domingo, 28 de mayo de 2017

Desde PERA

1 ¿Cuál es la necesidad de planificar y desarrollar una auditoría aplicando una actitud del escepticismo profesional?

2 Explique  ¿cómo los riesgos alrededor de un encargo de auditoría pueden afectar la auditoría de una entidad?

3 Explique los componentes del riesgo de auditoría.

4 Explique por qué el enfoque de las NIAs es un enfoque basado en riesgos.

5 ¿Cuál es la importancia del análisis de riesgos en auditoría?

6Describa la utilización de las tecnologías de la información en el análisis de riesgos.

7 Explique  ¿cómo los auditores obtienen una comprensión inicial  de la entidad  y el conocimiento suficiente sobre el ambiente de negocios donde opera  la entidad?

8 Explique qué debemos entender por materialidad y error tolerable.

9 Explique ¿cuáles son los efectos de los hallazgos de fraude y de declaraciones  erróneas en la estrategia de auditoría y sus implicaciones?

10 Explique la naturaleza y los propósitos de los procedimientos analíticos en la planeación.

11 Explique ¿cómo deben usarse los ratios (análisis financiero) cuando se aplican como parte de los  procedimientos analíticos.

12 explique en qué consiste el riesgo de negocio.          


Fuente:  ACCA/F8

viernes, 26 de mayo de 2017

Desde Economipedia



Una patente es un derecho otorgado por el Estado (u otra autoridad pertinente) a un inventor de modo que este sea el único autorizado para explotar y obtener ganancias de su invención durante un período de tiempo limitado.
Comercio Exterior

Comercio Exterior

El Comercio Exterior consiste en el intercambio de bienes y servicios entre dos o más países.

Desde HBR

How to Get Two Very Different Teams to Collaborate

It’s easy to assume that because two teams are part of the same organizational culture, they share the same norms and values. But teams often have different ways of working, which can make collaboration a challenge. For example, one team may prefer to resolve conflicts as a group, while another may assume that conflicts are best resolved in private. To get two groups to work together effectively, you generally have three options:
  • Adopt one approach. For example, the team that discusses conflict privately may begin doing it in meetings if the other team makes a compelling case for their method.
  • Integrate both approaches. The teams could agree to initially raise a conflict in private, and then jointly raise the issue with the larger team.
  • Compromise. The teams might agree to let each member decide whether to raise a conflict privately or with the team. Compromise should be a last resort, though, as it often leaves everyone feeling somewhat dissatisfied.

jueves, 25 de mayo de 2017

Desde Accounting Today

Web Seminar  5 tips to drive more value from your engagements
Jun. 13, 2017 | 2 PM ET/11 AM PT
Hosted by Accounting Today
Join industry thought leaders Brian Siet, Wolters Kluwer and Garrett Wagner, Thaney & Associates for a frank discussion on how firms can turn a traditional engagement workflow into a process that generates new opportunities for the firm and the firm’s clients. Stop spending hours creating and then reviewing workpapers. Instead, focus on what revenue-generating ideas can come from the results. In this session, you will hear:
  • Lessons learned from real-life success stories
  • Tips to help you drive more value from your firm’s engagements
  • How CCH® ProSystem fx® Engagement helped Thaney & Associates reach their achievement level
It is possible to reduce engagement preparation up to 40% while simultaneously producing higher quality work products. Join us to learn how.
Audience — Who should attend?: CPA firm audit partners, managers, QA staff and auditors interested in turning their audit department into a future-ready state.
Brian Siet, CPA
Senior Manager, Strategic Relationships
Wolters Kluwer Tax & Accounting US
Garrett Wagner, CPA, CITP
Business Therapist
Thaney & Associates, CPAs, P.C.

