International


The International Federation of Accountants issues exposure drafts of three international standards on auditing (ISAs) and one amendment to an existing ISA ( www.ifac.org/Members/Source_Files/Exposure_Drafts/ED-Audit_ Risk_Oct021.pdf ). Comments are due by March 31 on the proposed guidance, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement; The Auditor’s Procedures in Response to Assessed Risks; Audit Evidence; and Amendment to ISA 200, Objective and General Principles Governing an Audit of Financial Statements. IFAC says the standards, when made final, will lead to improved linkage between audit procedures and assessed risks, enabling auditors to focus more clearly on areas where the risk of financial statement inaccuracies is greatest.

The International Accounting Standards Board releases two exposure drafts on accounting for business combinations ( www.iasb.org.uk/cmt/ ). The IASB’s proposals are contained in ED 3, Business Combinations, and Exposure Draft of Proposed Amendments to IAS 36, Impairment of Assets, and IAS 38, Intangible Assets. Among their most significant provisions are mandatory use of the purchase method of accounting (and the consequent ban of the pooling method) for business combinations within the ED’s scope and prohibition of amortization of goodwill or intangible assets with indefinite useful lives. Comments are due April 4.

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Excel walk-through: Sparklines

Want to liven up your spreadsheets with some color and graphical elements? Kelly L. Williams, CPA, Ph.D., shows how to use Excel sparklines, which illustrate data trends and patterns via small charts that fit in a single Excel cell.