CICA Implementation Support Gateway

The CICA Implementation Support Gateway is a resource for implementing new accounting, assurance and public sector standards.
The Gateway serves as a single source for support materials that will help you learn about and implement the standards that affect you. Annotated links are provided to make it easy to find the information that is most applicable to your particular situation.

Perspectives on the Global Application of IFRS

A February 2007 report by the Forum of Firms, an organization affiliated with the International Federation of Accountants (IFAC), found that firm needs and processes related to International Financial Reporting Standards (IFRS) vary greatly depending on firm size and number of IFRS clients. The report, Perspectives on the Global Application of IFRS, was based on interviews with 10 international accounting firms. The document illustrates progress made with IFRS and sets out examples of good practices firms are implementing.

Canadian developments on XBRL

The Canadian Securities Administrators (CSA), the council of the securities regulators of Canada’s provinces and territories, has launched a voluntary Extensible Business Reporting Language (XBRL) filing program. Under the program, participating companies will begin filing their financial statements in XBRL in May 2007. The XBRL statements will be available to the public at www.sedar.com.

Plan to adopt IFRS in Canada

Canada’s Accounting Standards Board (AcSB) has adopted a strategy to apply International Financial Reporting Standards (IFRSs) to publicly accountable enterprises in the future. In May 2007, the AcSB published an updated version of its Implementation Plan for Incorporating International Financial Reporting Standards into Canadian GAAP. This plan includes an outline of the key decisions that the AcSB will need to make as it implements the Strategic Plan for publicly accountable enterprises. The AcSB has published three Bulletins and an audio presentation, which summarize key aspects of the plan for publicly accountable enterprises (see AcSB International Activities and Strategic Planning).

SEC Spotlight on IFRS

The US Securities and Exchange Commission (SEC) has added a section to its website called Spotlight On: International Financial Reporting Standards "Roadmap". Included are materials and webcast archives relating to the SEC Roundtable on IFRS Roadmap that was held in March 2007, SEC Releases relating to IFRS, speeches and public statements by SEC Commissioners and staff on IFRS and the Roadmap, A Securities Regulator Looks at Convergence, by Donald T. Nicolaisen, April 2005.

Comparison of Canadian GAAP and IFRS

An analysis has been prepared by staff of Canada’s Accounting Standards Board (AcSB) to provide readers with information about the extent of similarity between IFRS and Canadian accounting standards. The document, called Comparison of Canadian GAAP and IFRSs, reflects the standards as at March 31, 2007.

IFRS Resources and Tools

KPMG Canada provides a library of IFRS-related publications, tools and other resources that help in understanding and using IFRS in a Canadian context. While most will be relevant to all enterprises dealing with IFRS, some are tailored to a particular industry that faces special issues. The guidance materials are organized by their focus: understanding IFRS; making the transition to IFRS; applying IFRS; and industry-specific issues and analysis. To access these materials, visit the KPMG website – Resources and Tools.

Mutual Recognition of IFRS and US GAAP a priority

At the annual European Union (EU) – US Summit held in April 2007 in Washington D.C., the EU and US announced the adoption of a Framework for Advancing Transatlantic Economic Integration. The EU-US joint statement was signed on April 30 by Angela Merkel, chancellor of Germany and currently president of the European Council, Jose Manuel Barroso, president of the European Commission (EC) and US President George W. Bush.

Canada’s AcSB seeks input on proposals for reporting by private companies

Canada’s Accounting Standards Board (AcSB) is asking for feedback on three options that will change financial reporting standards for privately-owned companies. The proposals are contained in an Invitation to Comment and Discussion Paper released by the AcSB. Discussion and feedback received during the comment period will inform the board’s decision which, in turn, will significantly impact the way financial reporting is carried out by private companies in Canada.

CICA Conference on IFRS - Path to Convergence

The CICA will host a “Conference on International Financial Reporting Standards - Path to Convergence” on June 11-12, 2007 in Toronto. According to the program, “The target has been set…IFRS by 2011! How you get there is, to a large extent, up to you. Finding the right path that ensures your organization is prepared may be one of the biggest financial reporting challenges you will face in the coming years. Many have begun reviewing the process and are realizing that to meet the deadline, and ensure that the abundance of details are adequately addressed, means getting underway now. The conference will include technical sessions and insight from jurisdictions that have made the shift to IFRS, to help you prepare for, and define, your path to convergence.”

Presentation of income under IFRS

Companies, regulators, investors and others are currently debating which non-GAAP measures provide useful insight for investors and should be included in the financial statements. With this in mind, PricewaterhouseCoopers examined the non-GAAP measures in 2,800 financial statements across Europe. It found that their use in the International Financial Reporting Standards (IFRS) environment is widespread, even on the face of the income statement. To learn more, read the April 2007 publication Presentation of income under IFRS: flexibility and consistency explored.