The Next Generation of Leadership

The old rules still apply. But to win in the new world, leaders must understand their constituents’ state of mind, says Gallup’s chairman and CEO.

Jim Clifton, Gallup's chairman and CEO, says businesses have, in most cases, maximized every possible benefit from practices based on neoclassical economics, such as Six Sigma, reengineering, and total quality management. The significant competitive advantages from these practices have hit a point of diminishing returns, he adds. Most well-run companies have wrung almost every efficiency they can from their operations -- and their competitors have too. So have we reached the end? Are there no worlds left to conquer?

In America, Europe, Japan, most of the benefits have been squeezed out of process improvement and neoclassical economics.
endquote

See full Article.

Spotlight On: Fair Value Accounting Standards

The Emergency Economic Stabilization Act of 2008, enacted and signed by the President on October 3, 2008, among other things requires the Commission to conduct a study of "mark-to-market" accounting applicable to financial institutions, including depositary institutions, and submit a report to Congress with the findings and determinations within 90 days. Specifically Section 133 of the Act provides as follows:

STUDY ON MARK-TO-MARKET ACCOUNTING

1. STUDY.—The Securities and Exchange Commission, in consultation with the Board [of Governors of the Federal Reserve System] and the Secretary [of the Treasury], shall conduct a study on mark-to-market accounting standards as provided in Statement Number 157 of the Financial Accounting Standards Board, as such standards are applicable to financial institutions, including depository institutions. Such a study shall consider at a minimum—

1. the effects of such accounting standards on a financial institution's balance sheet;
2. the impacts of such accounting on bank failures in 2008;
3. the impact of such standards on the quality of financial information available to investors;
4. the process used by the Financial Accounting Standards Board in developing accounting standards;
5. the advisability and feasibility of modifications to such standards; and
6. alternative accounting standards to those provided in such Statement Number 157.

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Nigeria’s Extractive Industries Transparency Initiative: Just a Glorious Audit?

When: Friday 20 November 2009 11:30 to 12:30
Where: Chatham House, London, UK

Participants

Nicholas Shaxson, Associate Fellow, Africa Programme, Chatham House
Discussant: Uche Igwe, Civil Society Liaison Officer, NEITI

The ambitious Nigeria Extractive Industries Transparency Initiative (NEITI) came to prominence in 2003 and was widely held up as a success, and touted as the flagship programme of global EITI. This event will launch the Chatham House study by Nicholas Shaxson analysing the extent to which NEITI has achieved it goals and potential, and whether it deserves the reputation it garnered in its early years. The paper also questions the assumptions upon which the EITI process is built: that better transparency will lead to better governance and accountability, and these in turn will foster growth and reduce poverty.

See full Details.

Britain cuts down forests to keep ‘green’ power stations burning

Britain is set to plunder the lungs of the world to feed its growing hunger for wood to burn in power stations.

A series of biomass-fired plants are being built in the UK that will trigger a 150 per cent surge in timber imports from 20 million tonnes today to 50 million tonnes by 2015, according to the Forestry Commission.

British power plants are already shipping wood from Canada, Brazil, Scandinavia and South Korea.

Just one of the new biomass plants at Port Talbot, South Wales, will consume three million tonnes of wood per year — equivalent to 30 per cent of the UK’s domestic annual wood harvest of ten million tonnes.

See full Article.

Apec leaders drop climate target

World leaders meeting in Singapore have said it will not be possible to reach a climate change deal ahead of next month's UN conference in Denmark.

After a two-day Asia-Pacific summit, they vowed to work towards an "ambitious outcome" in Copenhagen.

But the group dropped a target to halve greenhouse gas emissions by 2050, which was outlined in an earlier draft.

Leaders also vowed to pursue a new strategy for growth after the world's worst economic crisis in decades.

