Migrating to IFRS

Canadian IFRS adoption - some inconclusive evidence

2012-01-16T09:34:00.001-05:00

What, if any, are the potential economic consequences or benefits of the Canadian IFRS adoption?

As the activities of preparing and auditing the first set of complete annual reports using international financial reporting standards (IFRS) are in full swing, it is easy to identify some costs of transitioning from Canadian GAAP to IFRS. So it is an appropriate time to ask, why are we going through this transition? Are there benefits that my company, my clients or the country as a whole might expect to realize from IFRS adoption?

Recent academic literature has examined IFRS transitions, mainly the European Union (EU) transition, which occurred in 2005, and provides evidence that some benefits have accrued to some IFRS-adopting firms. Here, these benefits are summarized, cases where the evidence to date appears to be relatively inconclusive are highlighted and some cautions about generalizing from the EU transition experience to Canada are noted.

(For more information, read the article “Inconclusive evidence” by David Godsell and Michael Welker in the January/February 2012 edition of CAmagazine online.)

Reporting Alerts on IFRS and related resources

2011-12-27T09:04:00.047-05:00

Information on new and revised IFRS, together with CICA's Reporting Alerts are now made available on the CICA Canadian Standards in Transition website. Related resources that are targeted towards the needs of smaller public companies are also available.

Reporting Alerts provide an orientation to the standard by highlighting the significance, content and timing of the standard or regulation; summarizing key changes from any predecessor; and suggesting an action plan to follow.

Resources that provide application guidance will vary depending on the nature of the particular standard. They may include checklists, decision trees, questions and answers, and comparisons to former requirements.

Canadian GAAP at a crossroads: Which path should private companies choose: ASPE or IFRS?

2011-11-30T15:00:00.001-05:00

In 2011, private companies will start issuing financial reports based on either Accounting Standards for Private Enterprises (ASPE), or International Financial Reporting Standards (IFRS). Although both sets of standards are derived from the existing Canadian GAAP-based CICA Handbook – which will be phased out that same year – there are distinct differences between the two financial reporting systems. Much discussion has revolved around the more demanding disclosure requirements of IFRS; however, that’s just one of many factors private companies need to consider.

The first step in making an informed decision is analysing the business, accounting and stakeholder considerations, and the impact of choosing ASPE versus IFRS. While both sets of standards enable credible financial reporting, allowing capital providers and other stakeholders to monitor the performance of the enterprise, the choice ultimately comes down to weighing the differences between the two sets of standards against the information needs of stakeholders and intermediaries. The answer will not be the same for everyone.

(For more information, visit the Deloitte website and read Canadian GAAP at a crossroads, updated in April 2011.)

CICA seminar on integrated reporting features Robert Herz

2011-11-20T13:17:00.001-05:00

Robert Herz, the recently retired chair of the US Financial Accounting Standards Board (FASB), will be in Toronto, Canada on November 23, 2011, for a breakfast seminar organized by the Canadian Institute of Chartered Accountants (CICA). Mr. Herz will review the proposals outlined in a Discussion Paper, Towards Integrated Reporting – Communicating Value in the 21st Century, published by the International Integrated Reporting Committee (IIRC).

The IIRC was established in August 2010 by the Prince of Wales Accounting for Sustainability Project, the Global Reporting Initiative, and the International Federation of Accountants. The IIRC brings together a cross section of representatives from the corporate, investor, accounting, securities, regulatory and standard-setting communities.

The Discussion Paper features proposals for the development of an International Integrated Reporting Framework and outlines the next steps toward its creation and adoption. The goal of integrated reporting is to provide more comprehensive and meaningful information about how an organization creates and sustains value.

(For more information, see the CICA media release on November 18, 2011.)

International Financial Reporting Standards - IASB Future Work Plan

2011-10-28T11:51:00.003-04:00

In July 2011, the International Accounting Standards Board (IASB) issued a Request for Views, “Agenda Consultation 2011.” This paper seeks input on the IASB’s future work plan and the areas of financial reporting it proposes to give priority to over the next three years. The comment deadline is November 30, 2011.

An important part of balancing the future work plan is to understand the financial reporting needs and challenges of stakeholders. As such, Canada’s Accounting Standards Board (AcSB) encourages all Canadian stakeholders to review the Request for Views and submit comments directly to the IASB. Your views will help shape the IASB’s future agenda.

The AcSB will be responding to the IASB, as well, and is seeking the views of Canadian stakeholders to develop an informed response. The AcSB has organized a program of public consultations between mid-October and early November 2011 to help form its response, including conference calls and roundtables in Vancouver, Calgary, Toronto and Montreal. More information on the IASB Agenda Consultation, and the related roundtables and conference calls, is available online.

(For an update on recent activities of Canada's Accounting Standards Board, see the FYI Newsletter October 2011.)

Canadian Standards in Transition - ASPE Resources Available

2011-10-18T20:19:00.000-04:00

The Canadian Institute of Chartered Accountants (CICA) has recently issued three new resources to help private companies make a smooth transition to the new accounting standards for private enterprises (ASPE).

A Guide to Understanding Transitional Options and Accounting Policy Choices
This CICA guide helps practitioners understand the choices and decisions available under the new accounting standards for private enterprises (ASPE) and provides practical examples and worksheets.

A Case Study: Financial Statement Comparison
This publication presents an example of non-consolidated and consolidated financial statements prepared in accordance with pre-changeover accounting standards - XFI Version, and financial statements restated in accordance with ASPE.

Transition Considerations for a Non-Complex Entity
This summary highlights significant changes in the new standards as well as items that require management consideration. The information, geared to non-complex entities, raises awareness for typical balances on a set of financial statements.

Reporting Implications of New Auditing and Accounting Standards, August 2011

2011-09-30T11:42:00.000-04:00

There are a number of significant changes taking place to accounting and auditing standards in Canada. The Auditing and Assurance Standards Board (AASB) recognizes that these changes may have an impact on the form and content of practitioners’ reports. Therefore, the AASB formed a Task Force to develop guidance that will address complex reporting issues that may arise during this period of change with a view to promoting consistency in reporting.

This Guide presents a series of issues in Question and Answer format. It also presents a series of Illustrative Reports. These are designed to help practitioners understand and apply requirements and supporting guidance issued by the AASB relating to reporting. Practitioners are expected to use professional judgment in determining whether the material in this Guide is both appropriate and relevant to the circumstances of each audit engagement.

(Read the Guide, Reporting Implications of New Auditing and Accounting Standards, Issue No. 5 — August 2011.)

CICA conference explores post-transition issues

2011-09-20T20:20:00.000-04:00

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.

Canadian FYI Newsletter August 2011

2011-08-30T15:05:00.001-04:00

The Canadian Accounting Standards Board (AcSB) FYI Newsletter August 2011 includes the message from the Chair and articles on other topics of interest to stakeholders. It notes that high-quality standards take time to develop. Setting a June 30, 2011 deadline did motivate the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) to meet more frequently to redeliberate important issues in light of the many comments and suggestions received on their exposure drafts.

