International


The International Accounting Standards Board (IASB) amended International Accounting Standard 21, The Effects of Changes in Foreign Exchange Rates, to clarify its requirements and to resolve certain implementation concerns. The IASB also published a discussion paper, Measurement Bases for Financial Accounting—Measurement on Initial Recognition, that was prepared by the staff of the Canadian Accounting Standards Board. Comments on the paper are due May 19, 2006 ( www.iasb.org/news ).

The International Federation of Accountants (IFAC) released guidance, Establishing and Developing a Professional Accountancy Body, to help governments and others in emerging economies strengthen their national accounting professions. The guidance is available at www.ifac.org/store . In addition IFAC’s International Auditing and Assurance Standards Board issued an exposure draft (ED) of International Standard on Auditing 550 (revised), Related Parties , that proposes enhanced requirements for auditors to consider when auditing related party relationships and transactions. Comments on the ED are due April 30, 2006 ( www.ifac.org/News/LastestReleases.tmpl?NID=11363070572201752 ).

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.