International


The international auditing and assurance standards board (IAASB) of the International Federation of Accountants (IFAC) exposes two draft international standards of auditing: ISA 240, The Auditor’s Responsibility to Consider Fraud in an Audit of Financial Statements, and ISA 300, Planning the Audit. ISA 240 outlines the responsibilities of all those involved in the financial reporting process and encourages auditors to increase their professional skepticism. ISA 300 includes basic principles and essential procedures related to the considerations and activities involved in planning a financial statement audit. Both EDs are available at www.ifac.org/eds . Comments on them are due November 15.

The International Accounting Standards Board (IASB) issues an exposure draft, Fair Value Hedge Accounting for a Portfolio Hedge of Interest Rate Risk, of proposed amendments to International Accounting Standard (IAS) 39, Financial Instruments: Recognition and Measurement. The proposals ( www.iasb.org.uk ) would make it easier for entities to use fair value hedge accounting for a portfolio hedge of interest rate risk, also known as a “macro hedge.” Comments are due November 14.

The international financial reporting interpretations committee of the IASB releases a draft interpretation, Changes in Decommissioning, Restoration and Similar Liabilities ( www.iasb.org.uk ), containing guidance on modifications recognized as part of costs discussed in IAS 16, Property, Plant and Equipment, and also as a liability in accordance with IAS 37, Provisions, Contingent Liabilities and Contingent Assets. Comments are due November 3.

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QUIZ

News quiz: Senate health care bill in the spotlight

Reports related to the Republican bill to repeal many provisions of the PPACA, other tax issues, and the giant AICPA ENGAGE Conference offered a diverse reading list for June. See how much you know about recent news with this short quiz.