International


The SEC released new rules that will make it easier for foreign companies to deregister from U.S. exchanges if there is not significant interest in their securities offerings. By eliminating conditions that had been considered a barrier to entry, the SEC says the amended rules will encourage participation in U.S. markets and increase investor choice. The new rules go into effect June 4. To download the new rules, go to www.sec.gov/rules/final/2007/34-55540fr.pdf .

The International Accounting Standards Board (IASB) revised International Accounting Standard (IAS) no. 23, Borrowing Costs. The primary change in the revised standard is the removal of the option to immediately recognize as expenses borrowing costs that relate to assets that take a substantial period of time to get ready for use or sale. The revision continues the IASB’s work in its short-term convergence project with FASB to reduce differences between International Financial Reporting Standards and U.S. GAAP. The revised standard applies to borrowing costs relating to qualifying assets for which the commencement date for capitalization is on or after Jan. 1, 2009. Earlier application is permitted. For more information or to purchase the standard, visit www.iasb.org .

FEATURE

Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.

SPONSORED REPORT

Solving the lease accounting challenge

The challenges of the new lease accounting standard have been pervasive to say the least. In this free, independently-written report, you'll learn effective adoption strategies as well as resources for easing the transition to the new standard.