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mailto:[email protected]

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pinsurance to rates that many firmscannot afford. Negligence claimslaunched against professionalservices firms in the High Courtjumped by 125% to 332 last year,up from 147 in 2008, accordingto a report from finance providersSyscap. Premiums rose wheninsurers became nervous aboutcalls on policies after law firmHalliwells became insolvent lastyear, while the collapse of QuinnInsurance reduced competitionbetween providers.

04 iasb

improvement proposal

The International FinancialReporting Standards (IFRS)Foundation, the new name for

the oversight body of theInternational AccountingStandards Board (IASB), haspublished proposals for theIASB’s annual improvementsprocess. This is the

mechanism for non‑urgent butnecessary amendments to IFRSsto be grouped together and issuedin one package to clarify guidanceand wording, or make relativelyminor amendments to thestandards that address unintendedconsequences, conflictsor oversights.

05 aCra appoints

new Chair

Singapore’s Ministry of Financehas appointed Chan Lai Fungas chairman of the board ofthe Accounting and CorporateRegulatory Authority (ACRA). Theappointment will take effect from1 September 2010. Chan takesover from Peter Ong Boon Kwee,also the permanent secretary(finance), who has been appointedhead of civil service with effectfrom 1 September. During his

tenure, ACRA continued to leverageon IT in its effort to provideinnovative services to meet thechanging needs of its stakeholders.

01 fasb Chief to

step downBob Herz will retire as chairmanof the US Financial AccountingStandards Board (FASB) aftereight years. Member LeslieSeidman will become actingchair. Securities and ExchangeCommission chair Mary Schapirosaid: ‘During his tenure, Herz hasserved as an effective investoradvocate to improve the qualityof financial reporting standardsaround the world.’ Coincidingwith the announcement ofthe change of leadership ofthe FASB, it was also decidedthat board membership wouldgrow from five to its originalseven members. Trusteesof the Financial AccountingFoundation believe thiswill assist with theconvergence programmewith IASB. For more onconvergence, see p18–20.

02 lease

aCCounting reforms

Reforms to lease accountingproposed by the InternationalAccounting Standards Board(IASB) and the US FinancialAccounting StandardsBoard (FASB) risk drying updebt finance for UK businessesand threaten recovery, claimsthe Finance and LeasingAssociation (FLA). Under theproposed new IASB standards,companies would have to reportthe estimated fair value andcost of leases on their balancesheets. The FLA argues thiswould increase the administrativeburden on lenders and lead togreater accounting uncertainty.

03 negligenCe Claims

on the rise

Negligence claims againstprofessional services firms haverisen to an 11‑year high, pushingthe cost of professional indemnity

8dispatch

tax hike on

resale flats

In an attempt to curbspeculative activity in theproperty market, theSingapore governmenthas imposed a 3% taxon resale flats withinthree years, up from theprevious one year limit. Italso raised the minimumrequired deposit on secondhomes from 20% to 30%of the purchase price.The move follows a 38%rise in average privateresidential prices for theyear to 30 June, which

took price levels abovethe previous peak, reachedin June 1996.

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10dispatch

06 Japan ¥920bn

stimulus planJapan announced plans fora ¥920bn fiscal stimuluspackage to safeguard a fragilerecovery and curb the impact of astrong yen. The stimulus packagewill be financed by reservefunds, said prime ministerNaoto Kan. He added that thegovernment would considercompiling an additional budgetif necessary. The announcementfollows the Bank of Japan’smove to expand a multibillion‑dollar loan programme in a bidto spur lending. The centralbank unveiled a six‑monthlow‑interest scheme worth ¥10trillion to financial institutions.

07 yuansettlement sCheme

The People’s Bank of Chinaannounced it will allow overseasinstitutions, including HongKong lenders, to invest in themainland interbank bond market.The pilot scheme will start withforeign central banks, clearingbanks for cross border yuansettlement in Hong Kong andMacau, and other internationallenders involved in tradesettlement. The scheme, whichcomes into effect immediately, isintended to enhance cross‑borderyuan settlement by giving theyuan circulating overseas abetter channel for being investedback in the mainland markets.

08 asia resolute

on standards

As Asia emerges as a significantforce in international accounting,its influence on accountingregulations increases. SirDavid Tweedie, chairman ofthe International AccountingStandards Board (IASB),believes Asian nations will takea tough stance against politicalinterference in accounting

standard setting as their influence

continues to grow. ‘You [may] findAsia, which is pretty supportive,doesn’t like people telling[standard setters] what to do.’

The IASB was pressured byparts of Europe to change its fairvalue standard in the wake ofthe crisis and was the first blocto adopt the standards in 2005.When [accounting standards]become truly international, withAsia next year, Europe will not bethe big power,’ said Tweedie.

09oil imports on the rise

China, which is set to importmore than 55% of its oil needsthis year, should seek greaterdiversification of oil imports, buildmore stockpiles and improveconservation to enhance energysecurity, said analysts. The countrywill see a continuous increase in oilimports, as domestic productioncannot keep pace with thefast‑growing economy, said ZhouDadi, a researcher at the EnergyResearch Institute in Beijing.China’s oil consumption rose to220 million tonnes in the first sixmonths of 2010, a growth of15% year on year.

10 aCCa eleCts

president

ACCA has electedMark Gold as presidentfor 2010–2011. Speaking abouthis appointment, Gold said: ‘Iam passionate about the ACCAQualification and the wayin which it can provideoutstanding opportunitiesfor people globally. I amvery excited to representthis great organisationin the year ahead.Dean Westcott andBarry J Cooper werealso elected as deputypresident andvice‑presidentrespectively.

india seeseConomiC growth

India’s economy grew 8.8%in the fiscal first quarter

– its best performance intwo-and-a-half years – asthe country returned toexpansion levels seenbefore the 2008 globalfinancial crisis. Theboom between April andJune was propelled by a12.4% year-on-year surgein manufacturing, whileconstruction jumped 7.5%and mining output leapt8.9%, the Central StatisticalOrganisation said. Asia’sthird-largest economy wasalso boosted by better farmoutput, which grew 2.8%.

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