Canada - Developments in Canadian GAAP

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

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

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?

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

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.)