IFAC - suitability of proposed IFRS

The International Federation of Accountants (IFAC) SMP Committee has examined whether the proposed International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs), developed by the IASB, are suitable for micro-entity financial reports. The report “Micro-Entity Financial Reporting: Some Empirical Evidence on the Perspectives of Preparers and Users” is based on focus group interviews of users and preparers of micro-entity financial reports in Italy, Kenya, Poland, Uganda and the United Kingdom. It is available from the IFAC bookstore.

Addressing complexity in US financial reporting

In 2007, the US Securities and Exchange Commission formed the SEC Advisory Committee on Improvements to Financial Reporting to study the causes of complexity in the US financial reporting system. On January 11, 2008, the Advisory Committee held its third meeting and made tentative decisions on proposals set out in a Draft Decision Memo. The Advisory Committee plans to publish its final recommendations in the third quarter 2008. (Visit the Advisory Committee's Web Page on the SEC website.)

Canada’s IFRS Advisory Committee — Report on Public Meeting

At its December 2007 meeting, Canada’s IFRS Advisory Committee (IAC) discussed issues including possible amendments to IFRS 1, First-time Adoption of International Financial Reporting Standards, that might assist Canada’s transition to IFRS. (View the Report on Public Meeting).

Academic resources on IFRS

The academic community, responsible for providing the foundational academic education for tomorrow’s Chartered Accountants, faces significant challenges in developing the IFRS expertise they will need in the classroom. The CICA is committed to working with the academic community to provide information and resources. It is developing significant resources, including classroom support materials, that will be available to the academic community free of charge. (Visit the CICA IFRS website.)

IFRS News from PricewaterhouseCoopers

IFRS News is the PricewaterhouseCoopers monthly newsletter highlighting current developments at the International Accounting Standards Board (IASB) and International Financial Reporting Interpretations Committee (IFRIC). The January 2008 edition covers: IFRS 3R Business Combinations and IAS 27R Consolidated and Separate Financial Statements, ED 9 Joint Arrangements, PwC roundtable discussion on business combinations, SEC roundtable on adoption of IFRS, and new roles for PwC partners. There is also a supplement of Q&As covering some of the more challenging aspects of IFRS 3R Business Combinations. (Read IFRS News and Supplement.)