Adopting IFRS — Canada's Roundtable Discussions

Canada's Accounting Standards Board (AcSB) is holding Roundtable Discussions in Montreal, Calgary, Vancouver, Toronto and Halifax to discuss the views of interested parties on whether Canadian publicly accountable enterprises are ready to adopt International Financial Reporting Standards (IFRS) for fiscal years beginning on or after January 1, 2011.

Canada's progress review on IFRS

In accordance with the Implementation Plan for Incorporating IFRS into Canadian GAAP, Canada's Accounting Standards Board (AcSB) has published an Executive Summary of its Progress Review — Preliminary Report, October 2007.

International Accounting Standards: Opportunities, Challenges and Global Convergence Issues

Sir David Tweedie, Chairman, International Accounting Standards Board, addressed the subcommittee on securities, insurance and investment of the United States Senate in Washington, DC, on October 24, 2007. (View the Press Release or the full hearing on International Accounting Standards: Opportunities, Challenges and Global Convergence Issues from the US Senate.)

Canada’s IFRS Advisory Committee — Report on Public Meeting

At its September 2007 meeting, Canada’s IFRS Advisory Committee (IAC) discussed issues including Canada’s state of readiness for adoption of IFRS in 2011 and other areas identified as creating special challenges for transition to IFRS in Canada. (View the Report on Public Meeting).

IFRS one year on: ICAEW assesses implementation

Appointed by the European Commission in 2006 to undertake a study on the first year of implementation across the EU of International Financial Reporting Standards (IFRS), the ICAEW has gone public with its findings. (View the Executive Summary or the full report EU Implementation of IFRS and the Fair Value Directive: A report for the European Commission.)

Comparing IFRS and US GAAP in 2007

A new PwC publication, Similarities and Differences: A Comparison of IFRS and US GAAP (October 2007), provides a broad understanding of the key similarities and differences between IFRS and US GAAP. This updated edition takes into account all pronouncements issued under IFRS and US GAAP up to August 2007. The document is intended to help users (1) compare and contrast basic rules and standards from each financial reporting structure and (2) moderate the convergence of US GAAP and IFRS.

SEC leads global move to interactive data

The US Securities and Exchange Commission (SEC) Chairman, Christopher Cox, has announced the creation of a new office to lead the transformation to interactive financial reporting by public companies (view the Press Release). Additional information is available on the SEC website at Spotlight On: Interactive Data and XBRL Initiatives.

IFRS presentation and disclosure checklist for 2007

Deloitte has issued an IFRS Presentation and Disclosure Checklist for the year ended December 31, 2007. The checklist summarizes the presentation and disclosure requirements set out in International Financial Reporting Standards issued as of August 31, 2007. It does not address the recognition and measurement requirements of IFRS. The checklist is always available on Deloitte’s Model Financial Statements and Checklists Page.

EU endorsement status report updated

The European Financial Reporting Advisory Group (EFRAG) has updated The EU Endorsement Status Report: Position as at 16 October 2007. The report shows the status of endorsement, under the EU Accounting Regulation, of each IFRS including standards, interpretations and amendments.

SEC addresses IFRS convergence

In his Keynote Address to the 2007 US-EU Corporate Governance Conference on October 9, 2007, SEC Chairman Christopher Cox discussed a number of issues including accounting convergence and potential SEC recognition of IFRS. In New York on September 28, 2007, SEC Commissioner Kathleen L. Casey discussed the SEC’s role in support of international financial reporting convergence in Remarks Before the Global Financial Reporting Convergence Conference. At the World Standard-Setters Conference in London, England on September 24, 2007, Julie A. Erhardt, SEC Deputy Chief Accountant, spoke about the Implementation and Enforcement of IFRSs.

IFRS analysis by jurisdiction

Deloitte has expanded its analysis showing the Use of IFRS by Jurisdiction for domestic listed and unlisted companies. The analysis indicates whether the auditor’s report and basis of presentation note refer to IFRS without qualification or to IFRS as adopted by the local jurisdiction or to local GAAP.

IASB annual improvements project

The International Accounting Standards Board (IASB) has issued for public comment an exposure draft (ED) of proposed miscellaneous amendments to 25 International Financial Reporting Standards (IFRS) under its first annual improvements project. The ED will be freely available under IASB projects/Annual Improvements on October 22, 2007. The IASB requests comments by January 11, 2008. The proposed effective date is January 1, 2009. (View the Press Release.)

Keeping your head above water… Recent issues in financial reporting

PricewaterhouseCoopers (PWC) Canada has published its latest Financial Reporting Release. It discusses a new era where International Financial Reporting Standards (IFRS) — not US GAAP — dominates the Canadian financial reporting landscape. To learn more or to download the publication, visit PWC Canada.

Japan to converge with IFRS by 2011

The Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) held their first meeting since the announcement of an initiative to accelerate convergence between Japanese generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS), known as “The Tokyo Agreement.” (View the Press Release)

Canada - Transition to International Standards

The CICA has just launched a website to help Canadian CAs and the 4,500 public companies in Canada make the transition to IFRS. The site provides information on what to do and how to do it. To access these comprehensive resources provided by the CA profession, go to the CICA website, Transition to International Standards.

CICA Guide to IFRS in Canada

The Canadian Institute of Chartered Accountants (CICA) has issued a Guide to IFRS in Canada to facilitate the transition from Canadian GAAP to IFRS for Publicly Accountable Enterprises. The guide includes the Accounting Standards Board (AcSB) comparison of Canadian GAAP to IFRS, highlighting key differences and noting AcSB work in process that may affect the standard in the future. The comparison is organized in the order of the current Canadian standards. It includes a table of IFRS in numerical order cross-referenced to the CICA Handbook standard and a table of IFRS standards with no current Canadian GAAP equivalent.

IASB Update and IFRIC Updates – September 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.

Beyond IFRS

As Canada's Accounting Standards Board (AcSB) moves to adopt International Financial Reporting Standards (IFRS) for Canadian publicly accountable enterprises, some have asked whether there remains a need for an accounting standards-setting activity in Canada. There are a number of key areas where a national accounting standards-setter can contribute to the work of the international standards-setting partnership and there is indeed a continued role for a Canadian accounting standards-setting activity. (View the article Beyond IFRS)