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Responsabilidad social empresarial. Vicente Prieto y Juan Fco Richarte

Responsabilidad social empresarial. Vicente Prieto y Juan Fco Richarte En los tiempos que corren es dificil hablar de Responsabilidad Social de las Empresas (RSE), tanto en la comarca del Vinalopó corno en el resto de España, pero vamos a tratar de hacerlo a pesar de que hoy día podríamos hablar más bien de todo lo contrario.

La Comisión Europea en su libro verde titulado "Fomentar un marco europeo para la RSE", define la Responsabilidad Social de las Empresas como la integración voluntaria por parte de las empresas, en las preocupaciones sociales y medioambientales, en sus operaciones comerciales y en sus relaciones con sus interlocutores. Es decir, que las empresas verdaderamente responsables deben de preocuparse del medio ambiente, de sus consumidores, da comercio justo, de la calidad de sus productos etcétera. Pero sobre todo del bienestar de sus trabajadores/
as.

Ver Nota de Prensa completa.

APEC abandona metas medioambientales

Los líderes mundiales reunidos en Singapur dijeron que no será posible alcanzar un acuerdo sobre cambio climático en la conferencia de Naciones Unidas, en Copenhague.

Luego de dos días de la cumbre del Foro de Cooperación Económica Asia-Pacífico (APEC), el plan para comprometerse a reducir emisiones contaminantes hacia el 2050 fue dejado fuera de la declaración final.

La cumbre de Copenhague comenzará el próximo siete de diciembre.

Ver Artículo completo.

Fair Value Measurement

Round-table meetings

The IASB will hold round-table discussions on the following dates in 2009 to discuss its proposals for fair value measurement:

* 2 November Norwalk, Connecticut, USA
* 27 November Tokyo, Japan
* 11 December London, United Kingdom

See ful Details.

Driving Engagement by Focusing on Strengths

Too many managers focus on fixing people’s weaknesses -- or worse, they simply ignore employees altogether. This doesn’t boost performance.

The two of us spend a tremendous amount of time helping organizations build higher levels of employee engagement. We do this not just because it's the right thing to do for employees -- we do it because Gallup's research has proven that the more engaged your employees are, the better results your organization achieves.

That same research has shown that managers play an essential role in driving engagement. We've understood this for a long time, but we decided to dig deeper and look more closely at how certain management styles could have a particularly powerful impact on employee engagement.

See full Article.

IASB-FASB convergence talks endorsed by Monitoring Board

Talks to harmonise standards receive boost from influential international oversight body

Renewed convergence talks between US and international accounting rule makers were given a boost today after a key oversight board added its voice of support.

The International Accounting Standards Board and US Financial Accounting Standards Board are now meeting monthly to converge their two accounting approaches, with a view to reach full harmonisation between the two financial languages by June 2011.

Today, a key oversight board, known as the Monitoring Board, said in a statement that it was “pleased” by the approach of both boards.

“The Monitoring Board is pleased by the responsive approach of the IASB and the FASB to address concerns regarding the potential for the IASB and the FASB to reach different conclusion on the major projects,” the board said.

See full Article.

Climate Change and Security: Examining China's Challenges in a Warming World

This article examines how the impacts of climate change on China, and China's response, will drive security challenges domestically, as well as in the greater Asian region and around the world.

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Rainforests could be traded on world market

Why would America's largest coal utility and Britain's biggest oil company invest in protecting a remote plot of Bolivian rainforest?

American Electric Power and BP invested in the pilot project alongside environmental groups such as the Nature Conservancy to find out if protecting forests compensates for their own pollution.

The burning of tropical forests emits more carbon dioxide every year than all the cars, planes, and boats on the planet - between 15 and 20% of global emissions.

See full Article.

Corporate leaders preemptively leaning into the recovery: Deloitte study

Many organizations adopt talent strategies to prevent key employees from departing for better opportunities

A new research report from Deloitte U.S. reveals surveyed executives believe the worst of the economic crisis has passed. While many of these leaders look to adopt talent strategies to prevent key employees from leaving for better opportunities, others may be at risk for not implementing talent or innovation strategies needed to seize the opportunities presented by a recovering economy.

