IASB and FASB seek views on conceptual framework

The International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) have published consultative documents that seek public comment on two of the eight phases of their joint project to develop an improved conceptual framework. The first document is an exposure draft of chapters 1 and 2 of the framework. The second document sets out the preliminary views on the reporting entity concept and related issues. The IASB and the FASB invite comments on both documents by September 29, 2008. (Read the Press Release.)

FEI - Financial Reporting Portal

News highlights from the International Accounting Standards Board, FASB and SEC are available on this "fei financial reporting blog" from the Financial Executives International. The site compiles hot topics from the Web’s largest business and accounting publications and organizations. Look for continuing coverage of fair value reporting and international convergence.

IASC Foundation – INSIGHT

INSIGHT is a quarterly journal from the International Accounting Standards Board (IASB) and IASC Foundation. It explores, in non-technical language, some of the “bigger picture” themes and concepts of IFRS. (Read the current issue – Q1 and Q2 2008.)

IASC Foundation - Annual Report 2007

The IASC Foundation's Annual Report 2007 (63 pages) is now available. The annual report includes an overview of the Trustee's oversight activities for 2007, as well as reports of the Chairman of the IASC Foundation Trustees, the IASB Chairman and independent auditors.

IASB Web presentation on Financial Instruments - Reducing Complexity

On June 10, 2008 John Smith, a member of the IASB, and Gavin Francis, Director Capital Markets, will give a live Web presentation on the Discussion Paper Financial Instruments Reducing Complexity. The Discussion Paper was published in March 2008 and the comment period ends on September 19, 2008. To register for the Web presentation, visit the IASB website.

IASB concludes first annual improvements project

The International Accounting Standards Board (IASB) has issued Improvements to IFRS - a collection of amendments to International Financial Reporting Standards (IFRS). These amendments are the result of conclusions the Board reached on proposals made in its annual improvements project. The IASB decided to initiate an annual improvements project in 2007 as a method of making necessary, but non-urgent, amendments to IFRS that will not be included as part of another major project. (Read the IASB Press Release.)

Deloitte (US) - IFRS Insights

Deloitte & Touche LLP (United States) has launched a new publication, IFRS Insights. The newsletter responds to the growing need among US companies for current information on IFRS. It provides news on the latest developments on IFRS, practical suggestions for companies addressing IFRS, updates on the regulatory environment, and references to relevant tools and resources.

AICPA launches IFRS.com website

The American Institute of Certified Public Accountants (AICPA) has announced the introduction of IFRS.com, a new Web site developed in partnership with its marketing and technology subsidiary CPA2Biz to help members and financial professionals learn about and stay informed on International Financial Reporting Standards (IFRS). (Read the AICPA Press Release.)

Deloitte’s IFRS University Consortium

Deloitte has announced that it is forming an IFRS University Consortium, through which it will contribute its time, experience and resources as an investment in education to help bring IFRS curricula into college classrooms. Through the Consortium, Deloitte is contributing resources to Ohio State and Virginia Tech universities to assist those schools in developing IFRS curricula. The contributions include drafting course materials such as classroom guides and case studies and providing Deloitte professionals as lecturers. The classroom guides and course materials will be made available to other interested universities. Ohio State and Virginia Tech will discuss their IFRS course materials at the American Accounting Association's Annual Meeting taking place August 3-6 in Anaheim, California.

Canada - Don't Stress Over IFRS!

The recent release of Canada's Accounting Standards Board Omnibus Exposure Draft is an opportunity to review IFRS, identify the high priority issues and begin to plan for transition. And while the omnibus draft runs to more than 2,400 pages, help is available from the Chartered Accountants of Canada. (Read the article Don't stress over the introduction of IFRS.)

IFRSs — A Done Deal!

Canada's Accounting Standards Board (AcSB) staff has written a follow-up article on the AcSB’s omnibus Exposure Draft, “Adopting IFRSs in Canada.” It clarifies who is affected by the move to IFRSs, highlights the importance of preparing now, rather than later, and explains why becoming familiar with IFRSs may not be as difficult as some might think. (Read the article on
IFRSs — A Done Deal!)

SEC Advisory Committee on Improvements to Financial Reporting

The US Securities and Exchange Commission (SEC) Advisory Committee on Improvements to Financial Reporting met on May 2, 2008. At the meeting, the advisory committee received the interim reports of four subcommittees: Report of the Substantive Complexity Subcommittee, Report of the Standards-Setting Subcommittee, Report of the Audit Process and Compliance Subcommittee and the Report of the Delivering Financial Information Subcommittee. (View the Agenda for the meeting and the Project webpage.)

