International


The International Federation of Accountants (IFAC) publishes a proposed set of reforms ( www.ifac.org/Downloads/ReformProposals.doc ) to harmonize international auditing standards, strengthen the processes used to set them and ensure the international accounting profession serves the public interest. The proposal would establish a public interest oversight board to monitor IFAC’s standard-setting activities and open them to public commentary. Pending approval by IFAC’s council and anticipated support from regulators, the reforms will take effect this year.

IFAC also issues an exposure draft (ED) of a revision to its code of ethics for professional accountants ( www.ifac.org/Guidance/EXD-Details.php?EDID=0027 ) to clarify its November 2001 update of section 8, “Independence Requirements for Assurance Engagements.” The ED proposes language specifying that an individual who has completed a predefined period in the role of lead engagement partner for an audit of a listed entity should not participate in the assurance engagement until more time—normally two years—has passed. Comments are due February 15.

The international auditing and assurance standards board, an IFAC body, releases guidance to help auditors apply international standards on auditing to small entities. It is included in an updated version of International Auditing Practice Statement (IAPS) 1005, The Special Considerations in the Audit of Small Entities ( www.ifac.org/Store/Details.tmpl?SID=1067472421224231 ).

SPONSORED REPORT

How the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out