Desde Observatorio ITESM

Descarga directa del reporte  
El mundo está cambiando de manera cada vez más acelerada y la educación no es la excepción. La velocidad que se requiere para responder a los nuevos retos que se presentan en el sector educativo obliga a las instituciones a estar mejor informadas para anticipar los cambios e ir un paso 

Desde Investopedia


Fintech is a portmanteau of financial technology that describes an emerging financial services sector in the 21st century. Originally, the term applied to technology applied to the back-end of established consumer and trade financial institutions. Since the end of the first decade of the 21st century, the term has expanded to include any technological innovation in the financial sector, including innovations in financial literacy and education, retail banking, investment and even crypto-currencies like bitcoin.
Breaking it Down:
The term financial technology can apply to any innovation in how people transact business, from the invention of money to... Read More

Desde HBR

October 28, 2016

Make the Most of Board Discussions

Boards play a critical role in governing a company, yet many of them meet for less than 10 hours a year. So it’s vital that directors use that time well. Board papers should be sent out at least four working days in advance to give directors time to read, digest, and prioritize. Each director should identify the one or two challenges or comments that they want to make at each board meeting. There won’t be time to comment on every issue, so focus on what you think is most important and where you can add the most value. If there are more than two discussions you want to bring up, don’t spring them on your colleagues. Submit your list to the chair in advance so that they can decide which to address at the meeting and which to address in other ways. During the meeting, resist the urge to chime in on every topic and be careful about prolonging discussions that your fellow directors initiate. Your goal as a group is to be thorough and efficient.

miércoles, 24 de mayo de 2017


Desde Accounting Today

Web Seminar  Simplifying business return processing via technology, integrated solutions and best practices
Jun. 08, 2017 | 2 PM ET/11 AM PT
Hosted by Accounting Today
There are many challenges tax professionals face when preparing business tax returns. And likewise, there are a number of things you can do make life easier when addressing those challenges, such as employing technology solutions and implementing new and improved processes.
Join Wolters Kluwer’s Frank Giudice -- Senior Tax Consultant -- and Jo Ann Cummings, CPA, PMC -- Technical Product Manager, Tax Software -- to take a look at these challenges and some associated business tax software solutions during this FREE one hour webinar. We’ll cover:
  • Managing Trial Balances - Most business returns require a trial balance as an integral part of the tax preparation process. It can be time consuming to keep the trial balance and business tax return in sync.

  • Dynamic Computations vs. Static Data Entry - Due to tying back to a trial balance, data in a business return tends to be interrelated. Once a business return is in balance, changing one number often requires changing other related information. It can be time consuming to assure modifications are carried through the entire return appropriately.

  • Comprehensive Diagnostics – Business returns can be complex and require that various components of the return tie out against each other while complying with tax regulations.

  • Managing K-1 Information - When preparing Partnership or S-Corp returns, preparers must often manually enter the K-1 data in the taxpayer’s personal return. This can be time consuming and error prone, and there are often limitations to consider.

  • Meeting Federal and State Electronic Filing Requirements - Every year, more and more federal and state return types fall under electronic filing mandates.
Register today!
Jo Ann Cummings, CPA, PMC
Technical Product Manager
CCH Axcess Tax,
CCH ProSystem fx Tax & CCH Global fx Tax
Frank Giudice
Senior Tax Consultant
Wolters Kluwer Tax & Accounting US

Desde Investopedia


Ex-dividend is a classification of trading shares when a declared dividend belongs to the seller rather than the buyer. A stock will be given ex-dividend status if a person has been confirmed by the company to receive the dividend payment.
A stock trades ex-dividend on or after the ex-dividend date (ex-date). At this point, the person who owns the security on the ex-dividend date will be awarded the payment, regardless of who currently holds the stock. After the ex-date has been declared, the stock will usually drop in price by the amount of the expected dividend.
Breaking it Down:
When a company decides to declare a dividend, its board of directors establishes a record date. This is the date when a person must be on the company’s record... Read More

