Today the U.S. Securities and Exchange Commission took its most significant step toward the adoption of a single set of high quality global accounting and financial reporting standards that everyone can use. The dominant language of financial reporting worldwide is fast becoming IFRS and we applaud the Commission for approving for public comment a proposed “Roadmap.”

On Tuesday, 26 August at 1:00 pm ET, Ernst & Young will host an IFRS webcast to highlight various tactics that may prove useful when negotiating changes specific to revenue recognition while minimizing risk along the way. We invite you to register for our upcoming webcast so you can learn how to undergo this enterprise-wide change.

The second publication in this series discusses how mining and metals companies determine the economic value of the estimated cash flows beyond a mine's proven and probable reserves. We consider this issue specifically in the context of higher than historic average commodity prices.

China displaces the UK in the top five countries in the Ernst & Young renewable energy country attractiveness indices for Q1 and Q2 2008. This is in spite of the UKs renewable energy strategy proposals which are yet to be translated into tangible benefit to the industry. The lead article discusses the impacts of the credit crunch and rising oil prices and their impact on investment in renewable energy.

Understanding the issues facing your industry is critical to anticipating and alleviating business risk. Ernst & Young offers four Smoke Detector® Reports,which can help you quickly identify key legislative, regulatory and legal news affecting your industry, including corporate compliance, oil and gas, pharmaceutical and medical device, and power and utilities. Each news item is brief, topical and fully cited so you can find the full text of any story that interests you.

The transition to IFRS can offer companies the opportunity to enhance their performance effectiveness. Audit committees must be prepared to understand these issues and the effect of IFRS on the financial reporting control environment. Join us on September 15 for another in our series of live IFRS Thought Center webcasts as we prepare audit committee members to fulfill their oversight role during IFRS conversion.

In an industry characterized by uncertainty, oil and gas companies face continued pressure to perform. Against a backdrop of volatile prices for oil and gas, investors are looking for the next level of performance. In this report, we examine carve-outs and their business drivers, which involve the establishment of a stand-alone company through divestiture of a business unit or service line from a parent company.

A transition to International Financial Reporting Standards (IFRS) may be here faster than you think, with the potential to impact business operations throughout the media and entertainment (M&E) industry. On Wednesday, 9 July, the Ernst & Young Global Media & Entertainment Center will host a webcast to highlight how a potential transition to IFRS is likely to impact media and entertainment companies. Recent SEC developments raising the possibility for US registrants to adopt IFRS have heightened awareness that US companies are operating more and more in a global economy. As the SEC continues to discuss this critical topic, IFRS adoption in the US is becoming increasingly more likely, leading to potential significant impacts on business operations and financial statements alike.

What strategic challenges are likely to affect your company in 2008 and beyond? Ten of the most critical risks, including regulatory and compliance, financial shocks, and aging consumers and workforce, are analysed in "Strategic business risk: 2008 — the top 10 risks for business".

The biggest impact on the procurement functions in organizations over the next two years will come from pricing pressures and attracting the right talent, according to a survey of 257 senior executives around the world. The survey, "Gaining competitive advantage:the procurement opportunity" also highlights that organizations are most concerned about the procurement function’s ability to manage change effectively in the current economic environment.