However, in April 2011, the Boards conceded that more time is needed to complete their joint projects on revenue, leases and financial instruments, and also the IASB’s standard on insurance contracts. The fourth “Progress Report on IASB-FASB Convergence Work” extended the completion targets for these projects to the second half of 2011. The extension is consistent with the objectives of the G20 leaders. It will also permit the Boards to consult with those affected about the proposed changes and work through concerns and issues raised by stakeholders.

IFRS: the first quarter

2011-08-12T09:01:00.016-04:00

The first IFRS Canadian corporate report filings are now in. How did the implementation go? What went right? What went wrong? What can we expect in the future? With a number of major IFRS projects underway at the International Accounting Standards Board — such as leases and financial instruments — the reporting landscape is still a live environment. But, the transition to a new era is now formally in play on the balance sheets of Canada’s publicly listed companies. With more than 4,100 IFRS-infused first quarter reports being filed with regulators in 2011, these organizations have only the briefest of respites to look back at what was for many an unexpectedly daunting task. (Read the article "IFRS: the first quarter" in the August 2011 issue of CAmagazine online.)

Interim Reporting Under IFRS — An Update

2011-07-30T12:39:00.002-04:00

CPR Alert (Issue 14, July 2011) is a non-authoritative bulletin prepared by staff of the Canadian Performance Reporting Board (CPRB) at the Canadian Institute of Chartered Accountants (CICA). This issue, Interim Reporting Under IFRS — An Update, reviews: Filing deadlines – no extension for Q2 and Q3; Items to include in Q2 and Q3 2011 interim financial reports; Auditor review of interim financial reports; MD&A considerations for Q2 and Q3 2011; and Classification of bankers acceptances under IFRS. In addition, the Ontario Securities Commission published IFRS Release No. 3 – IFRS Interim Financial Reports –Tips For Q2 And Q3 on July 7, 2011. That release provides a useful filing tip sheet for Q2 and Q3.

Canada - IFRS Discussion Group

2011-07-16T11:23:00.000-04:00

The Canadian Accounting Standards Board (AcSB) established the IFRS Discussion Group (IDG) in 2009 to implement and maintain a regular public forum on the application of IFRS in Canada. The purpose of the IDG is to assist the AcSB by considering issues relating to the application of IFRS in Canada and making recommendations on whether particular issues should be referred to the International Accounting Standards Board (IASB) or IFRS Interpretations Committee. The IDG normally meets four times a year. At the discretion of the IDG Chair, meetings are generally open to public observation. Members of the public are encouraged to submit issues for consideration by the IDG.

Listen to the audio recordings of the ten topics discussed by the Group in June 2011, including preliminary observations of some of the provincial securities regulators staff on the first quarter filings under IFRS and six issues arising from the application of IFRS in Canada.

Access to Unaccompanied International Financial Reporting Standards (IFRS)

2011-06-29T10:28:00.001-04:00

The Canadian Accounting Standards Board (AcSB) provides free access to the consolidated unaccompanied IFRS, including the core standards without implementation guidance and the basis for conclusions. All rights to the content are owned or controlled by the IFRS Foundation. (IFRS as issued by the International Accounting Standards Board at January 1, 2010.)

Ernst & Young - IFRS: a strategic opportunity

2011-06-15T11:34:00.000-04:00

The move to International Financial Reporting Standards (IFRS) is the single most important initiative in the financial reporting world (Ernst & Young). Its impact stretches far beyond accounting to affect every key business decision, not just how it is reported. Access to up-to-date knowledge, insights and timely advice is essential. As IFRS becomes the financial reporting language in many more countries, consistent interpretation and application becomes ever more vital. The starting point of the journey is to conduct an IFRS diagnostic to assess the impact conversion will have on your business.

Deloitte - Moving ahead in an IFRS world

2011-05-27T09:07:00.001-04:00

Canada is an International Financial Reporting Standards (IFRS) jurisdiction for all publicly accountable enterprises, as of January 1, 2011. Many enterprises are now shifting their interest from preparing for IFRS implementation to keeping up with IFRS changes and understanding how to apply the principles of IFRS on a day-to-day basis.

IFRS requires an entity-wide approach to financial reporting. Companies must build IFRS into flexible financial reporting systems and processes. Management must also review the assumptions and judgments made and the systems and processes implemented throughout their IFRS journey. This includes developing their initial IFRS solutions, incorporating new developments in IFRS standards and interpretations, and preparing for changes to their business and the overall economic environment.

(Deloitte: Featured Insights - Moving ahead in an IFRS world, IFRS Resources, IFRS e-Learning)

IFRS - Academic Resources

2011-05-16T09:08:00.003-04:00

The transition to International Financial Reporting Standards (IFRS) poses a unique challenge for accounting academics. The Canadian Institute of Chartered Accountants (CICA) is pleased to provide a range of materials to help academics develop teaching strategies to prepare their students for this significant change for our profession. Visit the Canadian Standards in Transition website.

Financial Reporting in Canada under IFRS 2011

2011-04-29T09:06:00.014-04:00

Financial Reporting in Canada under IFRS 2011 is a concise, practical reference source that looks at the application of International Financial Reporting Standards (IFRS) from a Canadian perspective. It examines and explains IFRS requirements, illustrating their application using real-world extracts of financial statements from companies that have already adopted IFRS. It also includes: comparisons of the requirements under Canadian GAAP and IFRS; tables, charts and diagrams summarizing the requirements in easy-to-read point form; and examples of application presented in short case studies. The publication is available for purchase from the CAstore online. A free sample chapter (Chapter20 – First-time Adoption of IFRS) is also available online.

CSA Staff Notice 52-328: Disclosure about Accounting Policies in the Year of Changeover to International Financial Reporting Standards (IFRS)

2011-04-15T17:01:00.001-04:00

For many issuers, the adoption of IFRS will result in one or more significant changes in an issuer’s accounting policies. This notice responds to specific questions CSA staff have received on disclosure about accounting policies in an issuer’s interim and annual Management’s Discussion and Analysis (MD&A) in the year of changeover to International Financial Reporting Standards (IFRS). (See CSA Staff Notice 52-328: Disclosure about Accounting Policies in the Year of Changeover to International Financial Reporting Standards (IFRS).

Global - IFRS News by PricewaterhouseCoopers

2011-03-31T21:13:00.000-04:00

IFRS News is a monthly global publication by PricewaterhouseCoopers (PwC) that provides Canadian-specific content in The Canadian Report, IASB technical updates and PwC insights into the impact of the adoption of International Financial Reporting Standards (IFRS). (Read the March 2011 issue of IFRS News online.)

