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 ).

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QUIZ

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out