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.
D&T’s going to be pissed to hear that their much vaunted Green Dot didn’t take first prize in the UK.
Reading the Nortel press release, er CBC article, suggests actuaries, rather than accountants, were to blame though.
Yeah you’re right. They must be getting the hang of this stuff. Who’s their actuary?
I don’t think it’s us.