Effective IFRS communications with stakeholders

2011-03-04T09:09:00.001-05:00

Effective communication cannot happen without an understanding of the needs of the audience. In preparing the first IFRS interim reports, adopters should try to look at the information through the same lens as the people who are seeing it for the first time, most of whom are on a steep IFRS learning curve. Do the reports convey the intended message? Will the readers of those reports be able to discern whether changes in the statements are a reflection of business performance or the new standards? Watch for unintentionally raising red-flags by what is said – or not said. Adopters issuing their first quarter reports under IFRS have an important story to tell. How it is told will affect how it is interpreted. Helpful resources can be found on the CICA’s IFRS website including: (1) IFRS Financial Statements – Examples: A sampling of interim IFRS financial statements provided by first-time adopters. (2) Meeting Regulatory Requirements: A web page that provides OSC guidance on MD&A disclosure, including a publication called Ontario Securities Commission Issuer Guide: Top 10 Tips for Public Companies Filing Their First IFRS Interim Financial Reports. (3) A Review of 2010 Financial Statement Disclosures and What to Expect in 2011: An audio/slide presentation that discusses how financial analysis will be different in an IFRS world. The CICA is providing free access to this recording. Other useful IFRS audio presentations are available at the CICA Xtensions Learning Centre.

Role of audit committees in the transition to IFRS

2011-02-18T10:30:00.000-05:00

Audit committees play an important role in the transition to International Financial Reporting Standards (IFRS). National Instrument 52-110, Audit Committees, requires audit committees to review the issuer’s interim financial statements, related MD&A and interim earnings press releases before the information is made publicly available. For an issuer filing its first IFRS interim financial report, this report will contain the expanded disclosure required by IFRS 1 and securities law. In many organizations, the board looks to the audit committee for insight into the soundness of the entity’s transition strategy and to monitor and review its progress. In addition, the audit committee can be an important sounding board for management. The Board/Audit Committee webpage on the CICA’s IFRS website provides a number of helpful resources.

Financial Reporting in Canada under IFRS - First-time Adoption of IFRS

2011-01-24T09:00:00.001-05:00

The move to International Financial Reporting Standards (IFRS) is a major challenge for everyone involved in financial reporting in Canada: preparers, users, practitioners, professors and students. The CICA Guidance and Support Group have prepared the 2011 edition of Financial Reporting in Canada under IFRS as a primer for understanding and applying IFRS. Chapter 20 of the publication provides guidance on the First-time Adoption of IFRS. Additional resources are available on the CICA’s Transition to IFRS website.

The IFRS deadline is finally here, and while there has been a great deal of preparation, it's not over yet.

2011-01-13T11:50:00.002-05:00

The long-awaited dawn of International Financial Reporting Standards (IFRS) in Canada has finally arrived. IFRS became Canadian generally accepted accounting principles for most public companies on January 1, 2011. But experts advise adopters not to become complacent in the early days of this new era in financial reporting. Read the article "Finishing Touches" in the January-February 2011 edition of CAmagazine online.

Migrating to IFRS - a final status report

2010-06-29T09:23:00.000-04:00

The "Migrating to IFRS" blog was started in February 2006 as a pilot project of the Canadian Institute of Chartered Accountants (CICA). Since then, it has provided a focal point for disseminating information on research and guidance materials that facilitate the migration to International Financial Reporting Standards (IFRS). Over the last four years, there have been more than 750 postings and approximately 75,000 visitors in both English and French. Now, with numerous alternative sources of guidance, such as the CICA's Canadian Standards in Transition website and the IASB website, this blog has served its purpose.

IFRS Readiness in Canada: 2010 – Survey Highlights

2010-06-28T16:23:00.000-04:00

The IFRS Readiness in Canada: 2010 Executive Research Report was prepared by the Canadian Financial Executives Research Foundation (CFERF) and was sponsored by PricewaterhouseCoopers. It comprises the results of a survey of senior financial executives from across Canada and the insights obtained through an Executive Research Forum held in Toronto on April 22, 2010. The study is the third in a series of annual surveys covering conversion activities in Canada. Read the highlights from the survey component of the report. The full study will be available July 2010.

US - AICPA's IFRS backgrounder updated through SEC work plan

2010-06-22T09:06:00.016-04:00

Get an introduction to the movement behind the adoption of International Financial Reporting Standards (IFRS) for public companies throughout the world. The AICPA's just-updated IFRS Backgrounder discusses the regulators, standard setters and others who play a critical role. It also provides the timeline for convergence and adoption activities, including the Securities and Exchange Commission (SEC) announcement of its work plan. Some of the more important differences between US GAAP and IFRS are highlighted as well.

Canada - IFRS and Canadian GAAP Differences (BDO)

2010-06-21T09:05:00.002-04:00

Both IFRS and Canadian GAAP are principle based frameworks, and from a conceptual standpoint many of the general principles are the same. However, the application of those general principles in IFRS can be significantly different from Canadian GAAP. Therefore, to understand the magnitude of the differences between IFRS and Canadian GAAP, it is essential to go beyond the general principles and look at the detailed guidance provided in the standards. This IFRS - Canadian GAAP Differences Series of publications by BDO Canada provides detailed information on the key differences between IFRS and Canadian GAAP.

Canada - IFRS compared to Canadian GAAP: An overview (KPMG)

2010-06-18T09:05:00.020-04:00

The KPMG publication IFRS compared to Canadian GAAP: An overview – Third Edition 2010 is designed to assist in understanding the significant differences between IFRS and Canadian Generally Accepted Accounting Principles (Canadian GAAP). It does not discuss every possible difference between the two standards; rather, it is a summary of those differences encountered most frequently in practice, resulting from either a difference in emphasis or specific application guidance. The IFRS standards and interpretations included in this publication are those that have been issued at February 28, 2010 and that will be mandatorily effective for a calendar year-end company's IFRS reporting for 2011.

Global - KPMG IFRS Briefings

2010-06-17T09:05:00.002-04:00

IFRS Briefings are KPMG's way of keeping clients informed about IFRS news and developments occurring internationally and in Canada. These publications comment on how IFRS will affect Canadian publicly accountable enterprises. IFRS Briefing, Issue 2010-04 (June 10, 2010) covers the following matters: AcSB set to provide relief to investment companies; Potential amendment to IFRS 1 for capitalized borrowing costs; 2010 Annual Improvements; Exposure draft on the fair value option for financial liabilities; and IFRS Practice Issues - Replacement of a share-based payment in a business combination. (Previous issues of IFRS Briefings are available on the KPMG Canada website.)

Global - IFRS News by PricewaterhouseCoopers

2010-06-16T09:04:00.001-04:00

IFRS News is a monthly global publication by PricewaterhouseCoopers (PwC). It provides Canadian-specific content in The Canadian Report, IASB technical updates and PwC insights into the impact of the adoption of International Financial Reporting Standards (IFRS). The May 2010 issue of IFRS News looks at the IASB’s and FASB’s updated convergence agenda and asks, “What’s the rush?” The publication is also available online at the PwC website.

US - Financial Instruments Proposal: An Overview

2010-06-15T09:08:00.001-04:00

The US Financial Accounting Standards Board (FASB) has announced an upcoming webcast to discuss the Proposed Accounting Standards Update, Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities. The live webcast, scheduled for Wednesday, June 30, 2010 (from 2:00 PM to 3:00 PM EDT) is offered free of charge. Viewers will have the opportunity to e-mail questions to panelists during the event. (The FASB will archive the live webcast on the FASB website for access by the public.)

