The European Commission (EC) adopted a regulation endorsing the amended International Accounting Standard (IAS) no. 39, Financial Instruments: Recognition and Measurement, also known as the fair value option ( ). The regulation endorses the fair value option, which previously had been carved out of the EC’s endorsement of IAS no. 39 in response to various stakeholders’ concerns. The amendment is retroactively effective to January 1, 2005.

The International Accounting Standards Board (IASB) published Measurement Bases for Financial Reporting—Measurement on Initial Recognition, a discussion paper prepared by Canadian Accounting Standards Board staff. It analyzes possible bases for measuring assets and liabilities on initial recognition. Comments are due May 19, 2006 ( ).

The International Federation of Accountants (IFAC) released The Roles and Domain of the Professional Accountant in Business, a study that describes corporate CPAs’ responsibilities and qualifications, as well as their important role in ensuring effective corporate governance and control ( ).


6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.


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.