Canada - Become a Member of the AcSB’s new IFRS Discussion Group

The purpose of the Canadian Accounting Standards Board (AcSB) new IFRS Discussion Group (IDG) is to assist in identifying issues relating to the application of International Financial Reporting Standards (IFRS) in Canada. The IDG will be a public forum in which issues about the application of IFRS in Canada can be discussed. The IDG will make recommendations to the AcSB as to whether particular issues should be referred to the International Accounting Standards Board (IASB) or the IASB’s International Financial Reporting Interpretations Committee. (More information is available on the AcSB website.)

Webinar — IFRS Adoption for Small-Cap and Medium-Cap Companies

The challenge of IFRS adoption for small-cap and medium-cap companies might seem more daunting than for larger companies with more extensive resources. This one-hour Webinar on July 13, 2009 (12:30pm) will address how companies with limited resources might tackle the challenges of IFRS adoption. It will include the latest from the Canadian Securities Administrators and the Canadian Accounting Standards Board regarding their expectations and suggestions, with a particular emphasis on the needs of small-cap and medium-cap companies. (For more information, visit the Webinar webpage.)

IASB Update - June 2009

Periodically, the International Accounting Standards Board (IASB) publishes newsletters on its activities. IASB Updates are published as a convenience to the IASB’s constituents. The reported conclusions are tentative and may be changed or modified at future meetings. (Read the June 2009 IASB Update.)

Countdown - Deloitte Canada’s IFRS transition newsletter

Deloitte Canada has published its Countdown IFRS transition newsletter for June 2009. It discusses practical issues Canadian companies are facing in IFRS transition and provides an update on recent IFRS events. Articles in this issue include:

• Using Technology to Manage Accounting and Control Changes Driven by IFRS Changeover;
• 'The Real Deal' – real issues and solutions on IFRS transition relating to dual year reporting and reconciliation requirements in 2011;
• Private Enterprise Strategy – IFRS or Private Company GAAP;
• Deloitte Publications and Events and How to Access Them;
• An Update on Current IFRS events – including various important EDs and Discussion Papers.

(Also refer to other Deloitte IFRS Resources.)

EFRAG Update - April 2009, May 2009 and June 2009

The European Financial Reporting Advisory Group (EFRAG) has updated its website. The April 2009, May 2009 and June 2009 editions of EFRAG Update have been published. They summarize the discussions held at the recent EFRAG meetings.

Three Things CPAs Should Know (about IFRS)

In an increasingly global business environment, the demands that CPAs face in the United States are changing. Judith O'Dell, chairwoman of the Private Company Financial Reporting Committee, recently discussed three things all CPAs should recognize about the new landscape and the internationalization of accounting standards. (View the 3-minute video Three Things CPAs Should Know on the Journal of Accountancy website.)

Australian firms want simplified IFRS for SMEs

According to a recent survey by the accounting firm Grant Thornton, 80% of people involved in financial reporting in Australia believe that International Financial Reporting Standards (IFRS) should be simplified. At the same time, 78% of the accountants, chief financial officers and directors responding said converting to IFRS was a good idea. More than 80% of respondents also supported the introduction of a simplified IFRS standard for small and medium-sized enterprises, while more than half said smaller listed companies that gain shareholder approval should be allowed to adopt the simplified standards. Australia adopted IFRS in 2005. (Read more about the survey in the article Accounting Standards Need Simplifying.)