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

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.

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

News quiz: Taking an economic snapshot and looking to the future

Recent news included IRS actions that affect individuals and partnerships and a possibly influential move by a Big Four accounting firm.Take this short quiz to see how much you know about the news.