The International Public Sector Accounting Standards Board of the International Federation of Accountants (IFAC) issued an exposure draft of a proposed new International Public Sector Accounting Standard (IPSAS) on employee benefits. ED 31 is based on IAS no. 19, Employee Benefits, and addresses short-term employee benefits, post-employment benefits, other long-term employee benefits and termination benefits. Comments may be e-mailed to by February 28, 2007. The draft is available at .

The World Federation of Exchanges (WFE) endorsed the processes the International Auditing and Assurance Standards Board (IAASB) uses for establishing international standards on auditing (ISAs), according to a statement by IFAC. The WFE represents 57 securities and derivative markets that account for more than 97% of world stock market capitalization. More than 100 countries have adopted or incorporated ISAs into their national auditing standards or use ISAs as a basis for preparing national auditing standards. All IAASB standards and guidance are available free from IFAC at .


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.