The International Accounting Standards Board (IASB) amended International Accounting Standard 21, The Effects of Changes in Foreign Exchange Rates, to clarify its requirements and to resolve certain implementation concerns. The IASB also published a discussion paper, Measurement Bases for Financial Accounting—Measurement on Initial Recognition, that was prepared by the staff of the Canadian Accounting Standards Board. Comments on the paper are due May 19, 2006 ( ).

The International Federation of Accountants (IFAC) released guidance, Establishing and Developing a Professional Accountancy Body, to help governments and others in emerging economies strengthen their national accounting professions. The guidance is available at . In addition IFAC’s International Auditing and Assurance Standards Board issued an exposure draft (ED) of International Standard on Auditing 550 (revised), Related Parties , that proposes enhanced requirements for auditors to consider when auditing related party relationships and transactions. Comments on the ED are due April 30, 2006 ( ).


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.