International


The International Federation of Accountants (IFAC) revised its code of ethics ( www.ifac.org/Guidance/EXD-Details.php?EDID=0027 ) to ensure that an individual who has served as lead partner of an audit engagement at an exchange-listed entity for a predefined period not longer than seven years may not participate in the engagement for another two years—whether as a lead or other partner.

The international financial reporting interpretations committee (IFRIC) of the International Accounting Standards Board (IASB) released IFRIC Interpretation 1, Changes in Existing Decommissioning, Restoration and Similar Liabilities ( www.iasb.org/news ), containing guidance on modifications recognized as part of costs discussed in IAS 16, Property, Plant and Equipment, and also as a liability in accordance with IAS 37, Provisions, Contingent Liabilities and Contingent Assets. The interpretation can be ordered at www.iasb.org/resources/shop.asp .

The IASB published International Financial Reporting Standards (IFRSs) Bound Volume 2004, which provides the complete consolidated text of the latest versions of its official pronouncements—IFRSs, international accounting standards (IASs) and interpretations and supporting documents—that will take effect January 1, 2005. Australia, the European Union, Russia and other jurisdictions have said they will mandate application of IASs on or before the end of 2004. The volume can be ordered at publications@iasb.org or at www.iasb.org/resources/shop.asp .

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