KPMG SETS UP IFRS INSTITUTENew York — KPMG has established the IFRS Institute to address the needs of companies, investors and academics affected by the transition to International Financial Reporting Standards.
The goal is to help foster a smooth adoption of the new standards. The Securities and Exchange Commission is expected shortly to issue a rule outlining the manner, timing and eligibility for some U.S. public companies to transition from U.S. generally accepted accounting principles to IFRS.
The institute held its inaugural IFRS webcast May 1.
The initiatives planned and under way for the IFRS Institute include Web-based videocasts, podcasts, surveys, roundtables, forums, conferences, educational seminars, e-learning programs and publications that explore accounting developments and emerging issues related to IFRS.
PRINCETON REVIEW RETAINS PWC
New York-based test preparation services provider Princeton Review has engaged Big Four firm PricewaterhouseCoopers as its new independent accountant.
PwC replaces Grant Thornton, which was dismissed.
In a federal filing, Princeton Review said that the change of auditors was not a result of any disagreements over accounting matters.
CALIF. WATER SERVICE TAPS DELOITTE
California Water Service Group, a San Jose-based provider of utility and water-related services in California, Washington, New Mexico and Hawaii, hired Deloitte & Touche LLP as its auditor. Deloitte replaces Big Four firm KPMG, which was dismissed in March.
BRADY PICKS CLIFTON GUNDERSON
Brady Corp., a Milwaukee-based manufacturer of labels and signs, said that the retirement committee of its 401(k) plan has engaged the firm of Clifton Gunderson as the plan’s independent accountant.
Clifton Gunderson replaces Deloitte, which was dismissed. Brady said that there weren’t any disagreements with its former auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
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