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 .

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 ( ). 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.


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.