International tax

The International Accounting Standards Board (IASB) issued International Financial Reporting Standard (IFRS) 6, Exploration for and Evaluation of Mineral Resources, which provides the first guidance on accounting for expenditures in this area. The standard is effective for annual periods beginning on or after January 1, 2006. Meanwhile the board’s International

The AICPA Accounting Standards Executive Committee (AcSEC) issued Statement of Position (SOP) 04-2, Accounting for Real Estate Time-Sharing Transactions , to address diversity in practice caused by a lack of guidance specific to real estate time-sharing transactions. Concurrently the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards

The Federal Accounting Standards Advisory Board (FASAB) published Statement of Federal Financial Accounting Standards 26, Presentation of Significant Assumptions for the Statement of Social Insurance: Amending SFFAS 25 ( www.fasab.gov/pdffiles/sffas-26.pdf ). Like its predecessor, SFFAS 26 is effective for periods that began after September 30, 2004. At the same time,

PCPS—the AICPA Alliance for CPA Firms—and the Texas Society of Certified Public Accountants released the results of the 2004 Management of an Accounting Practice (MAP) Survey. The information, gathered from nearly 2,500 firms of all sizes across the nation, includes comprehensive benchmarking data on salaries, billable hours, service offerings and

The AICPA Employee Benefit Plan Audit Quality Center ( www.aicpa.org/ebpaqc ), launched in March 2004, reported that more than 700 firms—from 48 states, the District of Columbia and Puerto Rico—have enrolled as members. These firms perform more than 55% of the approximately 80,000 audits conducted annually in compliance with the

The International Federation of Accountants (IFAC) named Graham Ward its president for a two-year term. IFAC represents 157 accountancy bodies and 2.5 million accountants around the world. Two JofA editorial advisers earned honors for their professional achievements. Peggy Scott, CPA, was selected by the Institute of Management Accountants and Robert

The International Financial Reporting Interpretations Committee (IFRIC) of the International Accounting Standards Board amended Interpretation 12, Consolidation—Special Purpose Entities ( www.iasb.org/news/iasb.asp ) to remove its scope exclusion of equity compensation plans. Consequently, entities will have to consolidate employee benefit trusts they set up for use in share-based payment arrangements. The

For news from the AICPA and state societies, visit www.cpa2biz.com , which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. The AICPA staff issued Technical Information Service (TIS) 9110.15, a practice aid on auditor “certification” of the cost reports that health

The Committee of Sponsoring Organizations of the Treadway Commission (COSO), of which the AICPA is a founding member, published Enterprise Risk Management—Integrated Framework ( www.coso.org/publications/ ), which describes risk management components, principles and concepts for organizations of all sizes. Built on the foundation of COSO’s Internal Control—Integrated Framework, which many

The Institute reorganized and updated an AICPA audit and accounting guide, Government Auditing Standards and Circular A-133 Audits, for conforming changes as of May 1, 2004 ( www.aicpa.org/members/div/auditstd/ ). Its former title was Audits of States, Local Governments, and Not-for-Profit Organizations Receiving Federal Awards. Copies (product no. 012744JA) are available

The Financial Advisor agreed to publish a correction of erroneous information that appeared in its September issue about the AICPA’s personal financial planning division ( www.aicpa.org/download/pfp/ ). In addition the magazine’s editors agreed to print a letter from the AICPA and to highlight in an upcoming issue the activities of

A Department of Labor publication, Selecting an Auditor for Your Employee Benefit Plan ( www.dol.gov/ebsa/pdf/selectinganauditor.pdf ), identifies the AICPA Employee Benefit Plan Audit Quality Center ( www.aicpa.org/ebpaqc ) as a resource for companies whose plans have 100 or more participants. Under the Employee Retirement Security Income Act (ERISA), such plans

The International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC) released two exposure drafts (EDs) and a discussion paper intended to improve the quality and consistency of audits. One ED, Clarifying Professional Requirements in International Standards Issued by the IAASB ( www.ifac.org/Guidance/EXD-Details.php?EDID=0033 ), addresses the