NASBA recommends SEC withdraw its Roadmap

The National Association of State Boards of Accountancy (NASBA) has issued a letter recommending that the US Securities and Exchange Commission (SEC) withdraw its Roadmap For The Potential Use Of Financial Statements Prepared In Accordance With International Financial Reporting Standards By US Issuers. To eliminate uncertainty for US issuers, investors, creditors and other members of the public, NASBA also recommends that the SEC’s withdrawal take place as early as possible. Nonetheless, NASBA urges the SEC to continue its support of the joint efforts of the IASB and the FASB to converge standards, to the extent possible, as they work to their target completion date of 2011. NASBA’s mission is to enhance the effectiveness of the 55 State Boards of Accountancy in the United States. (Read the NASBA letter.)

KPMG - IFRS compared to Canadian GAAP

KPMG has published IFRS compared to Canadian GAAP: An overview (Second Edition 2008/9). The purpose of this publication is to assist in understanding the significant differences between International Financial Reporting Standards (IFRS) and Canadian Generally Accepted Accounting Principles (Canadian GAAP). The full range of insights on today's business issues are available on the KPMG Canada website.

Standards Advisory Council meeting on February 23 and 24, 2009

The Standards Advisory Council (SAC) is a forum for the International Accounting Standards Board (IASB) to consult a wide range of representatives from user groups, preparers, financial analysts, academics, auditors, regulators, professional accounting bodies and investor groups that are affected by and interested in the IASB's work. The Council meets three times a year to advise the IASB on a range of issues, including the IASB’s agenda and work program. It will be meeting on February 23 and 24, 2009 at Renaissance London Chancery Court Hotel. The agenda and timetable are posted in advance of the meeting on the IASB website but are subject to change. (Review the SAC Meeting Agenda.)

Deloitte - survey of interim reports using IFRS

Deloitte (UK) has published Our Better Halves which surveys the interim financial reports of 130 UK listed companies. The publication reviews the different presentations adopted in half-yearly financial statements and how companies complied with the requirements for an Interim Management Report. It is aimed at directors and controllers of public companies, as well as non-executive directors, including audit committee members.

IASB Update – January 2009

Periodically, the International Accounting Standards Board (IASB) issues a newsletter on its activities. The IASB Update is published as a convenience to constituents. The reported conclusions are tentative and may be changed or modified at future IASB meetings.

AICPA Updates IFRS Backgrounder

In the US, the American Institute of Certified Public Accountants (AICPA) recently updated the AICPA IFRS Backgrounder to incorporate significant trends and events that took place in 2008. To gain a better understanding of those developments, visit the AICPA’s website on IFRS resources.

Canadian Standards in Transition

With Canadian accounting and auditing standards undergoing significant changes, the Chartered Accountants of Canada are helping the wider business community to stay on top of the latest developments and available resources. The Canadian Standards in Transition website provides a gateway to the CA profession’s information and learning resources for International Financial Reporting Standards (IFRS) for Publicly Accountable Enterprises, changing standards for Private Enterprises, Not-for-Profit Organizations, Public Sector Entities and International Standards for Auditing. The website contains a full range of resources, education opportunities, support tools and the latest developments in changing Canadian Standards.

IASB and the IASC Foundation – Quick Reference Guide

The International Accounting Standards Board has published an updated version of IASB and the IASC Foundation – Who We Are and What We Do. The booklet contains information about the organization including its mission, structure, due process, lists of Board members, IASCF Trustees, senior staff, funding, use of IFRS and contact details.

IFRS 2009 Bound Volume

IFRS 2009 (English) is the only official printed edition of the consolidated text of the IASB's authoritative pronouncements. This edition presents in a single volume the latest version of International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC and SIC Interpretations. It also contains the supporting documents — illustrative examples, implementation guidance, bases for conclusions and dissenting opinions — as issued by the IASB at January 1, 2009. (Register your interest on the IASB website.)

Countdown - Deloitte Canada’s IFRS transition newsletter

Deloitte Canada has published the January 2009 one-year anniversary issue of their Countdown IFRS transition newsletter. The newsletter discusses practical issues Canadian companies are facing in IFRS transition and provides an update on recent IFRS events. (Also refer to other Deloitte IFRS Resources.)

SEC extends deadline on proposed Roadmap

The US Securities and Exchange Commission (SEC) has extended the comment period on the Proposed Roadmap for domestic US registrants to convert to International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. The original comment deadline was changed to April 20, 2009. The Roadmap could require that US issuers use IFRS by 2014. (View the SEC's Announcement and learn more at Spotlight On: Global Accounting Standards.)