PwC - ongoing series of IFRS webcasts

Recently, the US Securities and Exchange Commission (SEC) voted to release a proposed roadmap which may ultimately lead to the US adopting IFRS as its financial reporting language. In response, PricewaterhouseCoopers (PwC) is hosting a webcast on Thursday, September 4, 2008 called IFRS in the US: One step closer to adoption of IFRS. This is part of PwC's ongoing series of webcasts on IFRS.

SEC Proposes Roadmap for Potential Use of IFRS by US Issuers

Today, the US Securities and Exchange Commission (SEC) voted unanimously to seek public comments on a release that will include both (1) a proposed roadmap for the potential mandatory adoption of International Financial Reporting Standards (IFRS) by issuers in the US and (2) a proposed rule that would allow the optional use of IFRS by certain qualifying domestic issuers. The proposed roadmap targets potential mandatory adoption of IFRS in the US beginning in 2014, but lays out several milestones that would need to be achieved prior to the SEC mandating use of IFRS for all US issuers. The proposed rule would allow certain qualifying domestic issuers to use IFRS as early as fiscal years ending on or after December 15, 2009. (Read the SEC's Press Release, PwC's Breaking News and KPMG's Defining Issues.)

Guide to the IASB and the IASC Foundation

The IASB has prepared a quick reference guide to the organisation. The six-page printable document, IASB and the IASC Foundation: Who we are and what we do is available on the IASB website.

PWC - IFRS and US GAAP: Similarities and Differences 2008

The conversion from US GAAP to IFRS will require many technical accounting changes. A new new publication by PricewaterhouseCoopers (PWC) called IFRS and US GAAP: Similarities and Differences 2008 provides a broad understanding of the major differences between IFRS and US GAAP and identifies the impact the changes could have on individual companies.

SEC to propose an IFRS Roadmap for US issuers

The US Securities and Exchange Commission (SEC) will hold an open meeting on August 27, 2008 to consider whether to propose a Roadmap for the potential use by US issuers for purposes of their filings with the Commission of financial statements prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. As part of the Roadmap, the Commission will also consider whether to propose amendments to various rules and forms that would permit early use of IFRS by a limited number of US issuers. (Read the SEC Notice.)

Canada - Disclosing IFRS changeover plans in the MD&A

The conversion of Canadian standards to International Financial Reporting Standards (IFRS) is likely to cause significant changes in the financial reporting practices of publicly accountable entities regulated by the Canadian Securities Administrators (CSA). In Staff Notice 52-320, Disclosure of Expected Changes in Accounting Policies Relating to Changeover to International Financial Reporting Standards, the staff of the CSA provides guidance on their expectations. Disclosure of changeover plans is expected for entities that at the time of issuing an interim MD&A have developed a changeover plan, but in no case should that discussion be provided later than in the annual MD&A published for the period three years before the changeover date. For most entities, this means the annual MD&A for 2008, with consideration to be given to quarterly disclosures during 2008. For additional insight, read the Deloitte Canada publication How to Monitor a Sea Change: Discussing your IFRS changeover plan in the MD&A.

IASC-IASB chronology

Deloitte has published an updated Chronology of the IASC and the IASB to reflect recent events, exposure drafts, final standards and interpretations. The chronology dates back to 1966.

IFRS planning for US companies

Deloitte has recently published International Financial Reporting Standards for US Companies: Planning for Adoption. This publication provides an overview of key IFRS considerations, includes practical steps for US executives, and addresses key questions for US companies

IASB proposes to simplify the calculation of EPS

The International Accounting Standards Board (IASB) has published for public comment proposals to simplify the calculation of earnings per share (EPS) and to eliminate differences between the methods required by International Financial Reporting Standards (IFRS) and US accounting standards to calculate EPS. The IASB invites comments on the exposure draft Simplifying Earnings per Share by December 5, 2008. (Read the IASB Press Release and visit the Project Webpage.)

IASB issues proposals under annual improvements project

The International Accounting Standards Board (IASB) has published for public comment an exposure draft of proposed amendments to eight International Financial Reporting Standards (IFRS) under its annual improvements project. Comments on the exposure draft are due by November 7, 2008. (Read the IASB Press Release and visit the Project Webpage.)

IFRS resources for accounting educators

From August 4-6, 2008, the American Accounting Association is holding its annual conference in Anaheim, California. More than 3,000 people are attending. At a session on IFRS Is Here and What to Do about It, Stephen Zeff of Rice University and Paul Pacter representing the IASB offered suggestions for introducing IFRS into university accounting curricula. They also provided a detailed List of IFRS Resources.

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. There are 14 IASB pronouncements that have not yet been endorsed for use in Europe. (View the Endorsement Status Report Update - August 1, 2008.)

Corporate Reporting: Trends and Tensions in Convergence

Deloitte Touche Tohmatsu recently contributed a paper to the International Corporate Governance Network (ICGN) 2008 Yearbook on Corporate Reporting: Trends and Tensions in Convergence. The paper focuses on the evolution of accounting standards and the issues associated with convergence and adoption of International Financial Reporting Standards (IFRS).

SEC Advisory Committee Makes Recommendations to Improve Financial Reporting for Investors

The Chairman of the US Securities and Exchange Commission (SEC), Christopher Cox, has received the final report of an SEC advisory committee containing 25 recommendations to make financial information more useful and understandable to investors. (Read the SEC Press Release.)

Canada’s IFRS Advisory Committee — Report on Public Meeting

At its April 2008 meeting, Canada’s IFRS Advisory Committee (IAC) discussed related party transactions, disclosures for the first interim reports prepared in accordance with IFRS, and the depreciation of components, for enterprises transitioning to IFRS in Canada. (View the Report on Public Meeting.)

Conceptual Framework for Financial Reporting

Canada's Accounting Standards Board (AcSB) has issued an Exposure Draft “Conceptual Framework: Objective, Qualitative Characteristics and Constraints” to incorporate proposed changes to the existing IASB Framework into Canadian GAAP. Comments are requested by October 31, 2008. The IASB and FASB have also issued an Exposure Draft “Chapter 1: The Objective of Financial Reporting” and “Chapter 2: Qualitative Characteristics and Constraints of Decision-useful Financial Reporting Information” as well as a Discussion Paper on “The Reporting Entity.” Comments are due by September 29, 2008.