Look out for The hidden practice of greenwashing the balanced scorecard explained IFRS and market volatiity disciplinary hearings
Clarity project taking shape
As part of the clarity project, the Auditing and Assurance Standards Board (AUASB) has released the first exposure drafts that may become part of a revised set of Australian Auditing Standards (ASAs) from 2010.
The four exposure drafts ASA 240, ASA 260, ASA 315 and ASA 330; were released on 31 July with an exposure period of 30 days. The AUASB indicated that while there are some changes from existing ASAs they are not significant.
Australia's auditing standards are being revised in a clarity format, with the aim of ensuring a clear and consistent application of international standards globally.
As a result they are expected to conform to the revised International Standards on Auditing.
ATO compliance program unveiled
The Australian Tax Office compliance program for 2008-09 will place a fresh focus on income tax, tax havens, dodgy tax schemes, wealthy individuals, large business and the cash economy, tax commissioner Michael D'Ascenzo says.
According to D'Ascenzo the program is an important part of the Tax Office's 'prevention is better than cure' approach, and aims to help people understand and meet their tax and superannuation obligations at the lowest possible cost.
The Tax Office is also encouraging those who may have done the wrong thing to come forward before the Tax Office contacts them, and take advantage of reduced penalties for coming clean.
The review of executives and directors will be expanded to include senior executives of private and foreign-owned companies, focusing on their remuneration packages and any failure to report equity benefits and cash or share bonuses.
Malaysia in line with IFRS by 2012
The Financial Reporting Foundation and Malaysian Accounting Standards Board (MASB) says Malaysia will be fully compliant with International Financial Reporting Standards (IFRSs) by 1 January 2012.
The application of IFRS 139 Financial Instruments: Recognition and Measurement on 1 January 2010 will start the two-year phased changeover.
Based on the current progress of IFRSs in use, MASB chairman Dato' Zainal Abidin Putih says becoming fully compliant can only enhance Malaysia's capital and financial market.
The changeover will not affect private entities that are currently applying the Private Entity Reporting Standards.
Korea, India and Canada have also announced their changeover to IFRS by 2011, which will facilitate comparability and increased transparency.
Liechtenstein hints at more transparency
The principality of Liechtenstein is considering steps to make it more difficult for foreigners to hide money in its banks.
According to the Financial Times, prime minister Otmar Hasler said while the well-known tax haven will not give up bank secrecy, it is willing to collaborate with other countries when it comes to the misuse of bank secrecy laws for tax evasion.
It is assumed this means Liechtenstein is prepared to give foreign governments information about people with undeclared accounts, provided they did not suffer excessive penalties.
In March this year the ATO announced it had raided the properties of 20 wealthy Australians over claims they'd been using bank accounts in Liechtenstein to avoid paying tax.
Small business good practice checklist
CPA Australia believes that good business practice adds value to a business, because a business that is operating well is one that is more likely to be successful and sold at a good price.
Keeping this in mind, CPA Australia has developed a checklist that outlines the strategic, financial and operational tasks that all small businesses should undertake throughout the year.
The checklist sets out in general terms the regulatory requirements and the tasks required to meet these obligations.
If you undertake the tasks detailed in the checklist on a regular basis the end of the financial year should not be a period of undue pressure.
The end of the financial year should only be viewed as another month-end.
