IFAC issues guidance on risk management and strategic planning.

The International Federation of Accountants has released two statements on international management accounting practices (IMAP): a revision to IMAP no. 3, Currency Exposure and Risk Management, and IMAP no. 7, Strategic Planning for Information Resource Management.

The revision to IMAP no. 3 suggests various methods that can be used to manage foreign currency exposure. The statement does not analyze theory behind exchange rate fluctuations; instead, it recognizes that individual exchange rates remain highly sensitive to particular economic and political changes, and it explains how senior management, including financial and accounting managers, can take a proactive approach to managing their company's risk exposure.

The statement includes

* A list of)he various types of foreign currency exposure, such as transaction, translation and economic exposure, and an explanation of how management can identify them.

* Methods of assessing and forecasting foreign currency risk.

* A list of management techniques commonly used to manage currency exposure, including hedging and foreign exchange contracts.

* A brief overview of accounting, taxation and fiscal controls for foreign currency transactions.

IMAP no. 7 recommends ways companies can use information resources and systems effectively to meet company objectives. According to the statement, most businesses recognize that data need to be managed, but relatively few recognize that information in databases often provides the means to rapidly propel organizations ahead of their competitors. IMAP no. 7 provides some background for companies to plan and implement new methods of capitalizing on their information assets.

Copies of IMAP no. 3 and IMAP no. 7 are available for $10 each by calling the IFAC at [phone], or by faxing [phone].

FYI 

* Harcourt Brace Professional Publishing is picking the "Accounting Top Five Web Sites" each week. To see how CPAs use their Web sites, go to http://www.hbpp.com for the winners, which are hot-linked so you can visit them directly. The sites are judged on the value of their content, quality of design and technological sophistication. The HBPP site also lists former winners and contains instructions for entering a Web page in the contest.

* Jon Madonna, chair and chief executive officer of KPMG Peat Marwick, will step down from both jobs in October and assume the full-time position of chair of KPMG's international umbrella organization. The Association of Government Accountants has named Mitchell L. Laine its president for a one-year term. Laine, deputy chief financial officer and director, financial services, at the Department of Education, is the chair of the American Institute of CPAs members in government committee. * September 16-20 is National Payroll Week. Members of the American Payroll Association are conducting a public awareness campaign to explain to high school students and workers how' to interpret pay-stub deductions. The association's campaign should help employees understand where the annual collection of $879 billion in employment taxes goes.

* David Cairns, former International Accounting Standards Committee secretary-general, has written A Guide to Applying International Accourt)lng Standards. In over 400 pages it guides the reader through current standards and presents examples of calculations. It is available for 39.95 pounds from Accountancy Books, part of the Institute of Chartered Accountants in England and Wales, by calling + 44 (0) 1908 248000.