Canada - Countdown IFRS transition newsletter by Deloitte

2010-06-14T09:03:00.003-04:00

Deloitte Canada has published its Countdown IFRS transition newsletter for May 2010. It discusses practical issues Canadian companies are facing in IFRS transition and provides an update on recent IFRS events. Articles in this issue include: The Rules of the Game; The Real Deal; Deloitte IFRS publications and events; and International Round-up. (For previous issues of the newsletter, visit the Deloitte Canada website.)

Canada - FYI Newsletter June 2010

2010-06-11T09:06:00.004-04:00

Canada’s Accounting Standards Board (AcSB) has issued the June 2010 issue of its FYI Newsletter. The newsletter includes the message from the Chair and articles on International Financial Reporting Standards (IFRS): Conceptual Framework —The Reporting Entity; Consolidation Exemption for Investment Companies; Employee Benefits —Promises Revealed; Financial Instruments; Other Comprehensive Income; and Progress on Rate-regulated Activities.

IASB - IFRS Interpretations Committee podcasts for download

2010-06-10T09:02:00.013-04:00

Two IFRS Interpretations Committee podcasts have been added to the IASB website - the first gives a short introduction and overview of the Committee's work, and the second podcast provides a brief summary of the decisions made in the last Interpretations Committee meeting. (Read the IASB Web Announcement and listen to the Podcasts.)

IASB and FASB issue statement on convergence work

2010-06-09T09:06:00.004-04:00

The IASB and the FASB have announced their intention to prioritize the major convergence projects to permit a sharper focus on issues and projects that they believe will bring about significant improvement and convergence between International Financial Reporting Standards (IFRS) and US GAAP. (Read the IASB Web Announcement.)

IASB and FASB update to G20 Leaders

2010-06-08T09:03:00.006-04:00

The IASB and the FASB issued a letter to the G20 Leaders on June 2, 2010 outlining the modified strategy for completing their convergence work. The letter states that "Reflecting our commitment to timely completion of the major MoU projects, the boards have significantly intensified their interaction. The boards are now meeting jointly for consecutive days on a monthly basis, either in person or by video. The boards have called, and will continue to schedule special joint meetings to address issues requiring timely joint resolution." (Read the IASB Web Announcement.)

Deloitte - IFRSs In Your Pocket 2010

2010-06-07T09:04:00.000-04:00

Deloitte has published the latest edition of its popular guide IFRSs In Your Pocket 2010. This 132-page guide includes information about: IASB structure and contact details; IASB due process; use of IFRSs around the world, including updates on Europe, Asia, USA, and Canada; summaries of each IASB Standard and Interpretation, as well as the Framework and the Preface to IFRSs; background and current status of all current IASB projects; IASC and IASB chronology; update on IFRS-US GAAP convergence; and other useful IASB-related information.

US - Test Your Knowledge of International Standards

2010-06-04T09:02:00.000-04:00

More than 100 countries around the world, including all major US trading partners, now use or have committed to adopting IFRS. Nearly as many use international auditing and assurance standards and international ethics standards developed by independent standard-setting boards under the International Federation of Accountants. To ensure that CPAs have a basic competence in these standards, the AICPA Board of Examiners has decided to test them in three of the four sections of the exam beginning in 2011. (Review sample questions and answers in the May 2010 Journal of Accountancy article Test Your Knowledge of International Standards.)

US - FEI Files Letter with FASB and IASB on impact of MOU Standards

2010-06-03T09:07:00.000-04:00

In a letter dated May 7, 2010, the Committee on Corporate Reporting (CCR) of Financial Executives International (FEI) expressed concern to Robert Herz, chairman of the Financial Accounting Standards Board, and Sir David Tweedie, chairman of the International Accounting Standards Board. The letter was written “to express our significant concern that springs from the unprecedented volume as well as the complexity of proposed standards expected to be issued in the coming months. We urge the Boards to consider the adverse effect that is likely to have on the effectiveness of the Boards’ due process procedures. We have written to you on this subject previously (see our letter dated February 12, 2010 RE: Effective Dates of New Standards), however, we are concerned that actions will not be taken to scale the number and timing of the Exposure Drafts (“EDs”) in a way that permits a fulsome analysis and thorough response from all interested constituents.” (Read the FEI News Release and the CCR Letter to the FASB and IASB.)

US – SEC chairman hits back at international accounting convergence myths

2010-06-02T09:01:00.008-04:00

The head of the US markets watchdog has sought to put to rest myths and rumours about the US commitment to International Financial Reporting Standards (IFRS). Mary Schapiro, chairman of the US Securities and Exchange Commission (SEC), told an audience of accountants at the US CFA Institute’s annual conference, she was committed to international standards, but was equally committed to protecting US investors from possible side effects. (Read the article “Schapiro hits back at international accounting convergence myths” at Accountancy Age online.)

EU - Updated EFRAG endorsement report

2010-06-01T09:04:00.001-04:00

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). (Read the latest EFRAG Endorsement Status Report published May 28, 2010. )

IASB - Request for comment on FASB Financial Instruments Exposure Draft

2010-05-31T09:00:00.002-04:00

On May 26, 2010, the US Financial Accounting Standards Board (FASB) released a proposed Accounting Standards Update that contains proposals for a new comprehensive standard on financial instruments. Under the FASB’s proposals, many financial assets and financial liabilities would be measured at fair value in the primary financial statements. This is different from the mixed measurement model that is used in IFRS 9 Financial Instruments for financial assets. The appendix to the FASB exposure draft contains a high level comparison of the boards’ respective approaches. The IASB is asking its constituents to submit comment letters on the FASB proposal. Because this project is part of the global convergence project, it is important for the FASB to receive feedback on the proposed model from the international community. (Read the IASB Web Announcement.)

IASB - IFRS Interpretations Committee Update

2010-05-28T09:00:00.001-04:00

IFRS Interpretations Committee Update (known as IFRIC Update before March 31, 2010) is published as a convenience to the IASB’s constituents. All conclusions reported are tentative and may be changed or modified at future Interpretations Committee meetings. Decisions become final only after the Interpretations Committee has taken a formal vote on an Interpretation or Draft Interpretation, which is confirmed by the IASB. (Read the latest versions of IFRIC Update in either HTML or PDF document online.)

IASB - Updates for tentative decisions reached by the Board

2010-05-27T09:05:00.001-04:00

Periodically, the International Accounting Standards Board (IASB) publishes a newsletter on its activities as a convenience to the IASB’s constituents. The reported conclusions are tentative and may be changed or modified at future meetings. (Read the latest versions of IASB Update in either HTML or PDF document online.)

IASB - User questionnaire for Fair Value Option

2010-05-26T09:07:00.006-04:00

The International Accounting Standards Board (IASB) has produced a questionnaire for financial statement users on its May 2010 exposure draft “Fair Value Option for Financial Liabilities.” This questionnaire is targeted at analysts and forms part of a comprehensive program of outreach activities to IFRS constituents. Comments are requested from all parties, including users of financial statements, by July 16, 2010. (Read the IASB Web announcement and submit a response to the Exposure Draft User Questionnaire.)

