One year later…

The first posting to this BLOG was on February 27, 2006. It noted that “The purpose of this BLOG is to provide a focal point for disseminating information on research and guidance materials that facilitate the migration by organizations from domestic accounting and financial reporting standards to International Financial Reporting Standards (IFRS).” Since then, over 60 postings have been entered. If you find the BLOG helpful or have suggestions for improvement, please send an e-mail (research.studies@cica.ca).

FASB adopts fair value option for financial instruments

The United States Financial Accounting Standards Board (FASB) has issued Statement 159 The Fair Value Option for Financial Assets and Financial Liabilities (FAS 159). The new standard provides companies with an option to report selected financial assets and liabilities at fair value. It also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities. FAS 159 is effective for an entity's first financial year beginning after November 15, 2007, with earlier adoption permitted. The FAS 159 fair value option is similar, but not identical, to the fair value option in IAS 39 Financial Instruments. For more information, view the FASB News Release.

IFRS for Small and Medium-sized Entities (SMEs)

The IASB has issued an Exposure Draft of an International Financial Reporting Standard for Small and Medium-sized Entities. The comment deadline is October 1, 2007. The ED presents a simplified, self-contained set of accounting principles for SMEs based on user needs and cost-benefit considerations. A press release states that the English text of the document will be available on the IASB website on February 26, 2007. Spanish, French and German translations are expected in April 2007.

IASB Work Plan 2006-2008

The International Accounting Standards Board (IASB) has updated its Work Plan following the decisions made at the IASB meeting in December 2006. It reflects the objectives of the Memorandum of Understanding with the US Financial Accounting Standards Board (FASB) which sets out a roadmap for convergence between IFRS and US GAAP for the period 2006-2008. Details are provided on the IASB website.

IASB proposals to help first-time adopters of IFRS

The International Accounting Standards Board (IASB) has published for public comment proposals to provide further exemptions from the requirements of International Financial Reporting Standards (IFRS) when they are adopted for the first time. The proposals are set out in an Exposure Draft of proposed amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards. A press release was also issued.

IASB/FASB discussions on measurement

The IASB and FASB are holding round-table discussions on measurement in conjunction with their joint conceptual framework project in three locations during January and February 2007. Reference materials including the background paper for the round-table discussions are available on the IASB website.

IASB extends comment period on Fair Value Measurements

The International Accounting Standards Board (IASB) has extended until May 4, 2007 the period for public comment on the discussion paper Fair Value Measurements. The paper was published on November 30, 2006 and comments requested by April 2, 2007. Constituents have asked for more time, given the significance of the issues raised in the discussion paper. A press release was also issued.

IASB Update and IFRIC Update – January 2007

Periodically, the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) publish newsletters on their activities. IASB Update and IFRIC Update are published as a convenience to the IASB’s constituents. The reported conclusions are tentative and may be changed or modified at future IASB or IFRIC meetings.