• Dubai chartered accountant firm Shrichand Shroff has been admitted as a member of Enterprise Network Worldwide. Shrichand Shroff was established in 1981 and provides a full range of financial and accounting services, including audit, business valuations, fraud examinations, project feasibility reports and computer-based business consulting.
International director of Enterprise Network Worldwide Adelaide Ness said: “UAE is one of the fastest growing regions of the globe and having a trusted, competent firm in Dubai is simply a must. We know that Shrichand Shroff will be a very important member of Enterprise Network Worldwide.”
• The Institute of Chartered Accountants of India (ICAI) has published an exposure draft of revised accounting standard AS 3, Statement of Cash Flows to bring it into line with the corresponding IAS 7.
The revised draft will require more disclosure and contains specific treatment for various items such as bank overdrafts and cash flows from changes in interests in a subsidiary that do not result in a loss of control.
The revision also differs from IAS 7 as it removes the alternative to classify the interest paid, interest and dividends received, and dividends paid as an item of operating activity. The deadline for comment is 10 November 2008.
• The Committee for Auditing Standards of South Africa has issued a revised practice statement, which has been approved by the Independent Regulatory Board for Auditors. The statement SAAPS 2, Financial Reporting Frameworks and Audit Opinions, reflects amendments made to the Companies Act No. 63 1973 as occasioned by the Corporate Laws Amendment Act No. 24 2006, which became effective on 14 December 2007.
• Fifteen employees of the National Audit Office (NAO) of Tanzania have become Certified Public Accountancy graduates. The NAO’s Controller and Auditor General Ludovic Utouh said that the office had recently taken steps to train its workers at levels equivalent with the requirements of the new Public Audit Act.
• Two African students have been awarded Association of Chartered Certified Accountants (ACCA) scholarships. Farida Asgerali of Tanzania and Chipambamiso Chongo of Zambia were chosen out of a pool of 300 students following the results of exams and essays.
Bangladeshi student Sharon Chiyangwa was also awarded the scholarship. The winners will receive financial support for a maximum of five years and ACCA study materials.
• The Committee of European Securities Regulators has released for comment a recommendation to the EC to allow Indian issuers to use Indian GAAP when accessing EU markets.
The commission said it considered it appropriate to allow the same two-year transitional period to India it had offered other third-country issuers who are also preparing their annual and half-yearly financial statements in accordance with a GAAP that is converging to IFRS, provided certain conditions are met.