The International Accounting Standards Board (IASB) publishes an exposure draft, ED 6, Exploration for and Evaluation of Mineral Resources, which proposes guidance for extractive-industry entities required to comply with international financial reporting standards (IFRS) beginning in 2005 ( ). Because there is no related guidance in place and the accounting practices of organizations doing business in this area vary widely, the ED focuses on improving only certain disclosures and represents the initial phase of the IASB’s approach to developing standards for extractive industries. Comments are due April 16.

The International Federation of Accountants’ public-sector committee (PSC) issues two invitations to comment on government financial reporting issues ( ). One, Accounting for Social Policies of Governments, focuses on governments’ accounting for pensions, unemployment insurance and other social benefits they provide to individuals and organizations. The other, Revenue from Non-Exchange Transactions (Including Taxes and Transfers), addresses key public-sector issues such as financial reporting for tax revenues and transfers. Comments on both proposals are due June 30. The PSC will use them in preparing an exposure draft of an international public-sector accounting standard.


6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.


How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.