International


The International Federation of Accountants establishes the International Auditing and Assurance Standards Board ( www.ifac.org/IAASB ) to replace the International Auditing Practices Committee. The new body provides guidance on audit and assurance functions and works to improve uniformity of practice throughout the world. In one of its first actions, the IAASB releases a practice statement, Electronic Commerce—Effect on the Audit of Financial Statements, that helps auditors apply three international standards on auditing: ISA 300, Planning ; 310, Knowledge of the Business ; and 400, Risk Assessments and Internal Controls.

The European Federation of Accountants (FEE) releases a discussion paper on enforcement of high-quality financial reporting in Europe ( www.fee.be/secretariat/Pressreleases.htm ). The study examines compliance issues central to European Union companies’ implementation of international financial reporting standards by 2005, as its members had agreed in 2000. It calls for EU member states to review their accounting standards enforcement policies and establish a joint enforcement commission to ensure consistency.

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.