International

The International Federation of Accountants (IFAC) releases a paper, Financial Reporting on the Internet—Responsibilities of Directors and Managers ( www.ifac.org/Store/Details.tmpl?SID=1030393082223229 ), outlining the managerial actions necessary to ensure online financial reports are as accurate and complete as those issued in print. Among the matters the report discusses are the control considerations pertaining to the approval of financial information appearing on a corporate Web site and the security infrastructure, the frequency with which the organization updates such information and how the site helps its visitors differentiate between audited and nonaudited data. The paper is available at no charge on the IFAC Web site.

IFAC’s international auditing and assurance standards board (IAASB) issues International Standard on Auditing (ISA), Auditing Fair Value Measurements and Disclosures ( www.ifac.org/News ). The guidance addresses the valuing, measuring, presenting and making of disclosures related to the material assets, liabilities and specific components of equity presented or disclosed at fair value in financial statements. A print copy of the standard can be purchased by calling IFAC at 212-286-9344. In addition, all ISAs issued through December 31 of this year can be obtained by subscribing to the IAASB online handbook at the IFAC Web site ( www.ifac.org/store ). (Beginning January 1, 2003, ISAs can be downloaded from the site at no charge.)