World watch: Issue 2 2006

Gain insight into developments and trends in governance, financial reporting, broader reporting and assurance with this edition of our international magazine.

World watch: Issue 2 2006

This edition includes 52 pages of news, opinion articles and interviews from many countries around the world. Refer to full contents on inside cover (pdf below)

News on financial reporting, governance, broader reporting and assurance

• See news from around the world (full contents inside front cover).
• Diary dates: Upcoming conferences and events (back cover)

Financial reporting hot topics include:

• PricewaterhouseCoopers' view on convergence: Views on whether convergence of international and US standards will meet the needs of the capital markets
• Korea takes on the challenges of transition: Draft roadmap proposes adopting International Financial Reporting Standards (IFRS)
• Have we benefited from the first mass IFRS reporting: PricewaterhouseCoopers global CEO looks at the achievements so far and the challenges ahead
• First steps to joint conceptual framework: Standard setters start to define the aims of financial reporting
• International Accounting Standards Board (IASB) promises period of stability: No new standards will apply before 2009, but companies should 'stay tuned'
• A first step to a common accounting language: The need for clarification from the IASB

Broader reporting hot topics include:

• Global Reporting Initiative (GRI) takes off : Almost 1,000 companies are now reporting under GRI guidelines
• A brave new world of reporting: Leading firms' CEOs start the debate on next steps to improve the reporting model
• Case study: Citigroup: World’s largest global bank aims to embed corporate citizenship into its culture
• Canadian investors find a voice: New survey uncovers investors' views on current reporting
• Straight talk on sustainability: Nearly 70% of CEOs of mid-sized to large companies see sustainability as vital to their profitability

Governance hot topics include:

• Investors' views of governance worldwide: Study reflects the voice of the institutional investor
• Does Europe need its own Sarbox?: Governance forum suggests status quo sufficient for now
• Sarbox compliance costs decrease: Outlay for companies falls in the second year
• Thailand promotes shareholders' rights: First assessment shows increased awareness
• Australia moves to simplify regulation: Government commits to reducing burden on small businesses
• Managing tax risk in your business: How large organisations need a properly documented and communicated tax risk policy

Assurance hot topics include:

• Enabling auditors to see the wood and the trees: Principles to guide redrafting of International Standards on Auditing have been agreed
• Oversight Board will improve confidence: Board delivers first report
• South African Companies Act: Impact for auditors and audit committees
• Accounting profession in Africa: Agencies discuss how to develop the profession
• External confirmations: mandatory or optional?: Auditors need to decide if audit evidence from external confirmations will be reliable
• Moving in the right direction: Graham Ward's views on progress as he completes his two-year term as president of the International Federation of Accountants

Hard copies of our publications can also be obtained from your local PricewaterhouseCoopers office.



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