International


The International Financial Reporting Interpretations Committee (IFRIC) of the International Accounting Standards Board amended Interpretation 12, Consolidation—Special Purpose Entities ( www.iasb.org/news/iasb.asp ) to remove its scope exclusion of equity compensation plans. Consequently, entities will have to consolidate employee benefit trusts they set up for use in share-based payment arrangements. The amendment also expands the scope exclusion in the interpretation for postemployment benefit plans to include “other long-term employee benefit plans.” IFRIC made these changes to ensure the interpretation was consistent with International Accounting Standard 19, Employee Benefits (as amended in 2002), which no longer applied to equity compensation plans after International Financial Reporting Standard (IFRS) 2, Share-Based Payment, became effective for annual periods beginning on or after January 1, 2005.

SPONSORED REPORT

Building client loyalty with payroll services

In this report, CPA experts detail their tactics for performing successful payroll services, how to mitigate risk in the process, and the impact payroll can have as a value-added service.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.