International


Canada’s securities regulator requests opinions on the pros and cons of allowing Canadian and foreign equity issuers to file financial statements according to U.S. GAAP or international accounting standards. Comments are due by June 30 ( www.iasc. org.uk/news/cen8_195.htm ).

IFAC exposes a draft statement on strengthening the relationship between bank auditors and supervisors. Comments are due June 12 ( www.ifac.org/Guidance/EXD-Download.tmpl?PubID=98210431013197 ).

IFAC re-exposes its proposed guidance on factors that threaten auditor independence. If adopted, it would provide a framework on which national standards could be based. Comments are due by June 30 ( www.ifac.org/Guidance/EXD-Download.tmpl?PubID=98710989210514 ).

An April IFAC study looks at the accounting profession’s increased focus on management issues. It presents the views of a dozen professional associations on the significance to accountants of the move to reform corporate governance in global capital markets and to absorb accounting functions into business management processes ( www.ifac.org/News/LastestReleases.tmpl?NID=98684177510438 ).

IFAC issues two new standards. One addresses the risk of fraud and error causing material misstatements in financial reports; the second provides guidance on planning and performing audit procedures for assertions about derivative financial instruments ( www.ifac.org/News/LastestReleases.tmpl?NID=9877112375125 ).

U.K. accounting standards board addresses practical issues relating to the date when companies give their employees shares or rights to them ( www.asb.org.uk/publications/publication333.html ).

SPONSORED REPORT

Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.

QUIZ

News quiz: IRS warning on cyberattacks and a change in pension rules

Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about this and other recent news with this short quiz.

CHECKLIST

Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.