International


INTERNATIONAL

Public ownership of banks stimulates banking-sector strength and resilience in the face of economic disruptions, says a new study by the World Bank ( www.worldbank.org/research/interest/policyresrpt.htm ).

Research by the European Federation of Accountants reveals that in nearly half the countries it surveyed, there is no system for enforcing accounting standards ( www.fee.be/publications/LatestPubs.htm ).

Speaking at a conference in Oslo, an SEC official proposes the International Accounting Standards Board lead national standard-setting bodies toward adopting the highest quality standards possible ( www.sec.gov/news/speech/spch494.htm ).

The Organisation for Economic Cooperation and Development adopts IFAC’s public-sector accounting standards for its own financial reporting. IFAC’s objective in issuing the standards was to improve decision-making, financial management and accountability by the world’s governments ( www.ifac.org/News/LastestReleases.tmpl?NID=99185632316518 ).

The European Federation of Accountants says current accounting directives need to be modernized before European companies can apply international accounting standards ( www.fee.be/publications/LatestPubs.htm ).

The United Kingdom’s accounting standards board publishes an exposure draft of an amendment to its financial reporting standard for smaller entities ( www.asb.org.uk ).

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

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Why CPAs can’t wait on automation tools

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