International


INTERNATIONAL

The International Accounting Standards Board (IASB) seeks additional comments on its July 2000 discussion paper, Accounting for Share-Based Payment, which advocated fair-value reporting of stock and options paid to employees. Because it would reduce their reported profits, companies around the world strongly oppose the IASB’s proposal. Comments are due by December 15. (www.iasb.org.uk/cmt/0001.asp?s=100343464&sc={38CE5284-AEF3-11D5-BE6B-003048110251}&n=3338)

The IASB Standing Interpretations Committee issues two draft interpretations for public comment: SIC-D33, Consolidation and Equity Method—Potential Voting Rights ; and SIC-D34, Financial Instruments—Instruments or Rights Redeemable by the Holder . Comments are due to the IASB by November 5. (www.iasb.org.uk/cmt/0001.asp?s=100343464&sc={38CE5284-AEF3-11D5-BE6B-003048110251}&n=2011)

Internal auditing of banks is the focus of a new best-practice paper from the Basel Committee on Banking Supervision. The committee stresses that boards of directors and senior management have ultimate responsibility for banks’ internal controls—even when they choose to outsource the internal auditing function. ( www.bis.org/publ/bcbs84.htm )

A new study from the International Federation of Accountants— Governance in the Public Sector: A Governing Body Perspective —describes governance principles and their application to the public sector. It also includes an overview of public-sector accountability arrangements. ( www.ifac.org/News/LastestReleases.tmpl?NID=9977167461116&RanID=897825 )

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.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.