IASC Foundation publishes IFRS Taxonomy 2008

The IASC Foundation has announced the release of the IFRS Taxonomy 2008. It is a complete translation of IFRS as published in the IFRS Bound Volume 2008 into XBRL, used to communicate information between businesses. XBRL will provide users of the IFRS Taxonomy 2008 with easier filing, access to and comparison of financial data. In accordance with the XBRL International policy the IFRS Taxonomy 2008 is freely available on the IFRS XBRL Website. (Read the Press Release.)

IASB work plan updated

The IASB has published an updated version of its Work Plan as approved during the June 2008 Board meeting. The updated plan shows the projected timetable for the publication of due process documents and final standards. (View the IASB Work Plan.)

SEC roundtable on fair value accounting standards

The United States Securities and Exchange Commission (SEC) has announced that it will host a roundtable on July 9, 2008, in Washington DC to facilitate an open discussion of the benefits and potential challenges associated with existing fair value accounting and auditing standards. The panels will include investors, preparers, auditors, regulators and other interested parties. Additionally, representatives from the Financial Accounting Standards Board, International Accounting Standards Board and Public Company Accounting Oversight Board will be present as observers. (Read the SEC Press Release.)

Securities authorities to interact with IASCF

The world’s securities authorities — represented by IOSCO, as well as the European Commission, the Japan Financial Services Agency and the U.S. Securities and Exchange Commission, the securities authorities in the world’s three largest capital markets — welcome the upcoming roundtable organized by the IASCF regarding the creation of an IASCF Monitoring Group. The IASCF is the private foundation that provides public interest oversight to the International Accounting Standards Board (IASB), which promulgates IFRS. (Read the SEC Press Release.)

Update on EU Endorsement Status Report

The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement under the EU Accounting Regulation of IFRS including standards, interpretations and amendments. (View the Endorsement Status Report Update - June 19, 2008.)

High-Quality Global Accounting Standards: Issues and Implications for US Financial Reporting

As an initial step towards the creation of a national transition plan, the US Financial Accounting Foundation (FAF) and Financial Accounting Standards Board (FASB) are holding a forum, High-Quality Global Accounting Standards: Issues and Implications for US Financial Reporting, on June 16, 2008 in New York. The goals of the forum are two-fold: (1) to open the dialogue with constituents about whether and how to move the US financial reporting system to IFRS, and (2) to define the next steps in the process.

FASB mid-year update - live webcast

The US Financial Accounting Standards Board (FASB) has announced that it will live webcast a mid-year FASB update on Monday, June 23, 2008. The webcast will include a discussion of recent activities impacting joint FASB/IASB projects. Viewers will have an opportunity to email questions to panelists during the event. The FASB will archive the webcast for access by the public. To register, visit the FASB website.

SEC hosts roundtable on Interactive Data

The US Securities and Exchange Commission is hosting an International Roundtable on Interactive Data for Public Financial Reporting on June 10, 2008. The Roundtable follows the issuance on May 30, 2008, of a Proposed Rule on Interactive Data to Improve Financial Reporting. (Read the SEC Press Release.)

FEI establishes Corporate Roundtable on International Financial Reporting

Financial Executives International (FEI) has announced the formation of a new national coalition, the Corporate Roundtable on International Financial Reporting (CRIFR). It will provide a forum for companies of all sizes to discuss business issues related to the promulgation, implementation and convergence of International Financial Reporting Standards (IFRS) by US companies. (Read the FEI Press Release.)

IFRS 2008 on CD-ROM

The 2008 IFRS CD-ROM is now available from the IASC Foundation. There are discounts for academics and students. The CD includes all IFRS, IAS, and IFRIC and SIC Interpretations approved at January 2008. It also includes the latest IASB Exposure Drafts, IFRIC draft Interpretations and Discussion Papers issued up to March 31, 2008.

Countdown - Deloitte Canada’s IFRS transition newsletter

Deloitte Canada has published the June 2008 issue of the Countdown IFRS transition newsletter. It looks at disclosures about the expected effects of first-time adoption of IFRS, tax considerations in adopting IFRS, and the impact on the financial institutions sector. There is also an update on current IFRS events. (Read past issues of Countdown at Deloitte Canada.)

PwC - IFRS News June 2008

This PricewaterhouseCoopers (PwC) monthly report explores amendments to IFRS 1 and IAS 27; provides practical guidance on financial reporting for oil & gas and utilities companies; reviews conceptual framework consultations; provides a country focus on Chile; and includes a special supplement covering the IASB's improvements to IFRS 2008. (Read PwC IFRS News - June 2008.)

KPMG - Converting to IFRS: Accounting for Income Tax

The Canadian Accounting Standards Board’s recently released omnibus exposure draft "Adopting IFRS in Canada" is a significant milestone in the move to incorporate the International Financial Reporting Standards (IFRS) into the CICA Accounting Handbook. While IFRS is similar to Canadian GAAP in many respects, there are numerous measurement and recognition differences. As IFRS will impact companies’ reported pre-tax profits, tax professionals need to understand these differences — both on adopting IFRS and on an ongoing basis — to determine the appropriate tax treatment on a company’s tax return and tax provision calculation. (For more information, see KPMG "Converting to IFRS - Get Ready for Revised Accounting for Income Tax Standard.")

Canada - Time to get moving

According to a recent CICA survey, the vast majority of Canadian publicly accountable enterprises are closer to the starting gate than to the finish line when it comes to preparing for the transition to International Financial Reporting Standards (IFRS). The survey was conducted in March 2008 with 550 senior Canadian executives who are chartered accountants, almost 300 of whom must report using IFRS by 2011. Only 8% of those executives indicate they have begun the conversion process while 72% have not yet reached the stage of assessing the impact of IFRS on their operations. (Read the article "Time to get moving.")

Statistical database on international financial reporting

Deloitte has updated the Database of Statistics that provides clear evidence of the globalisation of the world's capital markets and of the need for global financial reporting standards. The database shows that 1,058 companies from 52 jurisdictions were registered with the US SEC at December 31, 2007. (View the Alphabetical List of Companies.)

US and Japan discuss global convergence

Representatives of the US Financial Accounting Standards Board (FASB) and the Accounting Standards Board of Japan (ASBJ) recently met in Tokyo for a joint meeting to discuss global convergence. Led by Robert H. Herz, Chairman of the FASB, and Ikuo Nishikawa, Chairman of the ASBJ, the meeting was the fifth in a series of discussions between FASB and ASBJ designed to enhance dialogue between the two Boards in their shared pursuit of global convergence of accounting standards. (Read the ASBJ Press Release.)