Mazars firms in China
and Hong Kong have launched a joint tax department in Shanghai as
part of a plan to establish a Mazars Greater China tax practice…
The Financial Reporting Standards Council (FRSC)
in the Philippines has approved for domestic use the adoption of
International Financial Reporting… Kreston
International
has admitted a new member firm in Australia.
Miles is a specialist corporate advisory firm
dealing only in M&A… The introduction of an Australian Carbon
Pollution Reduction Scheme in 2010 will require a whole new
discipline of carbon accounting with more regulation… The
Accounting Professional and Ethical Standards
Board
of Australia has issued the standard APES 210
Conformity with Auditing and Assurance Standards…

Mazars firms in China and Hong Kong have
launched a joint tax department in Shanghai as part of a plan to
establish a Mazars Greater China tax practice. The tax department
will offer tax advisory, tax compliance, transfer pricing and
customs services. It will also support other departments, notably
in covering tax-related aspects of due diligence and audit
assignments, and provide expertise in relation to tax filing
carried out by outsourcing teams.

• The Financial Reporting Standards Council
(FRSC) in the Philippines has approved for domestic use the
adoption of International Financial Reporting Interpretations
Committee (IFRIC) Interpretation 16, Hedges of a Net Investment in
a Foreign Operation. The interpretation applies to an entity that
hedges the foreign currency risk arising from its net investments
in foreign operations and that applies hedge accounting in
accordance with IAS 39. It does not apply to other types of hedge
accounting.

The FRSC said the main change in practice will be to eliminate the
possibility of an entity applying hedge accounting for a hedge of
the foreign exchange differences between the functional currency of
a foreign operation and the presentation currency of the parent’s
consolidated financial statements.

Kreston International has admitted a new
member firm in Australia. Miles is a specialist
corporate advisory firm dealing only in M&A, disposals and
capital raising. The firm has 11 employees and last year advised on
transactions with an aggregate value of $560 million.

• The introduction of an Australian Carbon Pollution Reduction
Scheme in 2010 will require a whole new discipline of carbon
accounting with more regulation and compliance for business,
according to Crucible Carbon managing director
Matthew Warnken.

Crucible Carbon works with businesses striving to become carbon
neutral while maintaining their efficiency and developing a
competitive advantage.

Warnken said: “The complexity involved in carbon accounting can be
likened to accounting on steroids. While this is not good news for
businesses already weighed down with compliance paperwork it can be
turned to their advantage. There is a lot of waste in the energy
usage and material inputs of Australian businesses as currently
there is no embedded cost of carbon. Now there is a scheme that
will rectify this.

“As we all know, innovation is borne of constraint and
businesses have a real opportunity to be ‘carbon ready’ sooner than
competitors.”

• The Accounting Professional and Ethical Standards
Board
of Australia has issued the standard APES 210
Conformity with Auditing and Assurance Standards to replace APES
410 Conformity with Auditing and Assurance Standards.

APES 210 will be effective from 30 September 2008. The board has
also published a consultation paper on a review of miscellaneous
professional statement APS 12 Statement of Financial Advisory
Service Standards.

Africa, Middle East, South Asia

• 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.