Tuesday, September 20, 2011

CICA conference explores post-transition issues

Now that IFRS is Canadian GAAP for most publicly-accountable enterprises, organizations with December 31 year-ends have already filed their first interim reports. There are experiences to learn from regarding the application of IFRS and the impact of new financial reporting frameworks on organizations.

IFRS and the new world of global accounting standards will be a continuous journey of learning. Issues such as how far to go with Canadian guidance, while still being true to the commitment to adopt IFRS without country- specific interpretations, will be a constant challenge. And, there will always be the need to keep up –to-date technically on new and proposed standards as they emerge.

Many of these important issues will be the subject of discussion and debate at CICA’s first post-transition Financial Reporting and Accounting Conference (FRAC), which runs September 26 to 28, 2011, at the Metro Toronto Convention Centre in Toronto. The robust agenda of this year’s conference includes a CFO panel discussion on lessons learned from their organizations’ transition, another panel discussion entitled IFRS — Walking the Tightrope between Canadian Guidance and Interpretation — How Far Can We Go? and a third on the application and implications of the New World of Fair Value Measurement. The conference also includes several technical IFRS updates, including revenue recognition, leases, joint arrangements and consolidations, and post-employment benefits.