UN-led international alliance releasing e-business version of XML ( www.oasis-open.org/news/oasis_news_12_12_00.shtml ). AICPA picks 2001’s top 10 technologies ( http://toptechs.aicpa.org ). For daily news from the AICPA and state societies, visit www.cpaweb.org , which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites.
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TOPICS / TAX
International tax
Fraud
Attempted check fraud soars, says American Bankers Association ( www.aba.com/Products/PS98_218950.htm ). SEC alerts auditors to fraudulent financial reporting techniques ( www.sec.gov/news/speeches/spch454.htm ).
Small Business
SEC creates Office of Small Business Policy ( www.sec.gov/news/digests/12-14.txt ).
Professional Issues
NASBA’s CredentialNet facilitates equivalency verification for interstate practice ( www.nasba.org/nasbaweb.nsf/lp ).
Banking
New capital structure for federal home loan banks ( www.fhfb.gov/PressRoom/press/PR00-38capitalrule.htm ).
Financial Reporting
Levitt ends his tenure at SEC ( www.sec.gov/news/press/2000-192.txt ). FASB tentatively decides against write-downs of preexisting goodwill ( www.rutgers.edu/Accounting/raw/fasb/news/nr122000.html ). SEC, standard setters recommend reporting financial instruments at fair value ( www.sec.gov/news/speeches/spch436.htm ; www.rutgers.edu/Accounting/raw/fasb/news/nr010501.html ) FASB’s derivatives group adds to guidance on Statement no. 133 ( www.rutgers.edu/Accounting/raw/fasb/ ). FASAC survey
Auditing
Chief accountant says SEC will enforce new independence rules ( www.sec.gov/news/speeches/spch445.htm ). SEC answers frequently asked questions on auditor independence ( www.sec.gov/offices/account/audinfaq.htm ). GAO: Many federal agencies are mismanaged, unprepared for audits ( www.gao.gov/pas/2001/d01241.pdf ).
Government Accounting And Auditing
GASB issues exposure draft to clarify Statement no. 34 ( www.rutgers.edu/Accounting/raw/gasb/news/nr010801.html ). Comments due by March 16. FASAB seeks comments on plan to omit stewardship category from federal reports ( www.financenet.gov/financenet/fed/fasab/dec_00_jan_01.html ). Comments due by March 15.
International
IASC releases study on accounting by mining, petroleum industries ( www.iasc.org.uk/docs/extr/ip/iss_sum.pdf ). Comments due by June 30. Outgoing IASC board recommends future rule-making priorities ( www.iasc.org.uk/docs/bd_stmt.pdf ).
CFOs in Europe Favor International Accounting Standards
Judging by a November survey of financial executives in Europe, there is considerable business community support for the European Commission’s (EC) June 2000 proposal to implement the IASC’s international accounting standards (IASs). The EC’s tentative plan to foster “comparable, transparent” reporting would, if approved by the European Union (EU), require
The Engagement Team Approach to Independence
EXECUTIVE SUMMARY IN LIGHT OF FAST-MOVING CHANGES in society and business, the profession has responded by shifting from “firm-based” independence rules toward an approach that is “engagement team based.” THAT APPROACH IS INCLUDED in the SEC’s recently adopted rule 2-01 revisions. An exposure draft from the International Federation of Accountants
International
IASC Provides Guidance on Financial Instruments In September the IASC issued guidance on the implementation of International Accounting Standard no. 39, Financial Instruments: Recognition and Measurement. IAS no. 39, which was released in March 1999 (see “IASC Puts Derivatives on the Balance Sheet” July99, JofA, page 20) , required
International
IFAC Issues Bank Audit ED and Cost Accounting Study The International Federation of Accountants is seeking responses to a proposed international auditing statement that will provide practical assistance to auditors in applying international standards when they audit commercial banks. Special considerations arise in bank audits because of the nature
IFAC Issues Standard on Assurance Engagements
The International Federation of Accountants (IFAC) released in July its first international standard on assurance engagements. Developed by IFAC’s international auditing practices committee, its objective is to help accountants worldwide provide assurance on an increasing range of information, including data, systems and processes and behavior. Wherever specific standards do not
IFAC Provides Guidance on External Confirmations
The International Federation of Accountants recently issued an international standard on auditing that provides guidance on the use by auditors of external confirmations as a means of obtaining audit evidence. Confirmation is the process by which auditors obtain and evaluate direct communications from a third party in response to requests
Help Keep the World Green
EXECUTIVE SUMMARY IN 1996, THE INTERNATIONAL ORGANIZATION for Standardization developed ISO 14000 as the first globally recognized guidelines for voluntary environmental management. The ISO 14000 standards can help businesses around the world manage their environmental responsibilities. The standards also can provide CPAs with a new practice niche of certifying
IFAC Study Examines Public-Sector Corporate Governance
In July the International Federation of Accountants released for comment a proposed study intended to improve public-sector entities’ self-governance. Corporate Governance in the Public Sector: A Governing Body Perspective recommends that governments use private-sector corporate governance concepts and practices to achieve their objectives more openly and effectively, and in the
International
IASC Addresses Share-Based Payment While the first phase of the IASC’s restructuring moves forward—the new group of trustees met for the first time in June under the chairmanship of Paul A. Volcker, former chairman of the Federal Reserve Board—the committee has been busy issuing guidance on international accounting. The IASC
International
IFAC Issues Reporting Standards for World Governments In May the International Federation of Accountants released the world’s first authoritative set of independent financial reporting standards for public-sector entities. Known as International Public Sector Accounting Standards (IPSASs), the IFAC guidance is derived from the International Accounting Standards Committee’s International Accounting Standards
International
IFAC, Firms to Apply International Standards Consistently The International Federation of Accountants and seven major transnational accounting firms together are planning a global initiative to strengthen international accounting and auditing practices. IFAC hopes firms in the alliance, by uniformly applying standards developed by the International Accounting Standards Committee (IASC), and
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