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.

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2019 State of Financial Reporting Survey

We surveyed nearly 600 finance and accounting professionals on their month-end close and reporting processes. See the results.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.