International


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 ( www.ifac.org/guidance/exd-outstanding.php ), 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 ( www.ifac.org/mediacenter ), features discussions in which senior accountants from organizations in 11 countries describe how they balance their support of corporate objectives and shareholder needs.

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

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.