The International Accounting Standards Board (IASB) in March issued international financial reporting standards (IFRS) 3, Business Combinations; 4, Insurance Contracts ; and 5, Non-current Assets Held for Sale and Discontinued Operations ( ). In conjunction with its issuance of IFRS 3, the IASB also revised international accounting standards (IAS) 36, Impairment of Assets , and 38, Intangible Assets ; together they require, among other things, that all business combinations within the scope of IFRS 3 be accounted for using the purchase method and that the pooling-of-interests method no longer be used. IFRS 4 provides the first international guidance on insurance contracts, and IFRS 5 is the initial standard resulting from the IASB’s joint project with the Financial Accounting Standards Board to reduce differences between IFRSs and GAAP. The standards will take effect when individual jurisdictions adopt them. To date several of these authorities—including Australia, the European Union and Russia—have said they would require observance of international standards on or before January 1, 2005.


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.