EU - Updated EFRAG endorsement report

The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement under the EU Accounting Regulation of each IFRS, including standards, interpretations and amendments. The report presents the expected timing of future steps in the process of endorsing the pronouncements of the International Accounting Standards Board (IASB). It also reflects EFRAG's draft endorsement advice on IFRS 9 Financial Instruments: Classification and Measurement and its endorsement advice letter on the Amendment to IAS 32: Classification of Rights Issues. (Read the latest EFRAG Endorsement Status Report.)

US - Highlights of IFRS Research

Conversion from US GAAP to International Financial Reporting Standards (IFRS) is a heavily discussed topic in the corporate world. Expected benefits of adoption include reporting consistency, enhanced global competition and improved financial repotting transparency. While many countries worldwide have already adopted IFRS, many other countries are closely examining its effects before adoption, not only from an economic perspective but also from a reporting quality position. (Read the article Highlights of IFRS Research at Journal of Accountancy online.)

US - SEC member calls for single set of accounting standards

US Securities and Exchange Commission (SEC) member Kathleen Casey has called for the continuation of efforts to converge International Financial Reporting Standards (IFRS). "The commission and the [Financial Accounting Standards Board] would be remiss and fail the needs of investors if we do not continue to support the development of a single set of high-quality global accounting standards," she said. (Read the article SEC's Casey: Accounting convergence must continue at Reuters online.)

Canada - Which IFRSs are Expected to Apply for Canadian Changeover in 2011?

Canada's Accounting Standards Board (AcSB) staff has updated the paper explaining which International Financial Reporting Standards (IFRS) are expected to apply on changeover to IFRS in 2011. (Read the AcSB paper Which IFRSs are Expected to Apply for Canadian Changeover in 2011? which was updated in November 2009.)

Canada - Notice of IFRS Discussion Group Meeting on November 25, 2009

The first meeting of Canada's IFRS Discussion Group (IDG) will be held on Wednesday, November 25, 2009 in Toronto. The meeting is open to public observation. An audio webcast of the meeting will also be available for those who are unable to attend the meeting in person. The IDG’s objective is to assist Canada's Accounting Standards Board (AcSB) by considering issues that arise relative to the application of IFRS in Canada and recommending which issues should be referred to the International Accounting Standards Board (IASB) or International Financial Reporting Interpretations Committee (IFRIC). (For more information and to register, visit the AcSB website.)

US - IFRS similarities and differences – two comparisons

PricewaterhouseCoopers (PwC) has published the 2009 edition of IFRS and US GAAP: Similarities and Differences. The 220-page comparison helps companies develop a broad understanding of the major differences between International Financial Reporting Standards (IFRS) and US GAAP and an understanding of the level of change on the horizon. PwC has also published a comparison of IFRS for SMEs and full IFRS. It provides a description of the similarities and differences between the reporting methods; subsequent impact on companies; commentary and insight on recent and proposed guidance; an overview of the IFRS for SMEs; a report on the US GAAP codification project; and updates incorporating authoritative standards and interpretive guidance issued up to June 30, 2009. (Read the PwC publication IFRS for SMEs: Pocket Guide 2009.)

Canada - Crossing over to IFRS: Questions you should be addressing today

A new publication by PricewaterhouseCoopers (PwC) covers the questions that are frequently being asked about the preparation, presentation and disclosure of the International Financial Reporting Standards (IFRS) transition balance sheet as at January 1, 2010. It also looks at important considerations and key decisions that should be made prior to January 1, 2010. (Read the PwC report Crossing over to IFRS: Questions you should be addressing today.)