US - Navigating IFRS: two-day executive training program

2010-05-25T09:04:00.002-04:00

Deloitte (United States) will conduct two-day executive training programs covering key IFRS accounting principles and practical considerations related to IFRS implementation. Deloitte IFRS leaders will deliver course sessions that address important technical accounting changes, tax considerations, technology and systems questions. Dates and locations are: Chicago: June 22-23, 2010 and Houston: September 15-16, 2010. For more information, read the brochure Navigating IFRS: Two-day executive training program.

US - Potential System Impacts of an IFRS Conversion

2010-05-24T09:00:00.001-04:00

As a company prepares to convert to International Financial Reporting Standards (IFRS), the impact to information technology (IT) and financial systems should be taken into consideration. Representatives from the company’s IT department should be involved throughout the planning process to evaluate how the proposed accounting changes will impact the financial systems (transactional or reporting). The impact can vary depending on a company’s existing structure and environment. This may include its IT and financial systems capability/integration, industry complexity, company size, relevance of business process/transaction, internal control structure, mergers & acquisitions process, and other attributes. For more information, read the AICPA white paper, Financial System Considerations in IFRS Conversion Projects, which explores IT implications of an IFRS conversion, implementation considerations and lessons learned from the European experience.

IASB - Fair value measurement of financial liabilities

2010-05-21T09:02:00.005-04:00

The International Accounting Standards Board (IASB) has published for public comment its proposed changes to the accounting for financial liabilities. This proposal follows work already completed on the classification and measurement of financial assets (IFRS 9 Financial Instruments). The IASB is proposing limited changes to the accounting for liabilities, with changes to the fair value option. The proposals respond to the view expressed by many investors that volatility in profit or loss resulting from changes in the credit risk of liabilities that an entity chooses to measure at fair value is counter-intuitive and does not provide useful information. (Read the IASB Press Release.)

IASC Foundation - Trustees publish Second Part of the Constitution Review

2010-05-20T09:06:00.006-04:00

The Trustees of the IASC Foundation have published a report on the changes to the Foundation’s Constitution made as a result of the second part of their 2008-2010 Constitution review. The report also describes how the Trustees responded to the comments received during their extensive consultations. (Read the IASB Web Announcement, listen to the podcast and download the report on Part 2 of the Constitution Review.)

IASB - Annual improvements to IFRS

2010-05-19T09:03:00.004-04:00

The International Accounting Standards Board (IASB) has issued Improvements to IFRS - a collection of amendments to seven International Financial Reporting Standards (IFRS) - as its latest set of annual improvements. Unless otherwise specified, the amendments are effective for annual periods beginning on or after January 1, 2011, with earlier application permitted. (Read the IASB Press Release.)

UK - Where now for UK GAAP?

2010-05-18T09:01:00.006-04:00

In February 2010, the comment period closed on the Accounting Standards Board’s initial proposals for fundamental reform of UK GAAP. A three-tier approach was envisaged. Publicly-accountable entities would follow International Financial Reporting Standards (IFRS); non-publicly accountable entities would be eligible to apply the IFRS for SMEs; and the Financial Reporting Standard for Smaller Entities would remain available to small entities. Over the summer, the board is expected to publish its final blueprint for this brave new world of IFRS-based financial reporting. What should be the guiding principles as it sets pen to paper in the next few months? (Read the article “Where now for UK GAAP?” at Accountancy Magazine online.)

Canada - Readiness for Transition to IFRS

2010-05-17T09:02:00.028-04:00

Many executive CAs believe their companies are well positioned for Canada’s transition to International Financial Reporting Standards (IFRS) but some are still in the early stages of preparation, according to the latest CICA/RBC Business Monitor (Q1 2010). Of the respondents whose companies will need to adhere to IFRS, 79% indicated that it is very likely they will be ready for the changeover. Another 16% stated it is somewhat likely they will be ready. The move to IFRS is mandatory in 2011 for publicly-accountable enterprises. (Read the CICA Media Release.)

Canada - Interpreting the IFRS world

2010-05-14T09:03:00.001-04:00

Under Canadian generally accepted accounting principles, the interpretations issued in the abstracts of the Emerging Issues Committee (EIC) of the Accounting Standards Board (AcSB) have been an essential part of Canada’s accounting standards. In the future, publicly accountable enterprises will be required to prepare financial statements using International Financial Reporting Standards (IFRS). To be effective, a single set of standards needs only one designated interpreter, and for IFRS that’s IFRIC. (Read the article “Interpreting the IFRS world” in the May 2010 issue of CAmagazine, also available as an online, interactive Digital Edition.)

Canada - Countdown IFRS transition newsletter by Deloitte

2010-05-13T09:02:00.000-04:00

Deloitte Canada has published its Countdown IFRS transition newsletter for April 2010. It discusses practical issues Canadian companies are facing in IFRS transition and provides an update on recent IFRS events. Articles in this issue include: The Opening Act - our perspectives on the Opening IFRS Balance Sheet; The Real Deal - Practical application tips and examples from LightYear on the Opening IFRS Balance Sheet; and An update on international standard setting activities. (For previous issues of the newsletter, visit the Deloitte Canada website.)

IASC Foundation and IASB enhance investor participation

2010-05-12T09:02:00.000-04:00

The Trustees of the International Accounting Standards Committee (IASC) Foundation and the International Accounting Standards Board (IASB) have launched a program to enhance investor participation in the development of International Financial Reporting Standards (IFRS). The program builds on actions recently taken to help ensure the IASB meets the needs of the investor community. In January 2009 the Trustees reconstituted the Standards Advisory Council to include representatives from eight leading investor organizations and established a special subgroup of these members. In January 2010 the Trustees changed the Constitution to identify investors as a target audience for financial information. (Read the IASB Press Release.) (Read the IASB Press Release.)

IASB - Audio recordings on Financial Instruments and Leases

2010-05-11T09:04:00.017-04:00

The IASB Financial Instruments project team has received various queries relating to one particular issue in its recently published exposure draft Financial Instruments: Amortised Cost and Impairment. Some people questioned why the ED proposes that initial credit loss estimates are included in the effective interest rate calculation. An audio recording of a response to that question is now available on the project website accompanied by a short written explanation and a simple numerical example. A recording of questions and answers about the proposed Lease project is also available. The recording follows on from the Lease webcasts that were broadcast on March 31, 2010, and addresses frequently asked questions on the proposed Lease accounting model. (For more information, refer to the IASB web announcement.)

IASB and ASBJ meet to discuss convergence of IFRS in Japan

2010-05-10T09:05:00.000-04:00

The International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) held their 11th meeting to review preparations for the convergence with IFRS in Japan. The meeting took place on April 27-28, 2010 in Tokyo. The IASB and the ASBJ have accelerated their work towards convergence of IFRS and Japanese generally accepted accounting principles by June 2011, as described by their Memorandum of Understanding (known as the Tokyo Agreement). This is consistent with requests by the Group of 20 Leaders (G20) to complete convergence of global accounting standards by this date. (Read the IASB Press Release.)

