News

IFAC Seeks Views on Its 2010-2012 Strategy and Work Plan to Serve Professional Accountants in Business
IFAC today released for comment an exposure draft (ED) setting out its proposed 2010-2012 strategy and work plan prepared by its Professional Accountants in Business (PAIB) Committee.

Barnier tells US that Europe is “getting impatient” on accounting convergence
EU markets chief, Michel Barnier, said Europe is “getting impatient” by US progress towards adopting international accounting rules, in a speech in Washington today. Moments ago, Barnier spoke to Washington leaders, acknowledging their progress towards accounting convergence, but warned that Europe’s patience was running out.

IASB concludes the 2008-2010 cycle of annual improvements to IFRSs
The International Accounting Standards Board (IASB) today issued “Improvements to IFRSs” - a collection of amendments to seven International Financial Reporting Standards (IFRSs) - as its latest set of annual improvements.

BAS issues new Modelling Standard.
The Board for Actuarial Standards (BAS) has today issued its technical actuarial standard on modelling (to be known as TAS M), which continues its series of new outcome-focused standards. The standard will take effect in April 2011.

IFAC’s Education Standards Board Adopts New Strategy.
The International Accounting Education Standards Board (IAESB) has issued its Strategy and Work Plan for 2010-2012, which focuses on enhancing the International Education Standards (IESs) and providing guidance for IES adoption and implementation. This work will assist IFAC member bodies, regulators, employers, academics, and students by prescribing principles for the learning and development of a professional accountant.

PCAOB issues staff audit practice alert on auditor considerations of significant unusual transactions.
The Public Company Accounting Oversight Board today issued a Staff Audit Practice Alert to remind auditors of public companies about their responsibilities to assess and respond to the risk of material misstatement of the financial statements due to error or fraud posed by significant unusual transactions.