PWC RESTRUCTURES GLOBAL NETWORKLondon - Big Four firm PricewaterhouseCoopers plans to reorganize its international network of member accounting firms, splitting them into three major geographic clusters.
Starting October 1, the east cluster will be led by PwC China senior partner Silas Yang, the central cluster by PwC U.K. senior partner Ian Powell, and the west cluster by PwC U.S. senior partner Dennis Nally. The PwC Network will be led by a new network leadership team comprising PwC Global CEO Samuel A. DiPiazza Jr., plus the senior partners of PwC's U.K., U.S. and China firms. PwC Germany senior partner Hans Wagener will also join the leadership team. PwC sees the new structure as a way to increase its focus on emerging markets and spur future growth. The restructuring follows on the heels of a global restructuring by Ernst & Young earlier this year.
FASB ADDS BIZ COMBOS TO CODIFICATION
Norwalk, Conn. - The Financial Accounting Standards Board has added the topic of business combinations to its accounting standards codification, which aims to organize the thousands of U.S. accounting pronouncements issued by multiple standard-setters into a single authoritative source.
The codification is in the midst of a one-year "verification period" until Jan. 1, 2009, and is scheduled for final approval next April. In the meantime, FASB is inviting comments on whether the business combinations material and the other content in the codification accurately reflect U.S. generally accepted accounting principles.
The business combinations topic integrates various standards, including FASB Statement No. 141(R), Statement No. 109, FIN 48, and various EITF issues and SEC staff accounting bulletins. FASB decided to include only the post-141(R) standards in the business combinations topic.
For more information, visit http://asc.fasb.org.
DELOITTE GROWS IN OTTAWA; RELEASES IFRS PAPER
Ottawa - Deloitte & Touche has signed a memorandum of understanding with Canadian accounting firm Scott Rankin & Gardner for a potential merger. The Canadian firm has 30 partners and staff, and offers an opportunity for Deloitte to expand its presence in Ottawa serving private companies.
Separately, the firm released a white paper on how companies should assess their technology to ensure a smooth transition to International Financial Reporting Standards. The white paper, "Technology Implications of IFRS Adoption for U.S. Companies," is available at www.deloitte.com/us/ifrs/technology.
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