PWC - IFRS Pocket Guide 2008

PricewaterhouseCoopers (PWC) recently issued IFRS Pocket Guide 2008. The guide provides a summary of the recognition and measurement requirements of International Financial Reporting Standards (IFRS) published up to March 2008. It does not address most disclosure requirements. Guidance on disclosure is provided in PwC’s IFRS Disclosure Checklist.

Update on IFRS – North America Conference

A two-day conference was recently held in Toronto to focus on the world-wide migration to International Financial Reporting Standards (IFRS). More than 750 people registered for the gathering. The IFRS – North America Conference was a joint presentation by The International Accounting Standards Committee (IASC) Foundation and The Canadian Institute of Chartered Accountants (CICA). The significant international event brought Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB) and other members of the IASB to Canada. (View video clips and photos of the conference.)

Canadian Securities Administrators address IFRS disclosure requirements

The Canadian Securities Administrators (CSA) have issued a staff notice addressing IFRS pre-adoption disclosure requirements for Canadian reporting issuers. CSA Staff Notice 52-320 Disclosure of Expected Changes in Accounting Policies Relating to Changeover to IFRS marks another significant step in Canada’s transition. The CSA is a forum for the 13 securities regulators of Canada's provinces and territories to coordinate and harmonize regulation of the Canadian capital markets.

AICPA Issues Exposure Draft on CPA Exam Content

The American Institute of Certified Public Accountants (AICPA) has released an exposure draft for public comment outlining proposed content updates for the CPA exam. It increases emphasis on ethics and provides more in-depth descriptions of the skills necessary for entry-level CPAs. It also proposes including International Financial Reporting Standards (IFRS) on the exam for the first time. (Read the AICPA News Release, Announcement Letter and Exposure Draft.)

IFRS: Practical Implementation Guide

Wiley has released the second edition of IFRS: Practical Implementation Guide and Workbook. The publication is a quick reference guide on IFRS/IAS that includes easy-to-understand outlines of IFRS/IAS standards, practical insights, case studies with solutions, illustrations and multiple-choice questions with solutions. The book greatly facilitates understanding of the practical implementation issues involved in applying these complex "principles-based" standards. Instructors may request an evaluation copy.

IFRS readiness in Canada

The vast majority of Canada’s top financial executives don’t believe their staff is prepared for the 2011 conversion to International Financial Reporting Standards, according to a new survey co-developed by The Canadian Financial Executives Research Foundation and sponsor Ernst & Young. The survey, which is the second in a week to come to that conclusion (see “Few ready for IFRS changeover,” notes that manufacturing, retail and distribution industries lag furthest behind in the conversion process. (Read the web article IFRS conversion still far off, say C-suite executives or the IFRS Readiness in Canada– Executive Research Report.

Canada - Financial institutions may not early-adopt IFRS

The Canadian Securities Administrators have invited comment on whether to permit publicly accountable Canadian enterprises to adopt IFRS starting in 2009 which is two years earlier than required by the Canadian Accounting Standards Board. Nonetheless, the Canadian Office of the Superintendent of Financial Institutions (OSFI) has issued a notice to all federally regulated financial institutions on the Adoption of International Financial Reporting Standards. The notice instructs them not to adopt IFRS early, mainly for regulatory comparability reasons.

Putting IFRS in Motion

For many organizations, implementing IFRS may be a complex process that goes well beyond a simple technical exercise for the finance or accounting function. Other business areas such as human resources, investor relations, business development and IT departments will likely be involved in the conversion plan. Companies that have already implemented IFRS know that the new standards place a sizable responsibility on management to be able to communicate effectively to the market in the new language. PricewaterhouseCoopers (PWC) addresses key considerations for those moving toward implementation. (Visit the PWC IFRS Canada website or read the publication Putting IFRS in Motion: International Financial Reporting Standards and their impact on Canadian public companies.)

Attitudes towards Fair Value and Other Measurement Concepts

The Accounting Standards Committee of Germany (ASCG) has published a comprehensive survey on Attitudes towards Fair Value and Other Measurement Concepts. According to the ASCG, recent developments in the context of IFRS demonstrate the ever growing importance of fair value measurement. Also, the subprime crisis shows that the advantages and disadvantages of fair value measurement are viewed differently across users, preparers and standard-setters.