The International Federation of Accountants (IFAC) released an exposure draft (ED) and several publications. The ED, Proposed International Public Sector Accounting Standard: Financial Reporting Under the Cash Basis of Accounting—Disclosure Requirements for Recipients of External Assistance, is intended to enhance transparency and relevance of disclosures about financial assistance to governments and other public sector entities. Comments are due June 15, 2005. IFAC also published a report, International Public Sector Accounting Standards (IPSASs) and Statistical Bases of Financial Reporting: An Analysis of Differences and Recommendations for Convergence, and released the 2005 editions of Handbook of International Auditing, Assurance, and Ethics Pronouncements and Handbook of International Public Sector Accounting Pronouncements. They’re available at .


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.