International tax

Two New Statements The IASC approved two new standards recently, one of which differs from guidance in FASB statements. IAS no. 35, Discontinuing Operations, addresses when to make disclosures. It covers presentation and disclosure only; earlier IASC statements provide guidance on recognition and measurement. The new standard says a discontinuing

Independent Boards Worldwide An advisory group of the Organisation for Economic Co-operation and Development has published a report that urges international governments to create and issue standards for boards of directors. Corporate Governance: Improving Competitiveness and Access to Capital in Global Markets calls on the governments and regulators of the

At the World Congress of Accountants held last October in Paris, the IASC announced it was putting environmental issues on its long-term agenda. The Fdration des Experts Comptables Europens (FEE), an umbrella organization for the accounting profession in Europe, has made its position public by sending a memorandum to the

The International Federation of Accountants has revised its Code of Ethics for Professional Accountants to include information on the disclosure of confidential information, underbidding competitors and employing non-accountants. The ethics code also was modified to reinforce its role as a model for national accounting and auditing guidance around the world.

IASC Revises Two Standards T he International Accounting Standards Committee published revised standards on business segment reporting and presentation of financial statements. Both standards will be effective for fiscal years beginning on or after July 1, 1998. Originally, International Accounting Standard (IAS) no. 14, Segment Reporting, required that information be

IASC to Consider U.S. Financial Instruments Standards According to Sir Bryan Carsberg, secretary-general of the International Accounting Standards Committee, the IASC staff has proposed that its board adopt—on an interim basis—the Financial Accounting Standards Boards rules on financial instruments reporting, including the forthcoming FASB standard on derivatives disclosure. The IASC

Three New Draft Interpretations T he International Accounting Standards Committee issued three draft interpretations of international accounting standards (IASs). The interpretations, which were issued by the IASC standing interpretations committee (SIC), were exposed for public comment and are expected to be included in upcoming IASC authoritative literature. This marks the

New Guidelines for Reciprocity The World Trade Organization adopted Guidelines for Mutual Recognition Agreements on professional accounting qualifications. The guidelines are intended to make it easier for qualified accountants to practice across international borders by providing a common approach to negotiating reciprocity arrangements. “The guidelines assure us that we are

New Accounting Methods for Governments T he International Federation of Accountants published a report on accrual accounting for governments. Occasional Paper no. 3, Perspectives on Accrual Accounting , contains essays by a number of contributors, including politicians, accountants, economists, academics and administrators, on the value of reforming accounting methods for

IASC Says Its on Time T he International Accounting Standards Committee said it will meet a March 1998 deadline to complete a core set of international accounting standards (IASs). Sir Bryan Carsberg, IASC secretary-general, said there were a few instances in 1996 when publication dates of documents were slightly delayed

IFAC Proposes Ethics Upgrade The International Federation of Accountants issued for exposure modifications to its Code of Ethics for Professional Accountants . The revised code includes more guidance on the disclosure of confidential information and the employment of nonaccountants for certain engagements. Comments on the proposals are due no later

Earnings Per Share Standard Is Finalized T he International Accounting Standards Committee issued International Accounting Standard (IAS) no. 33, Earnings Per Share . The IASC worked closely with the Financial Accounting Standards Board in drafting the standard, which is very similar to the recently released FASB Statement no. 128, Earnings

Recognizing and Measuring Financial Instruments T he International Accounting Standards Committee (IASC) issued a discussion paper on the recognition and measurement of financial instruments. Accounting for Financial Assets and Financial Liabilities provides a comprehensive analysis of the major issues associated with accounting for transfers of financial assets, debt defeasance transactions

FASB Issues Comparative Study of U.S. and International Accounting Standards T he Financial Accounting Standards Board published a 440-page study that examines the differences between standards issued by the International Accounting Standards Committee (IASC) and U.S. generally accepted accounting principles. The study, A Report on the Similarities and Differences between