Shrichand Shroff has been admitted as a member of
Enterprise Network Worldwide… The
Institute of Chartered Accountants of India (ICAI)
has published an exposure draft of revised accounting standard AS
3… The Committee for Auditing Standards of South
Africa has issued a revised practice statement… Fifteen employees
of the National Audit Office (NAO) of Tanzania
have become Certified Public Accountancy graduates… Two African
students have been awarded Association of Chartered
Certified Accountants (ACCA) scholarships… The
Committee of European Securities Regulators has released
for comment a recommendation to the EC…
• Dubai chartered accountant firm Shrichand Shroff
has been admitted as a member of Enterprise Network
Worldwide. Shrichand Shroff was established in 1981 and
provides a full range of financial and accounting services,
including audit, business valuations, fraud examinations, project
feasibility reports and computer-based business consulting.
International director of Enterprise Network Worldwide Adelaide
Ness said: “UAE is one of the fastest growing regions of the globe
and having a trusted, competent firm in Dubai is simply a must. We
know that Shrichand Shroff will be a very important member of
Enterprise Network Worldwide.”
• The Institute of Chartered Accountants of
India (ICAI) has published an exposure draft of revised
accounting standard AS 3, Statement of Cash Flows to bring it into
line with the corresponding IAS 7.
The revised draft will require more disclosure and contains
specific treatment for various items such as bank overdrafts and
cash flows from changes in interests in a subsidiary that do not
result in a loss of control.
The revision also differs from IAS 7 as it removes the alternative
to classify the interest paid, interest and dividends received, and
dividends paid as an item of operating activity. The deadline for
comment is 10 November 2008.
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By GlobalData• The Committee for Auditing Standards of South
Africa has issued a revised practice statement, which has been
approved by the Independent Regulatory Board for Auditors. The
statement SAAPS 2, Financial Reporting Frameworks and Audit
Opinions, reflects amendments made to the Companies Act No. 63 1973
as occasioned by the Corporate Laws Amendment Act No. 24 2006,
which became effective on 14 December 2007.
• Fifteen employees of the National Audit
Office (NAO) of Tanzania have become Certified Public
Accountancy graduates. The NAO’s Controller and Auditor General
Ludovic Utouh said that the office had recently taken steps to
train its workers at levels equivalent with the requirements of the
new Public Audit Act.
• Two African students have been awarded Association of
Chartered Certified Accountants (ACCA) scholarships.
Farida Asgerali of Tanzania and Chipambamiso Chongo of Zambia were
chosen out of a pool of 300 students following the results of exams
and essays.
Bangladeshi student Sharon Chiyangwa was also awarded the
scholarship. The winners will receive financial support for a
maximum of five years and ACCA study materials.
• The Committee of European Securities
Regulators has released for comment a recommendation to
the EC to allow Indian issuers to use Indian GAAP when accessing EU
markets.
The commission said it considered it appropriate to allow the same
two-year transitional period to India it had offered other
third-country issuers who are also preparing their annual and
half-yearly financial statements in accordance with a GAAP that is
converging to IFRS, provided certain conditions are met.