“Companies may soon find themselves in a fight for talent as the recovery takes hold,” said Jeff Schwartz, Deloitte Touche Tohmatsu Global Organization and Change Leader. “A defensive strategy of hunkering down with cost cutting and headcount reductions may very well prove to be a losing strategy for weathering the impending resume tsunami. To excel during changing times and the economic recovery, organizations must take an ‘offensive’ approach, implementing talent strategies dedicated to driving innovation.”

See full Article.

SEC names new accounting deputy

Paul Beswick named deputy chief accountant at US watchdog

The US Securities and Exchange Commission has named Paul Beswick as its new permanent deputy chief accountant, following the promotion of Jim Kroeker to chief accountant.

Beswick’s responsibilities will include overseeing the accounting group within the SEC, resolution of accounting issues, rulemaking projects and oversight of private sector accounting standard setting.

He initially joined the SEC in October 2007 as a senior adviser to the chief accountant before moving over to become deputy chief accountant for professional practice in September 2008.

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Fighting Poverty: The Business Case

An American hero explains why executives must invest in the poor

A GMJ Q&A with Lieutenant General Russel Honoré (retired), former commander of Joint Task Force – Katrina, who oversaw military relief efforts after Hurricanes Katrina and Rita

Looking back, it seems the stuff of which Bruce Willis movies are made. A devastating storm devolves an American city into chaos. People are dying, the government is helpless, and the situation grows more deadly by the minute.

Then, when things are at their worst, a "John Wayne dude" rides to the rescue. With a cigar between his teeth, he gets people plucked out of the flood and finds food for the starving, medicine for the sick, and shelter for the homeless. He tells the trigger-happy to put down their guns and averts bloodshed. He barks at the media to stop spreading rumors. He tells politicians to get out of his way. He asserts order, saves lives, and prevents a calamity from becoming an utter catastrophe.

See full Article.

EC accounts fail to win approval for 15th year

European Court of Auditors finds “weaknesses” in the EC’s accounting systems yet again

The European Court of Auditors has declined to give the European Commission's accounts a clean bill of health for the 15th year in a row.

Papers published today [10 Nov] for 2008 reveal that the court accepted the accounts "present fairly, in all material respects, the financial position of the Communities" but note "weaknesses in the accounting systems .... still put at risk the quality of financial information of certain directorates general ....."

See full Article.

Transparency International Corruption Report

One year since the onset of the financial crisis, tentative signs of economic recovery are emerging. Efforts to steer us onto the road towards economic growth have seen governments draw on unprecedented amounts of public money and the biggest corporate bail-outs in history. Meanwhile, the poorest countries have been hit hard, with experts warning of disastrous humanitarian consequences. Many will require concerted help to move beyond the global recession.

This global crisis has exposed not only a need to fundamentally rethink the functioning of the financial sector, but an alarming integrity deficit that is ultimately a root cause of the current situation. To prevent similar future crises and set the global community on a path to a sustainable growth that is to everyone’s benefit, this integrity deficit must be addressed.

Transparency International seeks to go beyond technical responses to the financial crisis, striving to cement transparency as the long-term driver of a more solid, responsible and sustainable financial model, which meets the challenges of our evolving global landscape.

Access full Report.

Corruption threatens global economic recovery, greatly challenges countries in conflict

As the world economy begins to register a tentative recovery and some nations continue to wrestle with ongoing conflict and insecurity, it is clear that no region of the world is immune to the perils of corruption, according to Transparency International’s 2009 Corruption Perceptions Index (CPI), a measure of domestic, public sector corruption released today.

“At a time when massive stimulus packages, fast-track disbursements of public funds and attempts to secure peace are being implemented around the world, it is essential to identify where corruption blocks good governance and accountability, in order to break its corrosive cycle” said Huguette Labelle, Chair of Transparency International (TI).

The vast majority of the 180 countries included in the 2009 index score below five on a scale from 0 (perceived to be highly corrupt) to 10 (perceived to have low levels of corruption). The CPI measures the perceived levels of public sector corruption in a given country and is a composite index, drawing on 13 different expert and business surveys. The 2009 edition scores 180 countries, the same number as the 2008 CPI.

