International


The International Accounting Standards Board (IASB) published an ED to amend International Financial Reporting Standard (IFRS) 2, Share-based Payment ( www.iasb.org ) by stipulating that the vesting conditions an individual or organization must satisfy to receive shares concern only specified periods of service or required performance targets. It also requires that all cancellations of arrangements receive the same accounting treatment. If approved, the proposed amendments would apply for annual periods beginning on or after January 1, 2007, with earlier application encouraged. Comments on the ED are due June 2, 2006.

The IASB also revised Guidance on Implementing IFRS 4, Insurance Contracts, in order to reflect changes in that standard’s disclosure section made by IFRS 7, Financial Instruments: Disclosures.

The International Public Sector Accounting Standards Board of the International Federation of Accountants issued an ED, Revenue from Non-Exchange Transactions (Including Taxes and Transfers), that proposes establishing an international standard for reporting taxes and other major nonexchange sources of government revenue, including gifts, donations and transfers from other public-sector entities and international organizations ( www.ifac.org/eds ). Comments on the ED are due June 30, 2006.

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.