The International Accounting Standards Board (IASB) issued International Financial Reporting Standard (IFRS) 6, Exploration for and Evaluation of Mineral Resources, which provides the first guidance on accounting for expenditures in this area. The standard is effective for annual periods beginning on or after January 1, 2006. Meanwhile the board’s International Financial Reporting Interpretations Committee (IFRIC) released three interpretations of international accounting standards (IAS). IFRIC 2, Members’ Shares in Co-operative Entities and Similar Instruments, provides guidance on classifying such shares as either financial liabilities or equity. IFRIC 3, Emission Rights, specifies how companies should account for their participation in government programs to reduce greenhouse gas emissions. IFRIC 4, Determining whether an Arrangement contains a Lease, provides guidance on ascertaining whether arrangements not in the legal form of a lease, such as “take-or-pay” contracts, nevertheless should be accounted for according to IAS 17, Leases . The IFRIC also issued draft interpretation D10, Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment, which provides guidance on accounting for liabilities for waste management costs. Comments are due February 11, 2005.

The International Federation of Accountants (IFAC) released an exposure draft (ED) and a collection of interviews with practitioners in industry. The ED, International Guidelines on Environmental Management Accounting ( ), provides a framework and set of definitions for environmental management accounting (EMA) from a variety of authoritative bodies, as well as practical examples of EMA applications and other resources. Comments on it are due February 28, 2005. The compendium, The Diverse Roles of Professional Accountants in Business ( ), features discussions in which senior accountants from organizations in 11 countries describe how they balance their support of corporate objectives and shareholder needs.


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.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


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.