See full Press Release.

La corrupción amenaza la recuperación económica mundial y supone graves obstáculos para los países en conflicto

A medida que la economía mundial comienza a mostrar los primeros signos de recuperación y algunas naciones continúan haciendo frente a una situación de conflicto e inseguridad constantes, resulta evidente que ninguna región del mundo está exenta de los peligros de la corrupción, de acuerdo con el Índice de Percepción de la Corrupción (IPC) 2009 de Transparency International, una medición de la corrupción del sector público doméstico difundida en el día de hoy.

“En una época en la que abundan los paquetes de medidas de estímulo, desembolsos rápidos de fondos públicos y estrategias para garantizar la paz en todo el mundo, es esencial identificar el modo en que la corrupción obstaculiza las buenas prácticas de gobierno y la rendición de cuentas a fin de interrumpir este círculo vicioso”, señaló Huguette Labelle, Presidenta de Transparency International (TI).

La gran mayoría de los 180 países incluidos en el índice 2009 tienen una puntuación inferior a 5 en una escala de 0 (percepción de alta corrupción) a 10 (percepción de bajos niveles de corrupción).

Ver Nota de Prensa completa.

Leaders meet for UN 'food summit'

World leaders are preparing to meet in Rome for a UN conference aimed at stabilising food prices.

The World Summit on Food Security comes a year after major rises in food prices caused chaos across the globe.

The UN says one billion people are hungry and has said food production must increase to cope with a growing global population.

See full Article.

Compliance departments on red alert for insider trading

Galleon case frightened advisers into examining internal controls

In the wake of the alleged insider-trading ring involving hedge fund manager Galleon Group, compliance departments at asset management firms and broker-dealers are stepping up their vigilance.

As regulators increase their scrutiny of insider trading, firms are actively reviewing their compliance policies, making sure that em-ployees understand them and conducting more audits of their trading patterns to make certain that nothing is potentially amiss.

“This is the hottest topic right now,” said Rick Nummi, executive consultant at Accounting and Compliance International. “At least once a week, we are getting calls from clients to come in and do a presentation on insider trading.”

See full Article.

Europe delays fair value adoption

Banks say they want the new standard in place

European banks will have to wait to adopt a new contentious accounting rule released yesterday in the wake of the crisis, which banks fear will make them uncompetitive.

European finance ministers have spent the past twelve months piling pressure on the International Accounting Standards Board to hasten the release of a new accounting rule to value and measure assets.

Yesterday’s release of the new standard was met with delays from Brussels which will study the new standard before it considers adoption, The Financial Times reports.

See full Article.

EC accounts fail to win approval for 15th year

European Court of Auditors finds “weaknesses” in the EC’s accounting systems yet again

The European Court of Auditors has declined to give the European Commission's accounts a clean bill of health for the 15th year in a row.

Papers published today [10 Nov] for 2008 reveal that the court accepted the accounts "present fairly, in all material respects, the financial position of the Communities" but note "weaknesses in the accounting systems .... still put at risk the quality of financial information of certain directorates general ....."

It complains in particular about "pre-financing", invoicing and the assets of the European Satellite Programme Galileo. It added that payments underlying accounts related to "cohesion", "research, energy and transport" and "external aid" are "materially affected by error".

See full Article.

Cracks appear in carbon emissions accounting

Concerns grow over lack of carbon accounting standards

Experts have voiced growing concern that businesses in the UK and abroad are still without a standardised method of accounting for carbon, despite impending policies forcing companies to begin reducing energy emissions.

The issue is made urgent by the looming introduction of the Carbon Reduction Commitment (CRC) in April 2010, which will compel the largest 5,000 companies in the UK to report and pay for carbon emissions produced from energy consumption.

Accountancy Age understands that a letter is being drafted by the accountancy institutes and the Big Four firms calling for the International Accounting Standards Board (IASB) to address the absence of a global policy on emissions reporting.

