So, what does 2008’s financial crisis spell for the future of financial standards and legislation? Are we about to witness upheaval on par with 2002’s corporate scandals and the implementation of the Sarbanes-Oxley Act?
What could this mean for finance professionals?
As GAAPweb reported only a few weeks ago, PWC’s UK Chief Ian Powell believes legislative reform is required to create an early warning system to prevent future financial crises. Of course, any changes will require the development and deployment of new standards and it’s likely that an increased need for auditors and standards experts will arise.
You can maintain your CPD in accounting standards to create a solid base for tackling possible new legislation. You can investigate our courses here.
Why not land a new job to gain some valuable experience for developing your career? Since risk and audit roles currently make up about 10% of the jobs on GAAPweb, now’s a great time to investigate Sarbanes-Oxley, IFRS, GAAP, and compliance vacancies.
News Update - Latest Developments
On October 20th the IASB (International Accounting Standards Board) and FASB (Financial Accounting Standards Board), announced details of their plans for dealing with the current financial crisis and the reporting issues that have cropped up.
Joint IASB and FASB key objectives so far:
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Working together to investigate current financial crisis accounting issues.
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Collaborating internationally to tackle accounting issues.
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Improving transparency and global consistency in reporting to improve public confidence.
To achieve these aims, a high-level advisory group is being appointed to consider improvements in financial reporting and to pinpoint urgent and long-term accounting issues to be tackled. In addition, public roundtables are being held in Asia, Europe, and North America to survey government and regulator response to the crisis.
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