International

The International Accounting Education Standards Board of the International Federation of Accountants (IFAC) released International Education Standard (IES) 8, Competence Requirements for Audit Professionals, which outlines the professional knowledge, skills, values and attitudes that auditors need to conduct financial statement audits. As of July 1, 2008, IFAC member bodies will have to ensure that audit professionals comply with the competence requirements of IES 8, which can be downloaded free at www.ifac.org/store .

The International Accounting Standards Board issued an exposure draft (ED) of guidance intended to improve the financial reporting of certain financial instruments that resemble common stock but currently are classified as financial liabilities ( www.iasb.org/current/ed.asp ). The ED proposes amendments to International Accounting Standard (IAS) 32, Financial Instruments: Presentation, and IAS 1, Presentation of Financial Statements. Comments are due October 23, 2006.