International

The International Auditing and Assurance Standards Board issued a consultation paper outlining its proposed strategy for 2009–2011. The document includes a list of possible actions the IAASB may take to implement its proposed strategy. The list includes developing assurance standards relevant to raising international capital and contributing to development in sustainability reporting.

The paper is available at www.ifac.org/Guidance/EXD-Details.php?EDID =0096.

The International Accounting Standards Board (IASB) published a proposal to improve the accounting for joint ventures. ED 9, Joint Arrangements, proposes to replace International Accounting Standard (IAS) no. 31, Interests in Joint Ventures, and represents the first major revision to the standard since it was issued in 1990. The review also forms part of the IASB’s short-term project with FASB to reduce differences between International Financial Reporting Standards (IFRS) and U.S. GAAP. The IASB designed the proposal to provide users with more information about the operations an entity conducts through joint arrangements. The ED is available at www.iasb.org. Comments are due by Jan. 11.

The IASB also published proposed amendments to IAS 39, Financial Instruments: Recognition and Measurement. The amendments are intended to clarify what can be designated as a hedged item in a hedge accounting relationship. The exposure draft specifies the risks that qualify for designation as hedged risks when an entity hedges its exposure to a financial instrument. It also clarifies when an entity may designate a portion of the cash flows of a financial instrument as a hedged item. The IASB prepared the proposed changes in response to requests for additional guidance on what IAS 39 permits to be designated as a hedged item. The ED is available at www.iasb.org. Comments are due by Jan. 11.

The International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting board within the International Federation of Accountants (IFAC), published an exposure draft as part of its project to enhance the clarity and usability of its International Public Sector Accounting Standard (IPSAS) that addresses accounting for fluctuations in exchange rates. ED 33, Amendments to IPSAS 4, The Effects of Changes in Foreign Exchange Rates, proposes updates to IPSAS 4 to reflect, as appropriate for the public sector, amendments made by the IASB to IAS 21, The Effects of Changes in Foreign Exchange Rates. The ED is available at www.ifac.org/Eds. Comments are due by Dec 31.