Two partners from the US law firm Sidley & Austin are joining Lovell White Durrant to lead a new office in Chicago specialising in reinsurance and insurance dispute resolution and counselling. Sidley & Austin has been in the news for the rapid expansion of its London office by hiring lawyers from leading British firms.
The Institute of Chartered Accountants of Scotland has won a contract to help to develop the Kenya College of Accountancy. Training will take place in Edinburgh and Nairobi.
In the chair
Simon McKie has been elected chairman of the Institute of Chartered Accountants' tax faculty, succeeding Peter Wyman. Mr McKie, a partner with Robson Rhodes, is now deputy chairman of the faculty and chairman of the institute's professional matters, inheritance tax and trusts committees.
Support for more uniform disclosures of environmental costs and liabilities is contained in a discussion paper issued by a working party of the Institute of Chartered Accountants' environment steering group.
Graham Ward, chairman of the body's financial reporting and auditing group, said: "In broad terms, the working party believes that the financial reporting of environmental costs and liabilities is covered by existing UK accounting requirements. However, the application of certain principles may be difficult, due to the extended time frames that need to be considered and degree of judgement required."
Only one in seven companies failing between 1987 and 1994 had a warning from auditors in its last set of accounts about its status as a "going concern", research by the City University Business School shows. The position appeared to be getting worse; another study covering 1977 to 1986 showed 26 per cent had auditor's qualifications about their status as going concerns.
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