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.

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.