Monday, August 14, 2006

Canada’s new IFRS Advisory Committee (IAC)

The objective of Canada’s IFRS Advisory Committee (IAC) is to provide support to the Canadian Accounting Standards Board on technical issues arising during the incorporation of International Financial Reporting Standards (IFRS) into Canadian GAAP, and beyond. IAC meetings are normally open to the public, but portions will be held in camera at the discretion of the Chair. The inaugural meeting (scheduled for August 16, 2006 in Toronto, Canada) will cover: the structure of the International Accounting Standards Board (IASB) and its upcoming agenda; the IAC terms of operation and responsibilities; and the implementation plan for incorporating IFRS into Canadian GAAP for publicly accountable entities.