International


The International Federation of Accountants establishes the International Auditing and Assurance Standards Board ( www.ifac.org/IAASB ) to replace the International Auditing Practices Committee. The new body provides guidance on audit and assurance functions and works to improve uniformity of practice throughout the world. In one of its first actions, the IAASB releases a practice statement, Electronic Commerce—Effect on the Audit of Financial Statements, that helps auditors apply three international standards on auditing: ISA 300, Planning ; 310, Knowledge of the Business ; and 400, Risk Assessments and Internal Controls.

The European Federation of Accountants (FEE) releases a discussion paper on enforcement of high-quality financial reporting in Europe ( www.fee.be/secretariat/Pressreleases.htm ). The study examines compliance issues central to European Union companies’ implementation of international financial reporting standards by 2005, as its members had agreed in 2000. It calls for EU member states to review their accounting standards enforcement policies and establish a joint enforcement commission to ensure consistency.

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.