International Section

Starting and operating a successful global business presents significant strategic, financial and operational challenges for CPAs. OSCPA’s International Section weekly newsletter keeps subscribers up-to-date on what’s happening with IFRS, IFRS for SMEs, the IASB, and U.S. public and private companies. Find out what you need to know to address the challenges of the dynamic global business environment – join the International Section now.

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International section news

  • U.S. companies don’t see eye to eye on IFRS

    Sep 01, 2011
    The effort to adopt IFRS continues to divide the American business community, as demonstrated during a recent SEC roundtable. Meanwhile, institutional investors have said the International Accounting Standards Board (IASB) lacks the outreach needed for a successful transition in the U.S.
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  • Treasury and IRS issue foreign account guidance

    Sep 01, 2011
    The Treasury Department and IRS have issued a notice announcing plans to phase in the requirements of the Foreign Account Tax Compliance Act (FATCA). The new law targets noncompliance by U.S. taxpayers through foreign accounts. Under the notice’s phased implementation approach, foreign financial institutions (FFIs) and U.S. withholding agents are given adequate time to build the systems needed to fully comply with FATCA.
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  • OSCPA committee shares convergence thoughts with SEC

    Sep 01, 2011
    Members of the OSCPA’s Accounting and Auditing Public Company Subcommittee have submitted a comment letter to the SEC recommending “condorsement” as the best approach for the adoption of IRFS for a majority of U.S. issuers.
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  • IRS reorganizes to meet the challenges of tax administration in a global economy

    Sep 01, 2011
    IRS officials have announced they are taking additional steps in their continuing efforts to improve the agency’s international operations.
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  • IFRS 9 implementation may be delayed until 2015

    Sep 01, 2011
    The International Accounting Standards Board (IASB) has proposed delaying the effective date of IFRS 9 Financial Instruments to 2015. An IASB exposure draft proposes pushing the date back two years from the initial date of Jan. 1, 2013, to align all phases of the project, both complete and ongoing, to have the same effective date.
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  • IASB publishes analysis of the effects of IFRS 11, Joint Arrangements

    Sep 01, 2011
    The IASB has published a report that presents its analysis of the effects of IFRS 11, Joint Arrangements, and disclosures for joint arrangements included in IFRS 12, Disclosure of Interests in Other Entities.
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  • Deadline for disclosure of offshore accounts approaching

    Sep 01, 2011
    U.S. taxpayers hiding income in undisclosed offshore accounts are running out of time to take advantage of a soon-to-expire opportunity to come forward and get their taxes current with the IRS.
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  • AICPA wants SEC to allow optional adoption of IFRS

    Sep 01, 2011
    The AICPA has recommended to the SEC that U.S. public companies be allowed the option of adopting use of International Financial Reporting Standards (IFRS) as the commission weighs a possible future framework for incorporating IFRS into the U.S. financial reporting system.
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  • IASB proposes to exempt investment entities from consolidation requirements

    Sep 01, 2011
    The International Accounting Standards Board (IASB) has published proposals to define investment entities as a separate type of entity that would be exempt from the accounting requirements in IFRS 10 Consolidated Financial Statements.
    Full story