The International Accounting Standards Board (IASB) issued one standard and amended three others ( www.iasb.org ). International Financial Reporting Standard (IFRS) 7, Financial Instruments: Disclosures, introduces requirements to improve information on financial instruments in entities’ financial statements, replacing International Accounting Standard (IAS) 30, Disclosures in the Financial Statements of Banks and Similar Institutions, and some of the requirements in IAS 32, Financial Instruments: Disclosure and Presentation. A complementary issuance, Amendment to IAS 1, Presentation of Financial Statements—Capital Disclosures, introduces requirements for disclosures about an entity’s capital. Limited amendments to IAS 39, Financial Instruments: Recognition and Measurement, and IFRS 4, Insurance Contracts, are intended to ensure issuers of financial guarantee contracts include related liabilities in their balance sheets.
The International Federation of Accountants’ (IFAC) new International Guidance Document on Environmental Management Accounting provides a framework and definitions for public accountants and auditors tracking or verifying environmental information in financial and other reports ( www.ifac.org/store ). IFAC also issued Request for Proposal: Development of a Guide to International Standards on Auditing for Use in Audits of Small- and Medium-sized Entities, which solicits assistance in developing implementation guidance ( www.ifac.org ). Comments are due November 18, 2005.