Canada - Developments in Canadian GAAP

2010-05-07T09:07:00.000-04:00

On May 4, 2010, Canada's Accounting Standards Board (AcSB) hosted a a webinar called AcSB Update: Stay informed about developments in Canadian GAAP. The webinar highlighted current activities for each financial reporting framework in Canadian GAAP and identifed resources available to assist stakeholders during this period of transition. It covered:

International Financial Reporting Standards, the new standards and interpretations to consider on transition;
Accounting standards for private enterprises, how these standards will be maintained;
Not-for-Profit Organizations, the exposure draft to develop standards for this sector; and
Pension Plans, the standards now included in the Handbook and the proposal to expand their scope.

Financial statement preparers, advisors and users were provided with insights into the ongoing development of Canadian GAAP. The PowerPoint slides and the link to the CPD Quiz are available under the "Resources" tab at the bottom of the webinar page.

Canada - Conceptual Framework: The Reporting Entity

2010-05-06T09:06:00.000-04:00

Canada's Accounting Standards Board (AcSB) has issued an Exposure Draft (ED) Conceptual Framework for Financial Reporting: The Reporting Entity. It corresponds with the International Accounting Standards Board (IASB) ED on this topic. Comments are requested by July 16, 2010.

Canada - AcSB Decision Summary April 9, 2010

2010-05-05T09:01:00.005-04:00

Canada's Accounting Standards Board (AcSB) has issued a Decision Summary for its meeting on April 9, 2010. At the meeting, the AcSB addressed international activities regarding: Consolidation – Investment Company Exemption; Fair Value Measurement; and Financial Instruments – Replacement of IAS 39). It also discussed the User Advisory Council. (Decision summaries for other AcSB meetings are available online.)

IASB - Adopt, adapt, converge?

2010-05-04T09:06:00.000-04:00

Many jurisdictions have cultural, legal or political obstacles to an immediate full adoption of IFRS. In light of those obstacles, some countries decide on strategies of continuous convergence with IFRS. The IASB respects the reasons why those jurisdictions reach that decision, and works with them to support their convergence process. However, the ultimate objective is to make full adoption of IFRS possible. As a result of the second Constitution Review in January 2010, the Trustees emphasized that convergence is not an objective in itself but is a means to achieve the adoption of IFRS. (Read the IASB feature article Adopt, adapt, converge?)

IASB - Call for interest to Public Companies listed in the US who file in IFRS

2010-05-03T09:00:00.000-04:00

XBRL (eXtensible Business Reporting Language) is rapidly becoming the global standard for electronic financial reporting. The IASC Foundation has played an important role in encouraging the development of online financial reporting using XBRL. In December 2008, the US Securities and Exchange Commission (SEC) adopted rules that require all US-listed Foreign Private Issuers (FPIs) to submit their financial reports, including their periodic reports, in Interactive Data format, and specifically in XBRL. FPIs, which will be mandated to file with XBRL in IFRS from June 15, 2011, are invited to participate in a pilot initiative being coordinated by the IASC Foundation. The pilot will focus on FPI use of the IFRS Taxonomy 2010 to tag SEC filings in XBRL. (Read the Call for interest to Public Companies listed in the US who currently file financial reports with the US SEC in IFRS.)

Canada - FYI Newsletter March 2010

2010-04-30T09:02:00.000-04:00

Canada’s Accounting Standards Board (AcSB) has issued the March 2010 issue of its FYI Newsletter. The newsletter includes the message from the Chair and articles on other topics of interest to stakeholders, including: Handbook Structure; International Financial Reporting Standards (Consolidation Exemption for Investment Companies, Extractive Activities, Liabilities – Improving IAS 37); Private Enterprises (Accounting Standards –Moving Forward); Not-for-Profit Organizations (Proposed New Strategy); and Document for Comment Deadlines.

US – IFRS Convergence Need Not Be Completed by June 2011

2010-04-29T09:00:00.002-04:00

While the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) work to complete an unprecedented 11 standards over the next 14 months, the US Securities and Exchange Commission (SEC) Chief Accountant James Kroeker said that he would support the boards’ cutting the number of projects due in June 2011, provided there was good rationale for a delay. Financial instruments and lease accounting are the two projects Kroeker suggested should remain atop the boards’ priority list. Others, such as financial statement presentation, could be completed through a more gradual process, he said. (Read the article SEC Chief Accountant Says Convergence Need Not Be Completed by June 2011 in the Journal f Accountancy online.)

IASB - Impairment user questionnaire

2010-04-28T09:02:00.010-04:00

The International Accounting Standards Board (IASB) is seeking input from users of financial statements in the form of a questionnaire on the proposals regarding amortized cost measurement and impairment of financial instruments. The feedback will assist the Board in its deliberations by helping it to better understand the views and preferences of users of the financial statements. (Read the IASB Web Announcement and the Exposure Draft User Questionnaire.)

Global - IFRS for SMEs in Your Pocket

2010-04-27T09:00:00.000-04:00

Deloitte's IFRS Global Office has published the IFRS for SMEs in Your Pocket (Global Edition). This 45-page guide summarizes each section of the IFRS for SMEs and highlights differences with full IFRS requirements. There is also a chronology of the development of the IFRS for SMEs and a discussion of how the IFRS for SMEs differs from full IFRS.

IASB - Paul Pacter appointed to the Board

2010-04-26T09:00:00.000-04:00

The Trustees of the International Accounting Standards Committee (IASC) Foundation have announced the appointment of Paul Pacter as a Member of the International Accounting Standards Board (IASB). For the last six years, he has served as Director of Small and Medium sized Entities (SMEs) for the IASB. He has also been webmaster of IAS Plus since its inception in December 2000. Mr. Pacter will serve full-time from July 2010 to June 2012. As an IASB member, he will continue to chair the new SME Implementation Group on behalf of the IASB. (Read the IASB Press Release.)

Global - Guide to New IFRS for 2010

2010-04-23T09:08:00.000-04:00

The International Accounting Standards Board (IASB) has published a number of new standards, interpretations and amendments to existing requirements arising from the 2009 annual improvements project. This practical guide by PricewaterhouseCoopers (PwC) provides an outline of the new IFRS standards and interpretations that come into effect in 2010, in question and answer format. (Read the PwC publication A Practical Guide to New IFRSs for 2010.)

IASB and FASB quarterly report on convergence

2010-04-22T09:07:00.000-04:00

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have published a report on their work to improve and achieve convergence of International Financial Reporting Standards (IFRS) and US generally accepted accounting principles. (Read the IASB Press Release and the IASB and FASB quarterly progress report.)

Canada - A Systems Perspective on IFRS

2010-04-21T09:01:00.007-04:00

On April 27, 2010, Deloitte (Canada) will present an interactive 90-minute webcast on managing information system challenges during IFRS conversion. Topics include: risks associated with IFRS and your information system; key questions to ask your CIO; tips on handling multiple reporting requirements; short versus long-term conversion solutions and the impact on your organization; and resource requirements to effectively manage the IT implications of IFRS. A recording of the webcast will be available two days after the presentation. (For more information and to register for the webcast, visit the Deloitte Canada website.)

