International


The International Accounting Standards Board (IASB) exposed a draft memorandum of understanding on the role of accounting standard setters and their relationships with the board ( www.iasb.org/uploaded_files/ ). The agreement identifies the responsibilities of the IASB and other standard setters to foster the adoption of, or convergence with, international financial reporting standards. Comments are due July 29, 2005.

The International Organization of Securities Commissions, the Basel Committee on Banking Supervision, the International Association of Insurance Supervisors, the World Bank and the Financial Stability Forum established the Public Interest Oversight Board (PIOB) to oversee the International Federation of Accountants’ standard-setting activities relating to audit performance, auditor independence and ethics, audit quality control and assurance and education ( www.ifac.org/downloads/inauguration_of_PIOB.pdf ).

SPONSORED QUIZ

How well do you know small business?

There are over 30 million small businesses in the U.S., and many of them are optimistic in their outlook. Are you familiar with the obstacles and opportunities they are facing? Test your small business acumen with this quiz sponsored by Chase Ink®.

SPONSORED REPORT

In focus: Payroll

Providing payroll services that comply with ever-changing regulations and meet evolving employee and employer demands is no easy task. Paychex's Tom Hammond discusses common payroll considerations for CPA firms.