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

Taking stock of artificial intelligence

Artificial intelligence is either the greatest thing to ever happen to human work or the dread of our existence. This independently written report explores how AI will reshape the workplace and how analytically minded individuals can stand out.

PODCAST

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.