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 (
http://europa.eu.int/comm/internal_market/accounting/ias_en.htm
). 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 (
www.iasb.org/current/dp_pv.asp ).
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 (
www.ifac.org/Store/Details.tmpl?SID= ).
