XBRL data tags completed for US GAAP

The United States Securities and Exchange Commission has announced that XBRL data tags for the entire system of US generally accepted accounting principles has been completed. This will enable companies to more easily encode their financial statements in the XBRL language. XBRL makes the analysis and exchange of corporate financial information easier and more reliable by allowing data to be extracted and processed automatically by XBRL-aware applications. (View the SEC Press Release.)

Links to IFRS-related websites

Deloitte's IAS Plus website has a Page of Links to about 200 organizations around the world whose activities relate to international financial reporting. The page of links is always accessible by clicking "Links" right below the IAS Plus logo at the top of each web page.

UNCTAD reviews practical IFRS implementation challenges

During 2006, the United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) agreed to conduct reviews of the practical implementation challenges of IFRS, as well as best practices that evolve to meet these challenges. In connection with the upcoming meeting on October 30, 2007, the United Nations Conference on Trade and Development (UNCTAD) has published three case studies and a summary of the main practical implementation issues in the areas of regulatory framework, enforcement and technical capacity-building. (See the Review of practical implementation issues of International Financial Reporting Standards and visit the UNCTAD website for the Case Studies.)

New Zealand delays IFRS for small entities

The New Zealand Accounting Standards Review Board (ASRB), on the recommendation of the Financial Reporting Standards Board (FRSB), has decided to delay the mandatory adoption of the New Zealand equivalents to international financial reporting standards (NZ IFRS) for certain small entities. A government review of the financial reporting requirements applying to small and medium-sized companies under the Financial Reporting Act will commence in mid-2008. (View the ASRB Press Release and the related ASRB Announcement).

Canadian Accounting Standards - Adopting IFRS: Next Steps

Progress is definitely on track for the adoption of International Financial Reporting Standards (IFRS) by Canadian publicly accountable enterprises, starting January 1, 2011. As with any complicated journey, progress reports and check points are needed. This Bulletin #5 covers the next steps for Canada’s Accounting Standards Board (AcSB) and points to the advance planning decisions that publicly accountable enterprises should take. Planning in many cases will be industry-specific.

IASB issues revised standard on the presentation of financial statements

The International Accounting Standards Board (IASB) has issued a revised version of IAS 1 Presentation of Financial Statements. The revision is aimed at improving users’ ability to analyse and compare the information given in financial statements. The publication of IAS 1 marks the completion of the first phase of the IASB’s joint initiative with the US Financial Accounting Standards Board (FASB) to review and harmonise the presentation of financial statements. The second phase, which has already begun, is examining more fundamental questions about the presentation of information in financial statements and the IASB expects to publish a discussion paper on the subject within the next six months. (View the Press Release or visit the project web page.)

Conceptual Framework—Joint Project of the IASB and FASB

The US Financial Accounting Standards Board (FASB) is redeliberating issues related to its Preliminary Views, Conceptual Framework for Financial Reporting: Objective of Financial Reporting and Qualitative Characteristics of Decision-Useful Financial Reporting Information. Specifically, it is addressing concerns raised by respondents about the role of stewardship in the objective of financial reporting and the logical flow of Chapter 1 of the Preliminary Views. The Board has decided that the “objective of general purpose external financial reporting is to provide financial information about the reporting entity that is useful to present and potential investors and creditors in making decisions in their capacity as capital providers.”

Chile to adopt IFRS in 2009

In Chile, the Accounting Standards Board of the Colegio de Contadores de Chile, in conjunction with the Interamerican Development Bank (BID), has adopted a program of converging to International Financial Reporting Standards (IFRS). Starting January 2009, all business entities are required to prepare their financial statements in conformity with IFRS. For details, see the Deloitte website Chile Country Page and Country by Country Information.

The Road to IFRS

It might be only four years until Canadian publicly accountable enterprises are required to prepare their financial statements in accordance with International Financial Reporting Standards (IFRS). For many, this will require significant education and planning to understand and consider how best to apply the requirements of IFRS. In some cases, this will provide an opportunity for a fresh look at accounting policies. Those who plan early are likely to be best prepared for the opportunities and challenges posed by the changeover (see The Road to IFRS).