International


The International Accounting Standards Board (IASB) in March issued international financial reporting standards (IFRS) 3, Business Combinations; 4, Insurance Contracts ; and 5, Non-current Assets Held for Sale and Discontinued Operations ( http://shop.iasb.org.uk/cmt/0001.asp ). In conjunction with its issuance of IFRS 3, the IASB also revised international accounting standards (IAS) 36, Impairment of Assets , and 38, Intangible Assets ; together they require, among other things, that all business combinations within the scope of IFRS 3 be accounted for using the purchase method and that the pooling-of-interests method no longer be used. IFRS 4 provides the first international guidance on insurance contracts, and IFRS 5 is the initial standard resulting from the IASB’s joint project with the Financial Accounting Standards Board to reduce differences between IFRSs and GAAP. The standards will take effect when individual jurisdictions adopt them. To date several of these authorities—including Australia, the European Union and Russia—have said they would require observance of international standards on or before January 1, 2005.

SPONSORED REPORT

CPEOs provide peace of mind around payroll services

The creation of these new IRS-certified service providers for small businesses clarifies some issues around traditional professional employer organizations.

QUIZ

8 sentences to help you master subject-verb agreement

When professionals prepare written material for readers inside their organization or outside, they should make sure that no errors distract from the message they need to convey. Take this short quiz for practice in subject-verb agreement.