Accounting news roundup
- Congress wants financial reporting simplified for easier understandability. I can’t honestly say their desire for more regular updates on what the industry is doing to modernize itself is a bad thing, however. Seems like a good prod for the stiff collars at the helm.
- Here in Canada, there are rumors the federal government may tie the income trust tax to the upcoming budget. The effect would be to make the income trust issue a confidence motion which, if defeated, would trigger an election. Recent polls showing the governing Tories padding their lead over the Liberals add fuel to this fire.
- In the UK, PwC and E&Y ranked at the top of accounting firms in terms of brand strength according to Business Superbrands Council. Brands were rated according to “quality, reliability and distinctiveness within their sector.” I guess they mean the distinctiveness of the logos at the top of the auditors’ report?
- Nortel is going to be restating their results again. I’m really starting to feel sorry for those guys. Nothing epitomizes the current shortage in accountants quite like Nortel’s difficulties.