CPT V24P7-Art1 (Content).pmd - Taxmann

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Accounts & Audit actions. Therefore, the IAESB has suggested significant amendments to IES 4 again. Source: http://www.ifac.org/news-events/2012- 07/iaesb-proposed-revised-standard-professionalvalues-ethics-and-attitudes 7. FASB ISSUES ASU TO SIMPLIFY TESTING OF INDEFINITE-LIVED INTANGIBLE ASSETS FOR IMPAIRMENT- JULY 27, 2012 7.1 Background - The Financial Accounting Standards Board (‘FASB’) is a private, not-forprofit organization whose primary purpose is to develop generally accepted accounting principles (‘GAAP’) within the United States in the public interest. It was created in 1973, replacing the Committee on Accounting Procedure (‘CAP’) and the Accounting Principles Board (‘APB’) of the American Institute of Certified Public Accountants (‘AICPA’). 7.2 Summary - FASB has issued Accounting Standards Update (ASU) No. 2012-02, Intangibles —Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment, to simplify the guidance for testing impairment of indefinite-lived intangible assets other than goodwill. This is applicable to intangible assets including indefinite-lived trademarks, licenses and distribution rights. The standard would apply to all public, private and not-for-profit organizations. The amendments allow an organization to make a qualitative evaluation about the likelihood of impairment of an indefinite-lived intangible asset to determine whether it should apply the quantitative test and calculate the fair value of the indefinite-lived intangible asset ? Specifically, an organization has the option to first assess qualitative factors (events and circumstances) that could have affected the significant inputs used in determining the fair value of the indefinite-lived intangible asset to determine whether it is more likely than not (meaning a likelihood of more than 50 per 710 August 1 to 15, 2012 u TAXMANN’S CORPORATE PROFESSIONALS TODAY u Vol. 24 u 90 cent) that the indefinite-lived intangible asset is impaired.Under the amended guidance, an organization may choose to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to calculate its fair value. The amendments do not change how an organization measures an impairment loss. Therefore, it is not expected to affect the information reported to users in financial statements. 7.3 Effective date - The amendments are effective for annual and interim impairment tests performed for the years beginning after September 15, 2012. However, early adoption is also permitted. Source: http://www.fasb.org/cs/<strong>Content</strong>Server? site=FASB&c=Document_C&pagename=FASB% 2FDocument_C%2FDocumentPage&cid= 1176160199605 http://www.fasb.org/cs/BlobServer?blobkey= id&blobwhere=1175824275038&blobheader= application%2Fpdf&blobcol=urldata&blob table=MungoBlobs 8. IESBA PROPOSES CHANGE TO CODE OF ETHICS DEFINITION OF THOSE CHARGED WITH GOVERNANCE - JULY 20, 2012 8.1 Background - The International Ethics Standards Board for Accountants (‘IESBA’) is an independent standard-setting board for the purpose of developing and issuing high-quality ethical standards and related guidance for professional accountants worldwide in the public interest. The IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. IFAC facilitates the structures and processes of the IESBA. IFAC is the global organization for the accountancy profession, dedicated to serving the public interest, having 167 members and associates in 127 countries and jurisdictions.
8.2 Summary - IESBA has released the exposure draft of proposed change to the definition of “those charged with governance” in the IESBA Code of Ethics for Professional Accountants (the Code). The basic purpose of amendment is to align the definition of “those charged with governance” in the Code with that in the IAASB’s International Standard on Auditing (‘ISA’) 260, Communication with Those Charged with Governance. As per the IESBA, the proposed amendment does not require any change in systems or common practice. However, the change is suggested to clarify that a sub-group, such as an audit committee, may assist the governing body in meeting its responsibilities. In those cases, the auditor shall evaluate with whom, within the entity’s governance structure, to communicate. As per the IESBA, this will help in contributing to more consistent application of the Code, which is their main mission to support the global adoption and implementation of the Code. Source: http://www.ifac.org/news-events/2012- 07/iesba-proposes-change-code-ethics-definitionthose-charged-governance August 1 to 15, 2012 u TAXMANN’S CORPORATE PROFESSIONALS TODAY u Vol. 24 u 91 ••• 711
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August 1 to 15, 2012 u TAXMANN’S
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Accounts & Audit 701 707 FOUNDER ED
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