A practical, logical move to a merger

Article Abstract:

The Institute of Chartered Accountants in England and Wales (ICAEW) president Eddie Ray is in favor of combining the ICAEW and the Institute of Chartered Accountants of Scotland into one body called the Institute of Chartered Accountants of Great Britain (ICAGB). The negotiations of the Joint Working Party showed that both groups had common goals. The reasons for forming the ICAGB include: it is a practical reaction to the government's legislation to create common systems for insolvency, dealing with the Financial Services Act, and activities under the Eighth Directive; it will allow the accounting profession to be more unified for customers and government instead of producing different reports; and it will prevent duplication of efforts in training, recruitment, and qualification.

Mergers, acquisitions and divestments, Associations, institutions, etc., Associations, Institute of Chartered Accountants of Scotland

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The ASC Review: a lifeline or a noose?

Article Abstract:

The Accounting Standards Committee (ASC) is being reviewed for the methods of its process of setting standards. One of its main weaknesses is standards enforcement, especially on auditors. Another criticism is that standards are too broad and should more closely resemble US standards propounded by the Financial Accounting Standards Board. Whether or not accounting standards can interpret law, and whether or not accounting standards are legally enforceable, are also issues. These and other matters such as the composition of the ASC itself will be addressed during the review.

United Kingdom, Accounting

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