International Financial Reporting Standards

TOPICS / ACCOUNTING & REPORTING

May 1, 2007

Highlights

Eight states have introduced “no notification” legislation since early 2007 as part of an effort to implement a uniform approach to cross-state mobility through the concept of substantial equivalency. The legislation in Hawaii, Indiana, Maine, Missouri, Oklahoma, Rhode Island, Tennessee and Texas, if passed, would remove the

May 1, 2007

International

The trustees of the International Accounting Standards Committee (IASC) Foundation published the Due Process Handbook for the International Financial Reporting Interpretations Committee. In May 2006, the IASC Foundation released a draft of the handbook for public comment. The trustees approved an amended version at their January meeting. The handbook can

April 1, 2007

Highlights

FASB issued a standard that gives companies the option to report selected financial assets and liabilities at fair value. Statement of Financial Accounting Standards no. 159, The Fair Value Option for Financial Assets and Financial Liabilities, is designed to reduce complexity in accounting for financial instruments and

April 1, 2007

International

The International Auditing and Assurance Standards Board (IAASB) released as final its first four International Standards on Auditing (ISAs), which were redrafted as part of a comprehensive program to enhance the clarity of its standards. The IAASB, an independent board of the International Federation of Accountants, also approved amendments to

February 1, 2007

Found in Translation

EXECUTIVE SUMMARY More CPAs are finding themselves working with foreign statements. As progress is made in convergence and harmonization between FASB and the IASB, the interpretation of foreign financial statements should become easier. CPAs in the United States should watch these developments carefully and familiarize themselves