International


INTERNATIONAL

South Africa becomes the first country to say it will base its public sector accounting practices on the International Federation of Accountants’ public sector accounting standards (IPSASs). As support for the standards rises—the Organisation for Economic Development and Cooperation is basing its 2001 financial statements on them—IFAC’s public sector committee aims to complete a core set of accounting standards by the end of this year. To that end, IFAC releases four new IPSASs— Revenue from Exchange Transactions, Financial Reporting in Hyperinflationary Economies, Construction Contracts and Inventories— and two new exposure drafts— Related Party Disclosures and Provisions, Contingent Liabilities and Contingent Assets, comments on which are due November 30 ( www.ifac.org/news/LastestReleases.tmpl?NID=9954690712-139 ).

The International Accounting Standards Board (IASB) announces its first agenda of technical projects. Four of them—accounting for insurance contracts, business combinations, performance reporting and accounting for share-based payments—focus on the board’s primary mission of promoting harmonization of international and national accounting standards. The remaining projects aim to improve or simplify the application of international financial reporting standards (for example, amendments to IAS no. 39, Financial Instruments: Recognition and Measurement ) ( www.iasb.org.uk/cmt/0001.asp?s=100171060&sc={061D406-D-90D4-11D5-BE6A-
003048110251}&n=3314 ).

Two new publications from the Information Technology Governance Institute, prepared with assistance from the International Federation of Accountants, examine IT-related risks and issues. Titled Board Briefing on IT Governance and Information Security Governance for Boards of Directors and Executive Management, they explain, respectively, the importance of effective governance and how company leaders can identify and resolve deficiencies in IT security ( www.ifac.org/store/Category.tmpl?Category=Information%20Technology&Cart ).

SPONSORED REPORT

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Negotiators are made, not born. In this sponsored report, we cover strategies and tactics to help you head into 2017 ready to take on business deals, salary discussions and more.

VIDEO

Will the Affordable Care Act be repealed?

The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.

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News quiz: Scam email plagues tax professionals—again

Even as the IRS reported on success in reducing tax return identity theft in the 2016 season, the Service also warned tax professionals about yet another email phishing scam. See how much you know about recent news with this short quiz.