Desde HBR

Get People to Respect Your Work-at-Home Arrangement

When you work at home, it can be a challenge to make sure others respect the arrangement. Perhaps you have a coworker who makes jokes about you slacking off while they’re all at the office or who regularly forgets to include you in meetings. You may not be able to change their opinions, but you can request that they change their behavior. Instead of having the “No, I’m actually working!” conversation, make specific, actionable requests, and keep enforcing your boundaries. Say something along these lines: “I miss the headquarters sometimes, but this arrangement works best for me right now. By the way, I’d like to call in to your Friday meeting with the team.” Or “please copy me on emails about this topic from now on — it’s part of my role.”

martes, 23 de mayo de 2017


Desde IFRS Box

How to Make Consolidated Statement of Cash Flows with Foreign Currencies

Consolidated Cash Flows with Foreign CurrencyDid you know that many groups prepare their consolidated cash flow statement completely incorrectly?
And, if you are well-experienced accountant, you can actually spot the faulty numbers instantly when you look to the statement of cash flows.
Sadly, this wrong method is often taught in many accounting courses.
What method is it?
Similarly as with the individual statement of cash flows, you take the consolidated statements of financial position, consolidated statement of total comprehensive income, then you calculate “deltas” or the differences between the closing and opening balances of your assets, liabilities and equity items…
… there you go, I described this method here with details in the video.
It’s very simple method and you’ll get nice consolidated statement of cash flows.
But it’s incorrect.
Don’t get me wrong now – this method is perfectly OK for consolidated cash flows when the parent and the subsidiary use the same functional currency.
Therefore, if you both use EUR (or any other currency) – use it.
Or, if you attend an exam and the question gives you two sets of financial statements, both in the same currency – use it. You’ll be fine.
However, as soon as foreign currencies are involved, then I do NOT recommend using this method.
Because, it does not comply with IAS 7 Statement of Cash Flows.
The reason is that under IAS 7, you should apply the rates applicable at the dates of transaction, or at least the average rates prevalent during the reporting period.
You need to realize that the consolidated balance sheet was prepared using the closing rates, because you had to translate all assets and liabilities in different functional currency using closing rates.
Therefore, if you make consolidated statement of cash flows based on the consolidated balance sheet, you are automatically using the wrong translation foreign exchange rates.
As a result, the individual line items in your consolidated cash flow statement would contain lots of effects of changes in foreign exchange rates – and maybe you know that this effect should be reported separately at the end.
How can you spot this wrong methodology in any financial statements?
Special For You! Have you already checked out the IFRS Kit? It’s a full IFRS learning package with more than 30 hours of private video tutorials, more than 100 IFRS case studies solved in Excel, more than 120 pages of handouts and many bonuses included. If you take action today and subscribe to the IFRS Kit, you’ll get it at discount! Click here to check it out!

If you compare the effect of changes in foreign exchange rates in the cash flow statement with currency translation difference in the balance sheet, you’ll see it’s the same number.
It should NOT be!
So, what’s the right method?
Let’s explain in a few simple steps and illustrate on an example.

Example: Consolidated Statement of Cash Flows with Foreign Currencies

Hello, the UK company has owned 100% in GutenTag, a German subsidiary since January 2015. The following transactions occurred in 2016:
  • On 31 October 2016, GutenTag paid dividend on EUR 1 000 to Hello.
  • On 30 November 2016, Hello purchased goods from GutenTag for EUR 5 000 (GutenTag’s cost: EUR 4 500). The goods remained unsold at the year-end and the payable was unpaid.
The applicable exchange rates GBP/EUR:
  • 31 December 2015: 0,7340
  • 31 October 2016: 0,9005
  • 30 November 2016: 0,8525
  • 31 December 2016: 0,8562
  • Average in 2016: 0,8188
The financial statements of Hello and GutenTag as at 31 December 2016:


Prepare consolidated statement of cash flows for the year ended 31 December 2016.

Step 1 – Prepare individual statements of cash flows of both parent and subsidiary

Clear enough.
I am not going to do this step in details here, because I published a complex article on how to prepare statement of cash flows here.
Also, if you need more detailed explanations with analysis of various types of transactions, then I recommend checking out my IFRS Kit where cash flows are extensively covered.


