International tax

GASB approves Statement no. 41, Budgetary Comparison Schedule—Perspective Differences, to clarify existing guidance on budgetary comparisons in Statement no. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments ( www.gasb.org/news/nr052003.html ). Affected entities should implement the required change in accounting when they adopt Statement no. 34. For

The AICPA peer review board seeks members’ comments on an exposure draft (ED) proposing revisions to the standards for performing and reporting on peer reviews. The proposal includes, for example, revisions to the objectives of system reviews, transparency of reporting and type of peer review required. If adopted, the revised

  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.   In a joint statement bank and thrift regulators say they do not expect to apply Sarbanes-Oxley Act corporate governance

The SEC publishes a collection of 33 frequently asked questions and answers, prepared by its staff, on the use of non-GAAP financial measures ( www.sec.gov/divisions/corpfin/faqs/nongaapfaq.htm ). Topics discussed include transition issues, business combination transactions, item 10(e) of regulation S-K, EBIT and EBITDA, segment information, item 12 of Form 8-K, foreign

The international auditing and assurance standards board (IAASB) of the International Federation of Accountants (IFAC) issues an exposure draft (ED) containing a proposed international standard, Quality Control for Audit, Assurance and Related Services Practices, and a proposed revised international standard on auditing, Quality Control for Audit Engagements. The proposals clarify

As part of an ongoing government program prompted by the September 11, 2001, terrorist attacks, the Federal Reserve Board, the Office of the Comptroller of the Currency and the SEC jointly issue a report that identifies operational risks to the nation’s financial system and requires the institutions within it to

The Department of the Treasury says the General Accounting Office (GAO) was unable to express an opinion ( www.treas.gov/press/releases/js145.htm ) on the federal government’s fiscal year 2002 financial report ( www.fms.treas.gov/fr/index.html ), released by the Treasury and the Office of Management and Budget at the end of March. According to

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.   Federal bank and thrift regulators issue revised guidance, Interagency Policy Statement on the Internal Audit Function and Its Outsourcing, prohibiting

The SEC announced in April its unanimous selection of William J. McDonough to be the chairperson of the Public Company Accounting Oversight Board ( www.sec.gov/news/press/2003-48.htm ). McDonough’s career spans three decades in banking—the last as president of the Federal Reserve Bank of New York. The PCAOB selected Douglas R. Carmichael,

The International Federation of Accountants’ international auditing and assurance standards board releases International Auditing Practice Statement 1014, Reporting by Auditors on Compliance with International Financial Reporting Standards, and issues two exposure drafts on assurance engagements and audits of small businesses ( www.ifac.org ). One includes a proposed International Framework for

The Department of Labor’s Pension and Welfare Benefits Administration (PWBA) releases revised Form 5500, Annual Return/Report, for plan year 2002 filings by employee benefit administrators ( www.efast.dol.gov/ ). The PWBA modified forms 5500 and 5500-EZ slightly to reflect changes in ERISA, the Internal Revenue Code and related regulations; to clarify

The ASB issues Statement on Auditing Standards no. 101, Auditing Fair Value Measurements and Disclosures. It addresses audit considerations relating to the measurement and disclosure of assets, liabilities and specific components of equity presented or disclosed at fair value in financial statements. The SAS is effective for audits of financial

The SEC appoints Charles D. Niemeier, CPA, acting chairman of the Public Company Accounting Oversight Board to serve until the commission fills the post permanently. Previously, he was chief accountant in the SEC’s division of enforcement. The Fdration des Experts Comptables Europens (European Federation of Accountants) (FEE) appoints as its

The International Federation of Accountants now offers free access to all documents it and the international auditing and assurance standards board post on the IFAC Web site ( www.ifac.org/store ).

  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.   FASB issues Statement no. 148, Accounting for Stock-Based Compensation—Transition and Disclosure ( www.fasb.org/news/nr123102.shtml ), amending Statement no. 123, Accounting

The Federal Reserve Board issues as final a rule amending its international lending regulations ( www.federalreserve.gov/boarddocs/press/bcreg/2003/20030106/attachment.pdf ). To simplify matters and thus reduce banks’ regulatory burden, the board’s action eliminates from subpart D of Regulation K the requirement they use a particular method to account for fees on international loans.

  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. FASB issues an Invitation to Comment, Accounting for Stock-Based Compensation: A Comparison of FASB Statement No. 123, Accounting for Stock-Based

The AICPA issues its annual ranking of the ten technologies that are most likely to significantly affect practitioners, their clients and their employers in the coming year. Topping the current list ( www.cpa2biz.com/toptechs ) is information security, followed by business information management, application integration, Web services, disaster recovery planning, wireless