International


 
The International Ethics Standards Board for Accountants (IESBA), an independent standard-setting body of the International Federation of Accountants (IFAC), issued an ED that contains substantive revisions to the independence standards of the IFAC Code of Ethics for Professional Accountants.

The changes:

Expand the applicability of partner rotation requirements with respect to listed entities and remove the provision that allows flexibility for small firms to apply alternative safeguards.

Strengthen requirements related to provision of non-assurance services, including setting out additional guidance on the provision of tax services to audit clients.

Extend the more restrictive listed entity independence requirements to the audits of a wider range of entities of significant public interest.

The AICPA Professional Ethics Executive Committee will be evaluating the proposal and providing comment. Comments are due by April 30. The ED is available at www.ifac.org/EDs .

 

 

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.