International


  The IASB issued a revised version of IAS 24, Related Party Disclosures, that simplifies the disclosure requirements for government-related entities and clarifies the definition of a related party. The revised standard is effective for annual periods beginning on or after Jan. 1, 2011. Early application is permitted. The revised standard is available at iasb.org.

 

  The Canadian Accounting Standards Board (AcSB) approved final accounting standards for private enterprises. The new standards will be issued by the end of the year and will be available for 2009 reporting for entities that choose to adopt them early, according to an AcSB press release.

 

The private enterprise standards give Canadian businesses the option to adopt either new Canadian standards or IFRS. Private enterprises must decide which of the standards to adopt for years beginning on or after Jan. 1, 2011.

 

AcSB’s decision to adopt separate standards for private enterprises follows its decision in 2008 to adopt IFRS for public companies by 2011.

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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.