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The SEC defers until January 1, 2005, a requirement that auditors of nonpublic broker-dealers register with the Public Company Accounting Oversight Board (PCAOB) (www.sec.gov/rules/other/34-48281.htm). The Sarbanes-Oxley Act of 2002 required auditors of financial statements of public companies or “issuers,” as defined in the act, to register by October 22 but did not establish a deadline by which auditors of broker-dealers that do not issue securities must register. While the deferral could end earlier if, in the interim, the SEC issues rules that say so, it now permits privately held broker-dealers to file annually with the commission and send their customers a balance sheet certified by an independent public accountant not registered with the board. Meanwhile the commission is assessing the applicability of registration requirements and procedures to nonpublic broker-dealers.

The Federal Accounting Standards Advisory Board (FASAB) issues an exposure draft of Statement of Federal Financial Accounting Standards (SFFAS), Heritage Assets and Stewardship Land: Reclassification from Required Supplementary Stewardship Information. The proposed standard would move such assets and land to a “basic information” reporting category. Currently SFFAS 8, Supplementary Stewardship Reporting, classifies information about heritage assets and stewardship land as “required supplementary stewardship reporting information”—a category unique to federal financial reporting. The ED is available online at www.fasab.gov/pdf/haslr.pdf and in print from FASAB at 202-512-7350. Comments are due November 10.

The international auditing and assurance standards board (IAASB) of the International Federation of Accountants (IFAC) exposes two draft international standards of auditing: ISA 240, The Auditor’s Responsibility to Consider Fraud in an Audit of Financial Statements, and ISA 300, Planning the Audit. ISA 240 outlines the responsibilities of all those involved in the financial reporting process and encourages auditors to increase their professional skepticism. ISA 300 includes basic principles and essential procedures related to the considerations and activities involved in planning a financial statement audit. Both EDs are available at www.ifac.org/eds. Comments on them are due November 15.

The International Accounting Standards Board (IASB) issues an exposure draft, Fair Value Hedge Accounting for a Portfolio Hedge of Interest Rate Risk, of proposed amendments to International Accounting Standard (IAS) 39, Financial Instruments: Recognition and Measurement. The proposals (www.iasb.org.uk) would make it easier for entities to use fair value hedge accounting for a portfolio hedge of interest rate risk, also known as a “macro hedge.” Comments are due November 14.

The international financial reporting interpretations committee of the IASB releases a draft interpretation, Changes in Decommissioning, Restoration and Similar Liabilities (www.iasb.org.uk), containing guidance on modifications recognized as part of costs discussed in IAS 16, Property, Plant and Equipment, and also as a liability in accordance with IAS 37, Provisions, Contingent Liabilities and Contingent Assets. Comments are due November 3.

The AICPA, XBRL US and XBRL International sponsor a conference on development and use of the extensible business reporting language (XBRL). Speaking at the gathering (www.xbrlusaseattle.com), which takes place November 3–7 in Seattle, will be representatives from accounting organizations around the world, professional services firms, financial institutions and software companies, as well as U.S. and international government agencies, that are creating XBRL-based systems. Presenters will demonstrate XBRL applications and pilot programs in use at the Federal Deposit Insurance Corp., various stock exchanges, government tax authorities and other institutions from abroad.