International


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= ).

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.