Step 2 – Translate subsidiary’s individual statement of cash flows to the presentation currency

In this step, you need to recalculate all the line items in subsidiary’s cash flows to show them in presentation currency.
What rates should you use?
Standard IAS 7 par. 26 and 27 clearly says that you should translate cash flows using the foreign exchange rate at the date of cash flow (transaction date) and you can use the average rate for the period for approximation.
Therefore, we can use the average rate in 2016 and for the specific cash flow – dividends paid – we use the actual rate valid at the date of cash flow.

Please note that we did not use any specific rate for translating the profit before tax. So where does the amount of GBP 14 907 come from?
This amount comes from the statement of profit or loss of GutenTag translated to presentation currency.
The reason why you should use it is that the individual items in profit or loss can be translated using different rates (average vs. transaction date) and the total profit figure is calculated.
I attached the excel file with all these calculations into the IFRS Kit, so if you are subscribed, you can check it there.
Also, please note that the opening balance of cash was translated using closing rate in 2015, and the closing balance of cash was translated using closing rate in 2016.
This is perfectly right, because these numbers must correspond with the consolidated balance sheet.
However, if you sum up all the movements, then the net decrease of cash plus opening cash balance in GBP do not give you the closing balance of cash in GBP.
Yes, because you applied different translation rates.
Therefore, you simply add the extra line – “effect of exchange rate changes on cash” and this would be your balancing figure.
Actually, it’s possible to verify this number by recalculations.

Step 3 – Aggregate parent’s cash flows and subsidiary’s cash flows

Simple as that.
Put both statement of cash flows in the same presentation currency next to each other and sum up. Done.


Step 4 – Eliminate intragroup transactions

This step requires some work to do and that’s probably the reason why many groups try to avoid this method and prepare cash flow statements from the consolidated balance sheets.
When you are eliminating, please be extremely careful about the exchange rates you use.
Special For You! Have you already checked out the IFRS Kit? It’s a full IFRS learning package with more than 30 hours of private video tutorials, more than 100 IFRS case studies solved in Excel, more than 120 pages of handouts and many bonuses included. If you take action today and subscribe to the IFRS Kit, you’ll get it at discount! Click here to check it out!

In general, you should use the same exchange rates as were used at preparing the individual line items.
I’ll explain.
In our example, we need to eliminate 3 items:
  1. Dividends paid by GutenTag and received by Hello Sure, this is an intragroup transaction and if you report 2 companies as 1, nothing happened.
    You should eliminate the dividends exactly from the affected captions:
    1. Profit before tax: Parent’s profit was increased by the dividends, so we must bring it down (deduct dividend)
    2. Adjustment for finance income and expenses net: The net expenses were added, but they were lowered by the dividends paid, so we must increase them again (add dividend)
    3. Dividend received: No dividend was received by the group, so deduct.
    4. Divided paid: No dividend was paid to the group, so add back.
    The sum of these adjustments shall be zero. Look to the first adjustment in the picture below and see.
    By the way, we used the same rate for all 4 entries, because we assume that the parent recognized the dividend income using the transaction date rate; and the dividend paid in subsidiary’s statement of cash flows was recalculated using the same rate.
  2. Intragroup receivable and payable of EUR 5 000 Similarly as with balance sheet, we do the same thing here.
    We eliminate as follows:
    1. Subsidiary GutenTag had receivable of EUR 5 000 to the parent. This affected the increase in trade receivables’ line. Without this intragroup receivable, the decrease would have been lower by 5 000 EUR, so we add this amount back.

      What rate? Subsidiary’s cash flow statements were translated using average rate, so we translate the elimination in the decrease with average rate, too.
      As a result, you add GBP 4 094 back to the line “increase in trade receivables” (5 000*0,8188).
    2. Parent Hello had an intragroup payable of EUR 5 000. This affected the decrease in trade payables’ line. Without this intragroup payable, the decrease would have been higher by 5 000 EUR, so we deduct this amount.

