International


The European Commission adopts a regulation endorsing international accounting standards (IAS), including related interpretations, thereby requiring the approximately 7,000 European Union public companies to implement them beginning in 2005 ( www.iasb.org.uk ). The regulation includes all IASs and interpretations except those pertaining to the accounting and disclosure of financial instruments, which the International Accounting Standards Board is revising and will reissue by 2004.

The International Federation of Accountants releases an exposure draft of an international public sector accounting standard (IPSAS) on impairment of public sector assets, including those not held to generate cash ( www.ifac.org ). The ED complements IPSAS 17, Property, Plant and Equipment, and strengthens and enhances IFAC’s guidance on financial reporting of such assets. Comments are due January 31.

SPONSORED REPORT

CPEOs provide peace of mind around payroll services

The creation of these new IRS-certified service providers for small businesses clarifies some issues around traditional professional employer organizations.

QUIZ

Pronoun practice to help polish your prose

Using pronouns correctly in writing and speech can help you make a good impression. Try our 10-question quiz.