See full Article.

Corporate insolvency market faces fair trade probe

OFT to report on the structure of the insolvency market next year

The Office of Fair Trading has revealed that it is conducting an in-depth study of the corporate insolvency market.

The investigation will look at the structure of the market and the appointment process for insolvency practitioners. It will also search for features in the market which may result in inequalities, such as higher fees or lower recovery rates for certain groups of creditors.

It follows recent concerns raised by the government and Insolvency Service over the way insolvency practitioners are appointed.

The study will collect and analyse data from accountancy firms, law practices, government, regulators and trade bodies, with the OFT planning to release its findings at the end of 2010, unless it is necessary to conduct a second stage.

See full Article.

War-torn nations 'most corrupt'

War-torn nations remain the world's most corrupt, Transparency International (TI) has said.

Afghanistan, Iraq and Somalia are the lowest-ranked countries in TI's annual global survey. They were all at the bottom of the list last year as well.

"When essential institutions are weak or non-existent, corruption spirals out of control," TI said.

See full Article.

See development of corruption from 2005 to 2008

Reports on compliance and regulatory matters

Risk and Control Processes

The BBC has an obligation under its Charter to apply the highest standards of corporate governance. BBC World Service recognises the importance of, and is committed to, applying these standards and voluntarily complies with the 2006 Financial Reporting Council Combined Code (2006 FRC Code) to the extent that it is applicable.

BBC World Service has complied throughout the year ended 31 March 2008 with the 2006 FRC Code except as noted below:

+ those requirements relating to non-executive directors, remuneration and audit committees;
The BBC Executive Board considers that BBC World Service should comply with the 2006 FRC Code in a manner which is common practice for an entity whose parent is complying with it.

See full Article.

Leading Change in the Emerging Economy

When: 11/20/2009 - 11/21/2009
Where: Orlando, Florida, USA

Leading Change in the Emerging Economy

When the smoke of these turbulent times clears, nonprofit governance will have a new focus and meaning in a new economic environment.

Dedicated to advancing the public good by building exceptional nonprofit boards and inspiring board service, BoardSource will convene leaders from the volunteer, public, and private sectors to examine the dynamics and implications of these changes – stimulating rich analysis as well as practical insights and approaches that will influence all sectors, including thousands of nonprofit boards across the U.S.

See full Details.

FASB Eases Fair-Value Rules Amid Lawmaker Pressure

The Financial Accounting Standards Board, pressured by U.S. lawmakers and financial companies, voted to relax fair-value accounting rules that Citigroup Inc. and Wells Fargo & Co. say don’t work when markets are inactive.

Changes to fair-value, or mark-to-market accounting, approved by FASB today allow companies to use “significant” judgment in gauging prices of some investments on their books, including mortgage-backed securities. Analysts say the measure may reduce banks’ writedowns and boost net income. Firms could apply the changes to first-quarter results.

“Good decision,” Citigroup Chairman Richard Parsons said of FASB’s move. The market for mortgages and other assets was not working, so something had to change, Parsons said in a New York interview today. Citigroup later said in a statement the decision will have “no impact” on its financial statements.

See full Article.

Does small biz exemption mean more fraud?

SOX It all sounds like a great idea on the surface, doesn't it?

I'm talking about a proposal floating around Congress to exempt small public companies from having to comply with the onerous and expensive requirements found in Section 404 of the Sarbanes-Oxley Act.

You remember Section 404, right? That's the one that requires finance executives to sign off on their companies' internal controls over financial reporting. When Sarbanes-Oxley was enacted in 2002, Section 404 was at the center of a contentious debate. Small businesses protested, saying the monetary and manpower costs involved in complying with 404 were too steep. In those scandal-ridden post-Enron days, though, those companies had few friends in their corner, so they bit their tongues and took it.

See full Article.

