Countdown - Deloitte Canada’s IFRS transition newsletter

Deloitte Canada has released a Special Edition of the Countdown IFRS transition newsletter. It presents comments from the chair of the Canadian Accounting Standards Board (AcSB); information about AcSB's new omnibus exposure draft Adopting IFRSs in Canada; an interview with Ian Hague of the AcSB staff regarding the transition to IFRS; and IFRS events. In addition, Deloitte Canada has released the April 2008 issue of their Countdown newsletter. This issue covers (a) the proposed definition of Publicly Accountable Enterprises (PAEs) in order to help entities determine whether they are "in or out" of IFRS; (b) commentary on certain legal implications to enterprises transitioning to IFRS; and an update on current IFRS events. (Read the Countdown Special Edition or the Countdown - April 2008.)

KPMG US establishes IFRS Institute

KPMG in the United States has established an IFRS Institute to raise awareness and address the information needs of companies, investors, academics and others who may be affected by a transition of US companies to International Financial Reporting Standards (IFRS). The Institute's first webcast is scheduled for May 1, 2008. For more information or to register for the webcast, visit the KPMG IFRS Institute website.

Sir David Tweedie addresses the Empire Club of Canada

On April 25, 2008, Sir David Tweedie, Chairman of the IASB, addressed the Empire Club of Canada in Toronto. He spoke about the credit crisis, the possibility of a Global Standard, the Memorandum of Understanding and the IASB-FASB work program, a principles-based approach going forward, and the future for IFRS. Read the presentation online at the IASB website or download the Speech.

IFRSs in Your Pocket

Deloitte has published the 2008 edition of IFRSs In Your Pocket. The 112 page guide includes information about: IASB structure and contact details; IASB due process; use of IFRS around the world, including updates on Europe, Asia, US and Canada; summaries of each IASB Standard (to IFRS 3 and the amended IAS 27) and Interpretation (to IFRIC 14), as well as the Framework and the Preface to IFRS; background and current status on current IASB projects; IASC and IASB chronology; and an update on IFRS-US GAAP convergence.

Adoption of IFRS by UK-listed Companies

In a recent interview-based survey, BDO Stoy Hayward examined the experiences of UK-listed companies in making the transition from UK GAAP to International Financial Reporting Standards (IFRS). It sought to identify the lessons learned and to share those lessons with companies currently making, or about to make, the transition. (Visit the BDO website or read the survey on Attitudes to IFRS.)

Canada - Very few ready for changeover to IFRS

A survey by the Chartered Accountants of Canada suggests many companies are closer to the starting gate rather than the finish line when it comes to preparing for the country’s transition to International Financial Reporting Standards (IFRS). (View the Media Release.)

Canada - Special IFRS Information Feature

Recently, a Special IFRS Information Feature was published in the Toronto Globe and Mail. Sponsored by the CA profession, the Feature focuses on Canada's transition to International Financial Reporting Standards. (View the IFRS Information Feature.)

Deloitte Australia - Insights Podcast on 'IFRS experiment'

Deloitte (Australia) has released a new Insights Podcast discussing IFRS-related issues. In this podcast, Bruce Porter, leader of Deloitte's Accounting Technical Group in Australia and member of the AASB, talks with Stig Enevoldsen, Chairman of the Technical Expert Group of the European Financial Reporting Advisory Group (EFRAG) and a partner of the Deloitte practice in Denmark, about the experience with IFRS in Europe and Australia and the key IFRS challenges moving forward. (Access the Deloitte Australia Insights Podcast.)

Japan accelerates convergence with IFRS

The Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) have held their second meeting in Tokyo since the announcement of the initiative to accelerate convergence between Japanese GAAP and IFRS, known as the "Tokyo Agreement," in August 2007. This was the seventh meeting between the two boards. (View the IASB Press Release.)

CESR advice to the European Commission on Chinese, Japanese and US GAAP

The Committee of European Securities Regulators (CESR) has published its advice to the European Commission on the equivalence of Chinese, Japanese and US GAAP. CESR recommends the Commission find US GAAP equivalent to IFRS for use on EU markets. It also recommends the Commission consider Japanese GAAP equivalent, unless there is no adequate evidence of the Accounting Standards Board of Japan (ASBJ) achieving to timetable the objectives set out in the Tokyo Agreement. Finally, it recommends the Commission postpone a final decision on Chinese GAAP until there is more information on the application of Chinese accounting standards by Chinese issuers. CESR points out that the first complete reporting period under the new Chinese standards will be 2007. (View the Press Release or CESR’s Advice.)

IASC Foundation publishes IFRS Taxonomy 2008

The IASC Foundation’s XBRL Team has announced the release of the near final version of the IFRS Taxonomy 2008. The taxonomy is a complete translation of IFRS as published in the IFRS Bound Volume 2008 into XBRL and is published in the same languages as the IFRS Bound Volume 2008 (View IASB Press Release or visit the IFRS Taxonomy 2008 project webpage.)

Adopting IFRS in Canada - Omnibus Exposure Draft

Canada’s Accounting Standards Board (AcSB) has issued an omnibus Exposure Draft proposing to incorporate International Financial Reporting Standards (IFRS) into the CICA Handbook. IFRS would serve as a replacement for current Canadian GAAP for most publicly accountable enterprises effective for fiscal years beginning on or after January 1, 2011. The comment deadline is July 31, 2008. (View the Exposure Draft.)

Canada’s IFRS Advisory Committee — Report on Public Meeting

At its January 2008 meeting, Canada’s IFRS Advisory Committee (IAC) discussed possible amendments to IFRS 1, First-time Adoption of International Financial Reporting Standards, to be presented to the IASB for consideration at its March 2008 meeting. (View the Report on Public Meeting).

“Worldwide Adoption of International Financial Reporting Standards (IFRS): Why IFRS? Why now? And what does it mean to you?”

On Friday, April 25, 2008, Sir David Tweedie, Chairman, International Accounting Standards Board will share his perspective on the global trend toward IFRS and what it will mean to Canada. He will discuss what Canadian business leaders can learn from the transition challenges encountered in the EU and around the world. The Fairmont Royal York Hotel in Toronto is hosting the event which is sponsored by Canada’s Chartered Accountants and the Empire Club of Canada.

IFRS Conference North America - April 24-25, 2008

The IFRS – North America Conference is a joint presentation by The International Accounting Standards Committee (IASC) Foundation and The Canadian Institute of Chartered Accountants (CICA). It is a significant international event being held in Toronto, Canada, bringing Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB), and other members of the IASB to North America. Other speakers include senior representatives from the Canadian Accounting Standards Board (AcSB), the US Financial Accounting Standards Board (FASB), regulators from Canada and the United States, and international financial reporting experts. For complete conference details and to register on-line, go to the conference-exclusive website (www.cpd.cica.ca/IFRSNA).