      What rate? Parent’s cash flow statement was prepared from its balance sheet and the intragroup payable was translated by the closing rate there.
      As a result, you deduct GBP 4 281 from the line “decrease in trade payables” (5 000*0,8562).
    3. The difference between GBP 4 094 and GBP 4 281 resulted from the application of different exchange rates and therefore, you need to report GBP 187 in the line “Effect of changes in foreign exchange”.
  3. Unrealized profit on inventories The parent bought inventories from the subsidiary and the subsidiary made profit of EUR 500. The inventories remained unsold by the group at the year-end, therefore in fact, no profit was realized from the group’s view and we need to eliminate it in the statement of cash flows.
    We eliminate as follows:
    1. Subsidiary GutenTag made profit of EUR 500 and reported it in the line “Profit before tax”. We need to deduct EUR 500 from that line.

      What rate? In subsidiary’s profit, intragroup sale was translated using the actual transaction date rate, so use the same rate when eliminated unrealized profit.
      Therefore, we deduct GBP 426 (EUR 500*0,8525) from the line “Profit before taxation”.
    2. Parent’s inventories are overstated by the unrealized profit of EUR 500 and it affected the line “increase in inventories”. Without this profit, the increase would have been lower and therefore, we need to add it back.

      What rate? UK parent recognized the inventories at the transaction date rate (historical rate). The inventories are non-monetary item and therefore, they remained the same, without recalculating by closing rate, at the year-end.
      Therefore, we add GBP 426 (EUR 500*0,8525) back to the line “Increase in inventories”.
That’s it.
The last step is to sum up aggregated numbers with all adjustments and here you go, you get a nice consolidated statement of cash flows in the last column.

Final word and a video

This was the illustration of the consolidated statement of cash flows using indirect method. If you use the direct method, the principles are basically the same.

Desde Observatorio ITESM

Tecnológico de Monterrey

Escala i: Marco de referencia para la evaluación de proyectos de innovación educativa

Escala i es una herramienta para docentes y profesionales enfocada en la evaluación de los proyectos de innovación educativa y el impacto que tienen en la enseñanza y el aprendizaje, con el objetivo de producir mejoras reales y medibles. Descarga la guía de aplicación aquí.

Desde HBR

Reward Your Team for Learning

Many jobs require people to continually develop new skills. As a manager, you should be less worried with what people know and more concerned about whether they’re able to learn. But it’s not enough to hire curious, adaptable people; you also have to reward them for learning. When your employees have increased their knowledge and their value to the company, provide them with new and challenging opportunities. Promote people only when they’ve acquired sufficient expertise in other jobs in the organization, not just their own. Or you could give awards for individuals who organize events or activities to promote learnability in the company (running internal conferences, bringing external speakers, or circulating information that nurtures people’s curiosity). Reward simpler habits, too, like writing a blog, sharing articles on social media, or recommending books and movies.

Desde Investopedia


Debt Security
Debt security refers to a debt instrument, such as a government bond, corporate bond, certificate of deposit (CD), municipal bond or preferred stock, that can be bought or sold between two parties and has basic terms defined, such as notional amount (amount borrowed), interest rate, and maturity and renewal date. It also includes collateralized securities, such as collateralized debt obligations (CDOs), collateralized mortgage obligations (CMOs), mortgage-backed securities issued by the Government National Mortgage Association (GNMAs) and zero-coupon securities.
Breaking it Down:
The interest rate on a debt security is largely determined by the perceived repayment ability of the borrower; higher risks of payment default almost always... Read More

