IASC Foundation amends Constitution

The Trustees of the IASC Foundation, the oversight body of the International Accounting Standards Board (IASB), have announced important amendments to the organisation’s Constitution, as well as a summary of other agreements reached on January 15-16, 2009. Highlights include: Significant enhancement to the organisation’s public accountability by establishing a link to a Monitoring Board of public authorities; IASB to be expanded from 14 to 16 members by 2012, with criteria added to ensure geographical diversity; Enhanced liaison with investor groups; Constitutional changes to directly address G20 recommendations; and Free availability of core standards through the public website. (Read the IASB Press Release.)

Canada - Roundtables on IASB proposals

Canada's Accounting Standards Board (AcSB) is holding roundtables on February 19, 2009 to share views on the IASB’s Exposure Draft, “Consolidated Financial Statements” for comment by March 20, 2009, and Discussion Paper, “Financial Statement Presentation” for comment by April 14, 2009.

PwC - IFRS News January 2009

PricewaterhouseCoopers (PwC) publishes a monthly global newsletter called IFRS News. The newsletter provides IASB technical updates and PwC insights into the impact of the adoption of International Financial Reporting Standards (IFRS). Current information regarding IFRS matters, such as the debate on Fair Value, is available on the PwC IFRS Canada website.

World’s leading accounting bodies call for global debate

The Global Accounting Alliance (GAA), a group of the world’s leading professional accounting bodies, has concluded that there is a need for a global debate on how to reduce complexity in financial reporting and how to accelerate the move towards principles-based financial reporting standards (IFRS). It notes that a financial reporting environment which emphasizes professional judgment, rather than adherence to a rulebook, would allow preparers and auditors to focus on the true economic substance of financial transactions. The GAA report, Getting to the heart of the issue – Can financial reporting be made simpler and more useful? draws on interviews conducted with financial regulators from the UK, Canada, Australia, China, the United States of America, South Africa, France, the European Commission and international regulators. Interviewees also included a leading US litigation lawyer and representatives of the world’s leading accounting and auditing practices.

Financial Reform: a Framework for Financial Stability

The Group of Thirty (G30) has issued a report called "Financial Reform: a Framework for Financial Stability." The report addresses flaws in the global financial system and provides 18 specific recommendations to: improve supervisory systems by redefining the scope, boundaries and structure of prudential regulation; enhance the role of the central banks; improve governance practices and risk management; address pro-cyclicality via capital and liquidity standards; enhance accounting practices; strengthen the financial infrastructure; and increase coordination internationally.

Canada - Updated comparison of IFRS and Canadian GAAP

Canada's Accounting Standards Board (AcSB) has issued an update to its comparison of Canadian GAAP to International Financial Reporting Standards (IFRS) as of July 31, 2008. (View the AcSB Summary Comparison and the Detailed Comparison.)

Deloitte - IFRS curriculum materials available

Deloitte (United States) is making available a complete set of IFRS course materials through Deloitte's IFRS University Consortium. Featuring on-campus lectures and transcripts from Deloitte subject matter leaders, actual case studies and case solutions, the course is available free to all colleges and universities. Course materials are divided into sessions, with each session containing a unique set of presentations, case studies and lecture notes.

France - AMF recommendations for 2008 IFRS financial statements

As a European Union (EU) member state, France requires companies whose securities trade on a regulated market to use International Financial Reporting Standards (IFRS) for preparing consolidated financial statements. The securities regulator, Autorité des Marchés Financiers (AMF) has issued its Recommendations Regarding Financial Statements for 2008.

Deloitte - Model Financial Statements for 2008

Deloitte's Asia-Pacific IFRS Centre of Excellence in Hong Kong has published illustrative financial statements for the year ended December 31, 2008. Because Hong Kong Financial Reporting Standards (HKFRS) are virtually identical to IFRS, these statements also illustrate compliance with IFRS for 2008. The HKFRS Model Financial Statements for 2008 and related IFRS presentation, disclosure and compliance checklists are available on Deloitte's Model Financial Statements Webpage.

Canada - IFRS teaching supplements for Advanced Accounting

The Chartered Accountants of Canada have released IFRS teaching supplements for Advanced Accounting. The teaching material, Filling the GAAP to IFRS: Teaching Supplements for Canada’s Accounting Academics is available on the Transition to International Standards website of the Canadian Institute of Chartered Accountants (CICA).

IASC Foundation publishes IFRS Taxonomy 2009

The IASC Foundation has announced the release of the near final version of the IFRS Taxonomy 2009 for public comment. The IFRS Taxonomy 2009 is a translation of IFRS as issued at December 31, 2008 into XBRL. (Read the Press Release.)

IASB / FASB - Financial Crisis Advisory Group

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have announced the membership of the Financial Crisis Advisory Group (FCAG). The FCAG is the high-level advisory group set up by the boards to consider financial reporting issues arising from the global financial crisis. The first meeting will take place in London on January 20, 2009.