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 ( www.iasb.org/news ).
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 www.ifac.org/store . 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 ( www.ifac.org/News/LastestReleases.tmpl?NID=11363070572201752 ).