Standard setting in an age of complexity

A growing dialogue has developed in recent years about the future of financial reporting and the relevance and complexity of today’s reporting model. PricewaterhouseCoopers and the other large accounting firms have engaged in discussions with stakeholders around the world on a number of issues critical to the long-term strength and stability of the capital markets, including financial reporting. These discussions have indicated overwhelming support for IFRS as a single set of high quality accounting standards that can be used around the world. (Read IFRS News – Shedding light on the IASB’s activities.)

International Financial Reporting Standards 2008

The IASB will publish International Financial Reporting Standards 2008 on March 6, 2008. The English language Bound Volume will include the official consolidated text of all authoritative IASB pronouncements as at January 1, 2008. Interested parties can Register Your Interest on the IASB's website to receive priority shipping.

United States - FASB’s priorities

In the February 2008 Journal of Accountancy, Robert Herz discusses FASB’s priorities, the road to convergence with IFRS and changes ahead for CPAs. (Read the article Change Agent.)

Canada - The Road to IFRS

Canada's Accounting Standards Board (AcSB) has updated its summary of changes to Canadian GAAP for publicly-accountable enterprises anticipated before the changeover date to IFRS. (View the AcSB Publicly Accountable Enterprises Strategy - February 2008.)

SEC launches Financial Explorer data analysis tool

The US Securities and Exchange Commission (SEC) has announced the launch of the “Financial Explorer” on the SEC Web site to help investors quickly and easily analyze the financial results of public companies. Financial Explorer paints the picture of corporate financial performance with diagrams and charts, using financial information provided to the SEC as “interactive data” in eXtensible Business Reporting Language (XBRL). (View the SEC Press Release or examine the Financial Explorer.)

Countdown - Deloitte Canada’s IFRS transition newsletter

This first issue of Countdown, Deloitte Canada’s IFRS transition newsletter, provides a snapshot as far as IFRS is concerned – both in Canada and in Deloitte. Future issues will focus on updates on IFRS convergence in Canada, related Deloitte activities, technical briefings and tips and tools to assist in IFRS transition.

Canada - Time for Common Accounting Standards

Why does Canada need IFRS for publicly accountable enterprises? Paul Cherry, Chair of Canada's Accounting Standards Board (AcSB), highlights many of the reasons in this Op-Ed article that appeared in the National Post on Wednesday, January 30, 2008. (Read Time for Common Accounting Standards.)

IOSCO urges disclosure of accounting framework

The International Organization of Securities Commissions (IOSCO) has published a statement urging publicly-traded companies to provide investors with clear and accurate information on the accounting standards used to prepare their accounts. In particular, IOSCO is concerned that, with the convergence of global accounting standards, investors may assume that all company accounts are generally comparable, even when they are prepared in accordance with quite different GAAP. This commonly occurs where national standards assert that they are based on but do not fully implement International Financial Reporting Standards (IFRS). (View the Media Release and IOSCO Statement.)

Canada’s CAs call firm IFRS commencement date good news

Canada’s Chartered Accountants call the confirmation of a changeover date to International Financial Reporting Standards (IFRS) good news for both the business community and investors. (View the CICA Media Release and Canada's Accounting Standards Board Media Release.)

Canadian Securities Regulators release concept paper on IFRS

The Canadian Securities Administrators (CSA) is inviting public comment on its newly released CSA Concept Paper 52-402, discussing issues relating to proposed amendments to securities rules on acceptable accounting principles for financial reporting in light of Canada’s adoption of International Financial Reporting Standards (IFRS). (View the Media News Release.)

Canada’s CAs helping Boards prepare for transition to IFRS

Canada’s transition to IFRS is due to take effect in 2011. Board and audit committee members are being urged to begin now to address the implications of conversion. IFRS will become the basis of reporting for public companies in this country, replacing Canada’s own Generally Accepted Accounting Principles (GAAP.) To help board members frame the issue and address key considerations, the Canadian Institute of Chartered Accountants (CICA) has prepared a document titled 20 Questions Directors and Audit Committees Should Ask About IFRS Conversions.

Canada - Progress review on changeover to IFRS

Canada’s Accounting Standards Board (AcSB) has published its final report on the progress review for incorporating IFRS into Canadian GAAP. (View the AcSB Implementation Plan for Incorporating IFRS into Canadian GAAP, Progress Review — Final Report, February 2008.)

Mapping the future for US firms and IFRS

In a February 2008 Speech to the European-American Business Council, US Securities and Exchange Commission Chairman Christopher Cox said that “Last year, the Commission voted unanimously to permit European and other non-U.S. issuers to prepare their SEC financial statements using International Financial Reporting Standards, without the need to keep a second set of books under U.S. Generally Accepted Accounting Principles. … This year, the Commission will consider how we will map the future for U.S. firms and International Financial Reporting Standards. But one thing is certain: the expanded use of a single, high-quality accounting standard will eventually empower investors to make better informed investment decisions by giving them information that is more easily comparable.”

IFRS and audit committees in the United States

Deloitte & Touche LLP (US) has issued the fourth quarter 2007 edition of Audit Committee Brief. It includes questions an audit committee might ask concerning International Financial Reporting Standards (IFRS). The firm will also conduct a Dbriefs Webcast on International Financial Reporting Standards: Strategies For Adopting a Single Set of Standards on February 20, 2008. The webcast will discuss: key strategies for dealing with the movement toward IFRS; risks and opportunities of converting to IFRS at the subsidiary-entity level; and efficient methods for making the transition to IFRS.