CFA Institute promotes a new business reporting model

The CFA Institute Centre for Financial Market Integrity has published a new financial reporting model to enhance the ability of financial analysts and investors to evaluate companies in making investment decisions. The publication, A Comprehensive Business Reporting Model: Financial Reporting for Investors, was issued in July 2007. It proposes 12 principles to ensure that financial statements are relevant, clear, accurate, understandable and comprehensive.

European simplification of financial reporting rules

The European Federation of Accountants (FEE) has published a background note on the European Commission’s Communication on Simplification of EU rules on Company Law, Accounting and Auditing. The Background Note provides a history of the current simplification efforts and a reference to FEE’s Position on EC Simplification Project.

XBRL-enablement of IFRS – IASCF Update

The IASC Foundation (IASCF) has published a newsletter XBRL Update on developments in the XBRL-enablement of IFRS. XBRL (eXtensible Business Reporting Language) is a royalty-free computer software language that labels company financial and other data with codes from a dictionary (taxonomy) so that investors and analysts can more easily locate and analyze desired information.

Statistics database on cross-border securities

Deloitte has updated its Database of Statistics which provides clear evidence of the globalization of the world’s capital markets and of the need for global financial reporting standards. The update reflects July 2007 data on the number of non-US companies listed on member exchanges of the World Federation of Exchanges and details of cross-border listings on the New York Stock Exchange, NASDAQ and the London Stock Exchange. The data includes cross-border lending and accounting standards used by companies listed on the Deutsche Börse, as well as foreign companies registered with the US Securities and Exchange Commission (SEC).

IFRS online programs

The IFRS Award Programme, distributed by the Canadian Institute of Chartered Accountants (CICA) in cooperation with the Institute of Chartered Accountants of England and Wales (ICAEW), is a self-study course that enables a comprehensive understanding of the subject area. Also, in conjunction with the CICA’s IFRS Conference held in Toronto in June 2007, many of the presentations and related materials are available.

Managing the Transition to IFRS in Canada

Canada's move to IFRS affects publicly-traded companies and other publicly-accountable enterprises. Because of the magnitude of the change, as well as its timing, affected enterprises should act soon. A KPMG publication called Managing the Transition to IFRS: The journey to 2011 focuses on the upcoming transition in Canada, its timing and how enterprises should prepare. It describes what companies in Europe and Australia learned from their experience in 2005 and how the transition may be smoother in some ways but more challenging in others. Finally, it highlights where to find other resources providing more detailed insights and information.

SEC concept release on use of IFRS by US companies

The US Securities and Exchange Commission has published a Concept Release to obtain information about the extent and nature of the public’s interest in allowing US issuers to prepare financial statements in accordance with IFRS for purposes of complying with the rules and regulations of the Commission. US issuers presently use US GAAP. The release asks 35 questions on which the SEC requests comments by November 13, 2007.

SEC Advisory Committee on Improvements to Financial Reporting

The US Securities and Exchange Commission's Advisory Committee on Improvements to Financial Reporting held its first meeting on August 2, 2007 in Washington DC. The committee was formed to examine the US financial reporting system with the goals of reducing unnecessary complexity and making information more useful and understandable for investors. (View the Webcast and meeting materials.)

ASBJ and IASB announce convergence to IFRS by 2011

Ikuo Nishikawa, Chairman of the Accounting Standards Board of Japan (ASBJ), and Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB), jointly announced the Tokyo Agreement to accelerate convergence between Japanese GAAP and International Financial Reporting Standards (IFRS) by 2011. (View the Press Release.)

XBRL Advisory Council and XBRL Quality Review Team

The IASC Foundation is inviting applications for its XBRL Advisory Council (XAC) and its XBRL Quality Review Team (XQRT). The XAC provides strategic advice to the Trustees and the Foundation’s London-based XBRL team on the future development and adoption of the XBRL Taxonomy for International Financial Reporting Standards (IFRS). The XQRT reviews the developed taxonomies and offers strategic advice and practical recommendations on the quality of the IFRS taxonomy. Candidates are expected to have an outstanding record in financial and business reporting as senior executives of their organisations. (View the Press Release.)

IASB Update and IFRIC Updates – July 2007

Periodically, the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) publish newsletters on their activities. The 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.

IAS Plus Quarterly Newsletter

Deloitte's IAS Plus Quarterly Newsletter has been published. The newsletter reports on the activities of the IASB, the IFRIC and the IASC Foundation. It also covers worldwide issues and events relating to international financial reporting. Other relevant newsletters and publications are available at the IAS Plus website.

Canada’s IFRS Progress Review Plan

Canada’s Accounting Standards Board (AcSB) has published its plan for assessing the progress Canada is making towards convergence with International Financial Reporting Standards. The Progress Review Plan confirms that the anticipated timing of full convergence continues to be appropriate. Comments are welcome throughout the process.

Canada’s Publicly Accountable Enterprises Strategy

Canada’s Accounting Standards Board (AcSB) continues to discuss issues related to the implementation of its strategy to adopt International Financial Reporting Standards (IFRS) for publicly accountable enterprises. Decisions described as tentative are subject to further discussion and, in many cases, exposure for public comment. (View the Decision Summaries for July 11, 2007 and May 29, 2007.)