IFRS Roundtable at HEC Montreal – February 5, 2007

A public roundtable on The International Convergence of Accounting Standards: Challenges for Canada will be held in Montreal on February 5, 2007. The event is organized in partnership with the Departments of Accounting Studies and International Business at HEC Montreal. Patricia O’Malley (IASB, London) will provide a global viewpoint on the convergence process. Annie Mersereau (IFRS Partner, KPMG, Paris) will highlight the European experience on adopting IFRS. Paul Cherry (Chair, Canada’s Accounting Standards Board) will discuss the approach to adopting IFRS in Canada. Serge Pharand (Vice-President and Corporate Comptroller, CN) will present the corporate viewpoint on the convergence process. For information or to attend, visit the HEC website.

Canada’s IFRS Advisory Committee (IAC) — Third Meeting Report

The IAC held its third public meeting in Toronto on December 18, 2006. It discussed issues encountered with respect to implementing International Financial Reporting Standards in practice and the possible impact of the removal of Canadian standards that have no IFRS equivalent. The Meeting Report is available online. The next meeting is scheduled for May 3, 2007.

Canada’s Move to International Financial Reporting Standards

The Accounting Standards Board of Canada has prepared Bulletin #4 for public companies on “Canada’s Move to International Financial Reporting Standards: Frequently Asked Questions.” This bulletin will be of interest to Boards of Canadian public companies, management, accountants and auditors.

IAS Plus Newsletter

Deloitte publishes a quarterly IAS Plus Newsletter. The newsletter, usually around 30 pages in length, reviews the activities of the IASB, the IFRIC and the IASC Foundation Trustees during the preceding quarter, including summaries of recent Standards and Interpretations and proposals. The newsletter also reports on worldwide issues and events relating to international financial reporting, including new adoptions of IFRS.

Expanded survey on global use of IFRS

Deloitte has expanded its survey on Global Use of IFRS by Country and Region to include information about whether unlisted companies are required or permitted to use IFRS (previously, the survey covered only listed companies). It reports on direct use of IFRS which means that the basis of preparation note and the auditor's report will refer to conformity with IFRS.

Canada’s IFRS Advisory Committee (IAC) — Second Meeting Report

The IAC held its second public meeting in Toronto on November 3, 2006. It discussed the definition of “publicly accountable enterprises” and the extent to which modifications might be made to IFRS on adoption. It also discussed the methods available to ensure the appropriate bodies take the necessary steps to provide suitable and timely IFRS education for constituents. The Meeting Report is available online.

Applying International Financial Reporting Standards

Published by John Wiley and Sons, Applying International Financial Reporting Standards is a leading university textbook on IFRS. The focus of this 1,236-page textbook is on the analysis, illustration and application of IFRS. It has been written for intermediate and advanced financial reporting courses, at both undergraduate and postgraduate level, and aligns with the knowledge expectations of the accounting profession. The co-authors are Keith Alfredson, former chairman of the Australian Accounting Standards Board; Paul Pacter, a director in Deloitte's IFRS Global Office; Ruth Picker, IFRIC member and a technical partner of Ernst & Young; Ken Leo and Jeannie Radford, both of Curtin University of Technology; and Victoria Wise of Victoria University.