Canada - IFRS Conference for Financial Statement Users

2010-04-20T09:03:00.006-04:00

The Canadian Institute of Chartered Accountants (CICA) is hosting an IFRS Conference for Financial Statement Users in Toronto Canada on November 25, 2010. This conference is dedicated specifically to financial statement users and the unique challenges that the adoption of International Financial Reporting Standards (IFRS) presents for this group. Investors and other stakeholders need to be able to differentiate reported performance changes caused by the adoption of IFRS from those caused by business activities. This conference will focus on the understanding and interpretation of a set of financial statements prepared under IFRS. The conference will include technical sessions explaining the key areas of differences between Canadian GAAP and IFRS as well as the implications of moving from more "rules based" to "principle based" accounting. The conference will also explore the need for effective communication among key stakeholders to ensure a smooth transition.

Canada - IFRS in North America 2010 Conference

2010-04-19T09:00:00.007-04:00

The Canadian Institute of Chartered Accountants (CICA) and the IASC Foundation are hosting a conference IFRS in North America 2010 in Toronto Canada on November 23-24, 2010. This informative two-day event, with optional workshops, is critical for anyone involved in financial reporting with an organization that is moving to International Financial Reporting Standards (IFRS). It is a unique opportunity to hear the latest IFRS developments directly from the International Accounting Standards Board (IASB), the Canadian Accounting Standards Board (AcSB) and the US Financial Accounting Standards Board (FASB). The conference is being held in conjunction with the Financial Reporting and Accounting Conference.

Canada - IFRS adopters falling short of CSA expectations

2010-04-16T09:02:00.000-04:00

A recent Ontario Securities Commission (OSC) review suggests a large number of IFRS adopters in Canada have not adequately disclosed information related to their transition efforts. After reviewing 106 entities’ IFRS transition disclosures, the regulator is concerned that some entities may not meet future filing obligations. (Read the article IFRS adopters falling short of CSA expectations in the April 2010 issue of CAmagazine online.)

IASB - Calendar of public events

2010-04-15T09:03:00.000-04:00

The Calendar of Public Events section of the IASB website lists forthcoming public events of the IASC Foundation, the IASB and the IFRS Interpretations Committee, including their regular meetings, conferences and meetings of working groups or other formal advisory bodies such as the IFRS Advisory Council. It also contains information such as the meeting agenda, observer notes and venue address, as well as details of how to register as an observer or to access the live webcast of the meetings.

US - SEC activity on IFRS for US public companies

2010-04-14T09:01:00.000-04:00

In this brief video, Arleen Thomas, AICPA senior vice-president, discusses the Securities and Exchange Commission (SEC) recent announcement regarding a work plan for possible adoption of International Financial Reporting Standards (IFRS) by US public companies. (View the video IFRS Update 2010 to learn what will go into the SEC's decision in 2011 on whether to allow or require use of IFRS.)

US - Countdown to Convergence

2010-04-13T09:09:00.000-04:00

In November 2009, the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) reaffirmed their commitment to a 2006 Memorandum of Understanding (MoU) that outlines major convergence projects scheduled for completion by June 2011. The affirmed convergence plan continues the commitment made by the two boards seven years ago in “The Norwalk Agreement” to “make their existing financial reporting standards fully compatible as soon as is practicable.” But it also expands the convergence plan to include the much more ambitious goal of creating new standards where the existing standards of both boards were deemed to need improvement. As a result, many of the MoU projects—and all of the projects covered in this article—are collaborative efforts by the boards to develop entirely new standards. (Read the article Countdown to Convergence in the Journal of Accountancy online.)

US - Stakeholders react to timeline that would not require IFRS until 2015 or later

2010-04-12T09:00:00.043-04:00

The US Securities and Exchange Commission (SEC) unanimous approval in February 2010 of a new policy statement sets the scene for the transition to International Financial Reporting Standards (IFRS). It proposes 2015 as the earliest possible date for the required use of IFRS by US public companies. It also calls for more study of IFRS and a 2011 vote on whether to move ahead. In addition, the SEC directed its staff to publish periodic progress reports, starting no later than October 2010. (Read the article The SEC's IFRS Work Plan for highlights of the major points and initial reactions of stakeholders interviewed by the Journal of Accountancy.)

US - What exactly is going on with IFRS?

2010-04-09T09:03:00.015-04:00

The debate on IFRS in the US is still unfolding. In one camp, there are those who are disenchanted with it and, in another, those who can gain monetarily. But the two camps do agree on one thing, that the SEC is moving too slowly on clarifying its long-term intentions. (Read the article IFRS: dead in the USA? in the April 2010 issue of CAmagazine online.)

Canada - Countdown IFRS transition newsletter by Deloitte

2010-04-08T09:04:00.012-04:00

Deloitte Canada has published its Countdown IFRS transition newsletter for March 2010. It discusses practical issues Canadian companies are facing in IFRS transition and provides an update on recent IFRS events. (For previous issues of the newsletter, visit the Deloitte Canada website.)

Global - Spotlight on Brazil’s plans to adopt IFRS

2010-04-07T09:00:00.003-04:00

Brazil is one of a number of large economies making plans to adopt International Financial Reporting Standards (IFRS). Robert Bruce, a financial journalist, looks into why the country has chosen to embrace international standards and how Brazil's increasing influence on the global stage is extending to financial reporting. (Read the feature article on the IASB website.)

IASB - Podcast summaries of Board meetings

2010-04-06T09:07:00.002-04:00

The International Accounting Standards Board (IASB) is currently testing Board meeting audio summaries (podcasts). These podcasts are recorded shortly after each Board meeting and provide a short (approximately 30 minutes) summary of the main topics and projects discussed. (The IASB meeting podcasts for December 2009 to March 2010 are now available on the IASB website.)

Global - IFRS Outlook: March 2010 by Ernst & Young

2010-04-05T09:06:00.000-04:00

IFRS Outlook is a monthly newsletter published by Ernst & Young. The following matters are covered in the IFRS Outlook March 2010 issue:

SEC reaffirms US commitment to IFRS;
Investment companies — consolidate or measure at fair value?
Effective date of IFRIC 18 for European entities;
Rate-regulated activities;
Financial reporting developments;
Resources.

Global - IFRS in brief / briefing sheets by KPMG

2010-04-02T09:00:00.003-04:00

IFRS in brief, provides news and factual information on developments concerning International Financial Reporting Standards (IFRS). It includes summaries of new standards and interpretations, comments on the IASB and IFRIC meetings, the agendas and projects of those bodies, as well as KPMG's views on specific issues when appropriate. IFRS in brief is supplemented by IFRS briefing sheets that consider individual issues or requirements in more depth.

Canada - Countdown IFRS transition newsletter by Deloitte

2010-04-01T09:07:00.014-04:00

Deloitte Canada has published its Countdown IFRS transition newsletter for February 2010. It discusses practical issues Canadian companies are facing in IFRS transition and provides an update on recent IFRS events. (For previous issues of the newsletter, visit the Deloitte Canada website.)

