A Quarterly Newsletter from the UAE and Oman member firms of the PKF International Ltd. network

VOL 16, Issue 3 July 2014

PKF International

NEW APAC REGIONAL DIRECTOR

Rob Porter (photo below) has joined PKF International as APAC Regional Director, after a 3 year absence from the profession during which he was the Finance Director of an FMCG Distribution Company in Myanmar. Prior to Myanmar, and after qualifying in the UK, he spent most of the last 30 years in Asia, as an audit partner, tax partner, and COO with Ernst& Young, and KPMG in Taiwan, Indonesia, and Thailand.

 

PKF INDIA CONTRIBUTION TO IAS 41

The Asian-Oceanian Standard-Setters Group Working Group (AOSSG WG), set-up to suggest amendments in IAS-41: Agriculture, had recommended to the International Accounting Standards Board (IASB) that bearer biological assets should be scoped out of IAS 41, Agriculture and should be scoped in IAS 16, Property, Plant and Equipment as their nature is similar to plant and machinery.

Mr. Santhanakrishnan, Managing Partner of PKF Sridhar & Santhanam, India, along with the team from the Institute of Chartered Accountants of India led the debate consequent to which the IASB has amended IAS 41 and has scoped out bearer biological assets and amended IAS 16 to include them therein, thus paving the way for the cost model of accounting to be applied to such assets.

QUALIFIED FOR USAID AUDITS

PKF Fasselt Schlage, the member firm in Germany, has been accredited as a regular auditor of projects financed by USAID (U.S. Agency for International Development), qualified to carry out international audits of non-profit projects funded by the agency.

PKF COOPER PARRY PROVIDES DRIVING FORCE

In the UK, the member firm in the Midlands will partner Jake Hughes Racing, sponsoring him for the rest of the season. Birmingham-based Jake (photo above) was winner of the British Racing Drivers Club’s inaugural Formula 4 Championship in his first year of racing and now a member of the new BMW Junior Team. This year Jake is racing in the extremely competitive Northern Europe Cup for Formula Renault cars.