JEFFERSON WELLS OFFERS IFRS READINESS CALCULATORMilwaukee - Consultancy Jefferson Wells has introduced an online IFRS Readiness Calculator to help companies assess their preparedness for the transition to International Financial Reporting Standards.
The interactive calculator includes 18 questions that organizations can answer to establish how well-positioned they are for the transition from U.S. generally accepted accounting principles.
Questions in the online calculator address matters such as whether the company has incorporated IFRS into its tax-planning models and strategic transaction models, and if it is monitoring its industry competitors to see if they are preparing financial statements based on IFRS. The answers can help identify potential improvement opportunities that would strengthen current operations and lay a stronger foundation for the eventual adoption of IFRS.
Depending on how an organization answers, it may be considered either very well-positioned, somewhat ready or not at all ready to adopt IFRS.
SIRIUS JETTISONS E&Y
Sirius XM Radio Inc. has dismissed Big Four firm Ernst & Young as its independent accountant and engaged KPMG as its new auditor. The New York-based satellite radio concern said in a federal filing that the change in auditors did not result from any disagreements between it and its former independent accountant. The reports of E&Y on Sirius' financials for the fiscal years ended Dec. 31, 2006 and 2007, did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles.
GEOEYE ENGAGES KPMG
GeoEye Inc., a Dulles, Va.-based provider of satellite, aerial and geospatial information, has engaged Big Four firm KPMG as its new independent accountant. KPMG succeeds BDO Seidman, which was dismissed as GeoEye's auditor. A filing with the SEC did not disclose a reason for the change in auditors. GeoEye said that for the years 2006 and 2007, BDO Seidman's audit reports on its financials didn't contain an adverse opinion or disclaimer of opinion, and weren't qualified or modified as to uncertainty, audit scope or accounting principles.
ACME UNITED TAPS UHY
Acme United, a Fairfield, Conn.-based supplier of measuring and cutting products, has named UHY Advisors as its new independent accountant. UHY replaces Ernst & Young, which was dismissed. Acme said in a filing that the reports of its former auditor on its financials for 2006 and 2007 did not contain an adverse opinion or disclaimer of opinion, nor were there disagreements on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
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