Desde IFRS Conference alert

IFRS conference alert

IFRS® Foundation Conference in Amsterdam

Thursday 29 and Friday 30 June 2017, Hotel Okura Amsterdam
To enhance your experience at the IFRS Foundation Conference: Amsterdam there are a mix of plenary and elective sessions lead by Members of the International Accounting Standards Board and its technical staff with contributions from Europe's financial reporting community.
This is your chance to hear directly from those responsible for setting IFRS Standards. Learn about the future of financial reporting from IASB Chairman Hans Hoogervorst, and listen to the keynote speech from Jan Peter Balkenende, External Senior Advisor at EY and Former Prime Minister of the Netherlands.
There are two different types of elective sessions, Special Interest Workshops or Break-out Sessions.
The Special Interest Workshops on the morning of Thursday 29 June:
  1. Investor-focused workshop and update
  2. Foundation of IFRS 9, 15 and 16
  3. Better Communication in Financial Reporting
  4. Introducing IFRS 17Insurance Contracts
The Break-out Sessions take place on Thursday 29 and Friday 30 June:
Break-out Sessions with a focus on implementation:
  1. Implementing IFRS 9 Financial Instruments: Key considerations for financial institutions and others
  2. Implementing IFRS 15 Revenue from Contracts with Customers
  3. Implementing IFRS 16 Leases
  4. Post-implementation Review of IFRS 13 Fair Value Measurement
Break-out Sessions with a focus on broader reporting issues:
  1. Primary Financial Statements
  2. Conceptual Framework
  3. Introduction to electronic reporting and the IFRS Taxonomy
  4. Financial instruments with characteristics of equity
View the full Agenda here.

Book by Friday 26 May and save €100

There are three easy ways to register:

Kind regards,
IFRS Foundation Education Initiative
(The conference is managed under contract by IIR Ltd (UK) for the IFRS Foundation)

Desde IFAC

A round-up of the latest original content and resources from the Global Knowledge Gateway.

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Insights into Integrated Reporting
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Adopting EPSAS? Lessons from the Italian Central Government Reforms
In light of the European Commission’s decision to develop accruals-based European Public Sector Accounting Standards, the experiences of the Italian central government’s public sector accounting reforms are worth considering. 
Access related Business Reporting Articles, Resources, and News from around the world.
NOCLAR in Brazil: One Step at a Time
NOCLAR adoption and application in Brazil is complex and has significant challenges, which the profession is taking steps to address. 
Access related Ethics Articles, Resources, and News from around the world.
Final Restructuring Proposal for the Code of Ethics: What Do You Think?
The third Exposure Draft that was issued by the International Ethics Standards Board for Accountants in January 2017 as part of the Structure of the Code (Structure) project is open for comment until May 25, 2017—and is the final opportunity for the SMPs to say their piece on the Structure. 
Access related Ethics Articles, Resources, and News from around the world.
What Can the European Profession Learn from the 2016 IFAC Global SMP Survey?
How do the IFAC Global 2016 SMP Survey results for Europe compare to the global view—and what can professional accountancy organization learn? 
Access related Practice Management Articles, Resources, and News from around the world.
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Digital Future: A Framework for Future Digital Reporting | Report | Financial Reporting Council | Business Reporting and Practice Management

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Audit Training of Trainers Virtual Workshop: Responding to Non-Compliance with Laws and Regulations (NOCLAR) | Presentation | Centre for Financial Reporting Reform, The World Bank | Ethics

Why CFOs Should Support the Use of Audit Data Analytics | Document | CPA Canada | Audit & Assurance and Finance Leadership & Development

6 Ways to Delegate Effectively at Work | Article | U.S. News & World Report | Finance Leadership & Development

Blockchain: How This Technology Could Impact the CFO | Report | EY | Finance Leadership & Development

Seven Cyber Threats to CAs | Article | ICAS | Risk Management & Internal Control

Climate Change Briefing: 20 Questions Directors Should Ask | Guidance | CPA Canada | Sustainability

Data & Analytics and Audit–A Powerful Connection | Article | KPMG | Audit & Assurance

Building Businesses for the Long-Term—Focusing ERM and Internal Audit on What Really Matters: Long-Term Value Creation and Preservation | Article | Ethical Boardroom | Audit & Assurance

Women in Internal Auditing: Perspectives from Around the World | Report | Institute of Internal Auditors | Audit & Assurance

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Banishing Bias? Audit, Objectivity and the Value of Professional Skepticism | Article | ACCA | Audit & Assurance

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