
tax planning. The report, Global Tax Implications of
International Financial Reporting Standards
, discusses how
companies should prepare for the implications of the transition to
IFRS in each country they operate.

• Several valuation-related deficiencies were highlighted by the
US Public Company Accounting Oversight Board
(PCAOB) during its annual review of KPMG US
audits. The watchdog carried out inspections at 24 of the firm’s 90
offices noting lapses in ten separate client audit reports. The
deficiencies included failing to sufficiently test the valuation of
the issuer’s securities that it considered “hard-to-price”, and
failing to determine the fair value of IT hosting services. In
response to the inspection report, KPMG said it had performed
additional audit procedures and/or supplemented its audit
documentation. In other cases, the firm determined that no
remediation of any type was necessary. None of the matters
identified by the PCAOB required the reissuance of any of its
previously issued reports, the firm concluded.

Deloitte US has appointed David Fornari as
the new national managing director of the firm’s energy and
resources federal government services practice. Fornari will lead
client services for the practice and will play a key role in the
development of client-centric programmes, which are designed to
assist the largest national and global energy companies address the
challenges of competition, convergence and deregulation. The new
managing director has more than 30 years of business and management
consulting experience. He has also assisted several companies in
the utility and energy industries.

• Paul Beswick has been appointed deputy chief accountant at the
US Securities and Exchange Commission. Beswick’s
role will involve overseeing the activities of the Public Company
Accounting Oversight Board, managing the resolution of audit
independence issues and ethical matters, and monitoring
standard-setting internationally.

• Wally Gruenes has joined Grant Thornton US as
an audit partner and leader of the firm’s distribution practice.
Gruenes previously worked for KPMG and brings more than 28 years of
experience to the position. In his new role, he will be responsible
for leading the consumer and industrial products practice and
driving delivery of services to clients with operations in the
warehousing, distribution, logistics and transportation of
products. National managing partner of the consumer and industrial
products practice Jim Maurer said: “Wally’s experience and focus
will add to our success in this industry and help address the
complex needs of current and future clients.”