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. |