Power crisis is rooted in history of poor governance

Another View: Godsell's resignation is a result of government's inefficient management of parastatals, says Adam Habib

Was race at the centre of the Eskom debacle? The ANC Youth League thought so, as did the Black Management Forum (BMF), as well as the DA. They merely supported different sides.

The youth league and the BMF were in Jacob Maroga's corner, whereas the DA supported Bobby Godsell. But the unions knew that something bigger was at play. The NUM's Francis Baleni and Cosatu's Zwelinzima Vavi condemned the accusation that Godsell was a racist.

Moreover, their statements suggest that they saw the issue as one of competence, delivery and development mandate. Godsell, they believed, has a much better grasp of these issues - and they implicitly supported him.

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Environmental protection and the regional development: Experiences and perspectives

The book Environmental protection and regional development: Experiences and perspectives has been issued by the Institute for International Relations. Edited by Sanja Tišma and Sanja Maleković, the book is a collection of highly relevant academic and policy related works in the fields of sustainable and regional development

Book has collected works of 18 authors from Croatia and Russia. Most of the texts cover Croatian experiences regarding the environmental protection and sustainable development divided across the sections of waste and water management, energy policy, regional development, protection of cultural heritage, cultural and eco-tourism. Contributions on these issues are made by the researchers of the Institute for International Relations, Civil Engineering Institute of Croatia, Croatian Agency for Small Business and Faculty of Chemical Engineering and Technology of the University of Zagreb. In addition, two analyses cover Russian experiences and challenges regarding the sustainable development with the example of town Belgorod as the ecological town that implements sustainable development strategy on a local level.

Book is written in a consistent manner with clear internal logic that is easily followed. On the beginning of the each chapter there is an identification and general background of the problem supported with the current legal framework and strategic guidelines. Focus then shifts on a critical evaluation of the problem with the policy recommendations on how to deal with challenges. This is the highest value of the book because its offers synthesis of the analytical thinking with the proposals of the measures in the policy sphere.

First three chapters deal with environmental protection in Croatia, European union’s and Russian experiences and efforts with the sustainable development. EU has adopted EPI, environmental policy integration approach, which means that all EU public policies include sustainable development goals from the earliest stage. Integrated approach is seen in other EU activities such is horizontal legislation of the EU environmental protection and the EU Environmental Action Programs. Thus, as a part of the accession process, Croatia has to adopt environmental legislation and strengthen institutional and administrative capacities to utilize EU’s financial help on these issues.

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The Benefits and Challenges of Virtual Meetings

There are both benefits and challenges to holding virtual meetings. BoardSource's latest white paper provides practical tips to make them a viable option for most boards.

Virtual board meetings offer flexibility to board meetings. They allow individual board members to participate when they otherwise would not be able to attend a meeting. They permit a committed board to save time, money, and effort. And they are excellent tools for most committee meetings.

Ultimately, however, technology is a tool. It won’t improve a board that is poorly engaged, unmotivated, or full of controversy. Virtual meetings can’t fix quorum problems or suddenly pull shy members out of their shells. They don’t build camaraderie or cohesion. But they do serve a purpose in today’s world.

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International Day for the Eradication of Poverty - October 17

The International Day for the Eradication of Poverty has been observed every year since 1993, when the General Assembly, by resolution 47/196, designated this day to promote awareness of the need to eradicate poverty and destitution in all countries, particularly in developing countries - a need that has become a development priority.

At the Millennium Summit, world leaders committed themselves to cutting by half by the year 2015 the number of people living in extreme poverty - people whose income is less than one dollar a day.

The theme for this year’s International Day for the Eradication of Poverty -- “Working together out of poverty” -- highlights the need for a truly global anti-poverty alliance, one in which both developed and developing countries participate actively.

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Leading Change in an Emerging Economy

Our economy is changing, calling on nonprofit organizations to adapt or perish. A new environment is emerging — one with fewer nonprofits, increased community need, a radically altered financial world, unfamiliar rules and regulations, and enhanced cross-sector thinking and partnerships.

