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.

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What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.