International


The International Federation of Accountants issues exposure drafts of three international standards on auditing (ISAs) and one amendment to an existing ISA ( www.ifac.org/Members/Source_Files/Exposure_Drafts/ED-Audit_ Risk_Oct021.pdf ). Comments are due by March 31 on the proposed guidance, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement; The Auditor’s Procedures in Response to Assessed Risks; Audit Evidence; and Amendment to ISA 200, Objective and General Principles Governing an Audit of Financial Statements. IFAC says the standards, when made final, will lead to improved linkage between audit procedures and assessed risks, enabling auditors to focus more clearly on areas where the risk of financial statement inaccuracies is greatest.

The International Accounting Standards Board releases two exposure drafts on accounting for business combinations ( www.iasb.org.uk/cmt/ ). The IASB’s proposals are contained in ED 3, Business Combinations, and Exposure Draft of Proposed Amendments to IAS 36, Impairment of Assets, and IAS 38, Intangible Assets. Among their most significant provisions are mandatory use of the purchase method of accounting (and the consequent ban of the pooling method) for business combinations within the ED’s scope and prohibition of amortization of goodwill or intangible assets with indefinite useful lives. Comments are due April 4.

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.