Canada - Practical Updates on Accounting Standards for Canadian companies

2010-03-31T09:03:00.019-04:00

The IFRS in Canada newsletter provides practical, thorough and concise updates on changing accounting standards. Written by finance professionals with extensive industry experience, IFRS in Canada is a valuable and relevant resource for finance professionals in industry. With over 4,500 subscribers, it is a source of practical information on IFRS transition issues for public companies, as well as the new Canadian GAAP for private companies. (Subscription is free.)

Canada - IFRS News by PricewaterhouseCoopers

2010-03-30T09:02:00.015-04:00

IFRS News is a monthly global publication by PricewaterhouseCoopers (PwC). It provides Canadian-specific content in The Canadian Report, IASB technical updates and PwC insights into the impact of the adoption of International Financial Reporting Standards (IFRS). The publication is also available online. (To receive IFRS News on a regular basis, visit the PwC website.)

Canada - IFRS: the "fair value" decision

2010-03-29T09:07:00.018-04:00

IFRS: the "fair value" decision is an article published by Grant Thornton. The article addresses some of the factors companies adopting IFRS need to consider when deciding which strategy is right for them, both in relation to the transition process and to ongoing accounting practices. (For additional Insights, visit the Grant Thornton website.)

Canada - IFRS Briefings by KPMG

2010-03-26T09:06:00.018-04:00

KPMG publishes a periodic newsletter called IFRS Briefings to keep clients informed about International Financial Reporting Standards (IFRS) news and developments occurring internationally and in Canada. The newsletter provides commentary on how IFRS will affect Canadian publicly accountable enterprises. (To subscribe, visit the KPMG website.)

Canada - IFRS and Canadian GAAP Differences Series

2010-03-25T09:05:00.023-04:00

International Financial Reporting Standards (IFRS) and Canadian GAAP are both principle-based frameworks. From a conceptual standpoint, many of the general principles are the same, but the application of general principles in IFRS can be significantly different from Canadian GAAP. Therefore, to understand the magnitude of the differences between IFRS and Canadian GAAP, it is essential to look beyond the general principles to the detailed guidance provided in the standards. This series of BDO Canada publications provides detailed information on the key differences between IFRS and Canadian GAAP. (Access the IFRS - Canadian GAAP Differences Series on the BDO Canada website.)

Canada - IFRS Discussion Group Meeting, March 2010

2010-03-24T09:00:00.025-04:00

The IFRS Discussion Group (IDG) of Canada's Accounting Standards Board (AcSB) met on March 4, 2010. A detailed list of the topics discussed is set out on the meeting agenda. An archive of the audio webcast of the meeting is now available. (Listen to the audio webcast.)

EU - Updated EFRAG endorsement report

2010-03-23T09:09:00.003-04:00

IASB - New IFRS for SMEs Update newsletter

2010-03-22T09:00:00.002-04:00

The International Accounting Standards Board (IASB) has published the first issue of the IFRS for SMEs Update newsletter. It provides a regular staff summary of news relating to the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). (To receive the IFRS for SMEs Update by e-mail, subscribe to the IFRS for SMEs Alert.)

IASB - Chairman of the IASB addresses ECOFIN meeting

2010-03-19T09:00:00.002-04:00

On March 16, 2010, Sir David Tweedie, Chairman of the International Accounting Standards Board, addressed the meeting of the Council of the European Union (Economic and Financial Affairs). He spoke about the progress on convergence, enhanced stakeholder engagement in the IASB work and agenda-setting, IFRS 9 and addressing European concerns on classification, and next steps on financial instruments reform. (Read the prepared statement on the IASB website.)

IASB - Live webcast on classification and measurement of financial liabilities, March 22, 2010

2010-03-18T09:02:00.003-04:00

The International Accounting Standards Board (IASB) staff will present a webcast regarding the status of the Board's discussions about the classification and measurement of financial liabilities and the next steps in the project. The webcast will be on Monday March 22, 2010 at 10:30am and 3:00pm UK time. (Register to participate and view the project webpage.)

US – Executives want earlier implementation of IFRS

2010-03-17T09:03:00.021-04:00

A survey of 2,500 executives by accounting firm KPMG found that 49% of US executives want to move to International Financial Reporting Standards (IFRS) earlier than the Securities and Exchange Commission (SEC) tentative 2015 potential adoption date. The desire for an earlier shift comes even before US regulators have made a formal decision to adopt IFRS. In February 2010, the SEC said US companies would not be able to use the standards until 2015 at the earliest. (Read the article Half of US execs want to use IFRS early-survey at Reuters online.)

IASB - IASC Foundation Constitution effective March 1, 2010

2010-03-16T09:03:00.026-04:00

The Trustees of the IASC Foundation approved changes to the Foundation's Constitution in January 2010. The changes are effective March 1, 2010. One of the changes was to rename three groups to be more closely aligned with the International Financial Reporting Standards (IFRS): the IASC Foundation becomes the IFRS Foundation; the International Financial Reporting Interpretations Committee becomes the IFRS Interpretations Committee; and the Standards Advisory Council becomes the IFRS Advisory Council. (Read the IASC Foundation Constitution.)

UK - Developments in New Reporting Models

2010-03-15T09:03:00.026-04:00

The Institute of Chartered Accountants in England and Wales (ICAEW) has published Developments in New Reporting Models. The report argues that business reporting must reflect changes in business, in information technology and in user needs. The debate on the future of business reporting needs to be reframed – not as a stark choice between an old model and a new one – but in terms of continuing evolutionary improvements. Copyrighted by ICAEW, the report is posted on IAS Plus with permission of the ICAEW Financial Reporting Faculty.

IASB - Status update on Other Comprehensive Income

2010-03-12T09:07:00.004-05:00

On March 15, 2010 and March 19, 2010, Stephen Cooper (IASB Board member), Alan Teixeira (Director of Technical Activities) and Henri Venter (Assistant Project Manager) will give a status update on the International Accounting Standards Board (IASB) deliberations about the presentation of items in Other Comprehensive Income (OCI). The live webcast will be followed by a question and answer session. The second webcast is being held on a different day to accommodate the Board meeting being held the same week. (Read the IASB Announcement and Register to participate.)

IASB and FASB publish proposals on reporting entity concept

2010-03-11T09:09:00.001-05:00

The International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) today published for public comment an exposure draft on the reporting entity concept. The proposals form part of a joint project to develop a common and improved conceptual framework that provides the basis for developing future accounting standards. (Read the IASB Press Release and access the exposure draft Conceptual Framework for Financial Reporting: The Reporting Entity.)

US - IFRS perspectives: An executive survey

2010-03-10T09:06:00.003-05:00

No matter how it takes shape, the transition to International Financial Reporting Standards (IFRS) in the US will dramatically impact companies in a number of ways. In addition, aside from ultimate conversion, convergence between US GAAP and IFRS continues in a number of areas requiring companies' attention. PricewaterhouseCoopers (PwC) recently polled executives at US-based multinational companies to gain their perspectives on International Financial Reporting Standards (IFRS). (Visit the PwC website and download the December 2009 publication IFRS perspectives: An executive survey.)