Leaders in the nonprofit sector must envision and anticipate the future in order to navigate it. Are you effectively harnessing the power of your board during these turbulent times? The 2009 BoardSource Leadership Forum offers you and other leaders in your organization the opportunity to share ideas with leading experts on the forces shaping our world — the economy, sustainability, new media, regulatory issues, and leadership.

See full Details.

CSA says time not right for overhaul

Securities regulators postponed a proposed overhaul of the country's corporate governance rules after a number of companies complained that they've got their hands full dealing with the financial crisis.

The Canadian Securities Administrators, an umbrella group of provincial regulators, said yesterday that they will not implement changes to the corporate governance regime that they suggested in December.

The regulators held a comment period that ran through the spring, and received dozens of responses from corporations, pension funds, and industry groups such as WestJet Airlines Ltd., Transcontinental Inc., Nexen Inc., Ontario Teachers' Pension Plan Board, Rogers Communications Inc. and Power Financial Corp.

See full Article.

Case Study: Failing to Use the Board

What’s wrong: The chief executive fails to use the time, talent, and treasure of the board for constructive purposes.

Why this is a problem: As the authors of Governance as Leadership have observed, board members provide necessary capital to organizations: intellectual, reputational, political, and social capital. An organization that is not using its board productively is missing out on opportunities. The board of directors and the chief executive are members of a team, with a shared responsibility to achieve the mission of the organization. When the team is not working together effectively, the organization’s results and reputation can suffer.

See full Article.

Audit quality under pressure as firms cut costs

FRC warns firms to maintain high standards as recession bites

Audit quality could be the latest casualty of the downturn as accounting firms cut costs in some of the toughest market conditions seen in ten years, regulators warn.

The Financial Reporting Council (FRC) wants accounting firms to maintain high audit standards despite near unprecedented pressure on profit margins.

Paul George, head of the FRC’s Professional Oversight Board, is concerned that a general downturn in audit work might see firms concentrate on their bottom line at the expense of audit quality.

Markets rely on auditors to provide assurance and comfort about company performance and data. It’s feared cost cuts could promote a culture where their own business growth is more important than audit quality.

See full Article.

New fair value standard rushed out by IASB

International standard setter publishes replacement for IAS39 in wake of banking crisis

The International Accounting Standard’s Board has released its contentious fair value standard, ending one of the most controversial projects in its short history.

The new accounting rule, hastily revised and reworked in the wake of the international financial crisis, aims at reducing the complexity of the fair value principle.

Fair value - the accounting principle which forces companies to value assets at their every day market value – came under sustained attack in the immediate wake of the financial crisis as banks and other financial institutions watched on as the value of their financial instruments plummeted in severely depressed markets.

See full Article.

Critical Components of Effective Governance

When: 11/18/2009 - 11/19/2009
Where: Orlando, Florida, USA

Instructor: Susan Decker

A comprehensive two-day training on the fundamentals of nonprofit boards for trainers, consultants, board members, and other nonprofit professionals focused on building the capacity of nonprofit boards.

See full Details.

Standing Up Against Global Poverty

As the international community prepares to mark the International Day for the Eradication of Poverty tomorrow, this is an important opportunity to take stock of MCC’s ongoing commitment to help reduce global poverty. In partnership with countries worldwide, we continue to measure the impact of MCC’s results-focused investments totaling more than $7 billion.

What we see is a promising start. To date, more than 87,677 farmers have been trained worldwide, and MCC-funded programs have made $29 million in agricultural and rural loans possible. More than 12,236 hectares of land are under production, helping farmers increase their food security and take care of their families. We have completed the construction of two new roads in Cape Verde, the first roads to be completed by MCC in Africa. Around the world, we have more than 1,177 kilometers of roads under construction, helping communities reach markets and critical services, like schools and health clinics. New schools have been built in Ghana and Burkina Faso, and we already know through an independent impact evaluation that both enrollment rates and test scores increased in Burkina Faso. Be sure to bookmark and revisit often the dedicated results section of our website to track the progress we are making.

See full Article.