Countdown - Deloitte Canada’s IFRS transition newsletter

Deloitte Canada has published the March 2009 issue of the 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.)

IFRIC Update – March 2009

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

Financial Crisis Advisory Group Distributes Letter to G-20

The IASB / FASB joint Financial Crisis Advisory Group (FCAG) has issued a letter for distribution to the members of the G-20. (Read the FCAG Letter.)

Webcast on SEC's XBRL implementation requirements

The Securities and Exchange Commission (SEC) recently released its rules requiring public companies to submit their financial statements in XBRL format. A CPA panel will present a live webcast on April 1, 2009 (from 2 p.m. to 3:30 p.m.) to explain XBRL implementation requirements. The panel will discuss the effects of the SEC's rules on companies, accountants and investors and how this technology will change the way companies communicate and disseminate information to stakeholders. (Register for the free webcast online.)

EFRAG endorses revision to IFRS 1

The European Financial Reporting Advisory Group (EFRAG) has submitted to the European Commission its Endorsement Advice regarding the revision to IFRS 1 "First-time Adoption of International Financial Reporting Standards." EFRAG's advice is that the revision to IFRS 1 should be endorsed. (Read the EFRAG Endorsement Advice Letter and the Effects Study Report.)

PwC - Cash is cash, isn’t it?

In times of economic distress, there is a greater focus on cash. A high profile proposal in the IASB and FASB discussion paper on financial statement presentation concerns the cash flow statement. IFRS reporters may currently present a cash flow statement on either a direct or an indirect basis, but the Boards are proposing only to permit the former in the future. That is, all cash flow statements should be presented on a direct basis. But what do ‘direct’ and ‘indirect’ mean? (Read the PricewaterhouseCoopers (PwC) IFRS blog posting Cash is cash, isn’t it?)

IASB and FASB taking steps on global financial crisis

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have announced further steps in response to the global financial crisis following their joint board meeting in London on March 23 and 24, 2009. (Read the IASB Press Release and CAmagazine web article More steps from IASB and FASB.)

CESR extracts of IFRS enforcement decisions

The Committee of European Securities Regulators (CESR) publishes extracts of selected decisions to foster appropriate and consistent application of IFRS in the European Union (EU). CESR has published a new set of extracts from its confidential database of enforcement decisions taken by EU national enforcers of financial information. The first publication was in April 2007. CESR plans to publish further extracts from this database on a regular basis. (View the Press Release.)

IFRS: A Preparer's Point of View

IFRS adoption is a multiyear project that requires not only strong governance, but leaders who will sustain momentum over the life of the project. Creation of a steering committee under the oversight of the audit committee can help sustain this momentum and can provide high-level organizational support for the project. The steering committee should comprise senior management representatives from accounting, tax, communications, human resources, investor relations, legal, information systems, manufacturing and sales. (For more information, read the article in Journal of Accountancy, IFRS: A Preparer's Point of View.)

KPMG - Managing the Transition to IFRS

Time is passing quickly for Canadian enterprises moving to IFRS and important deadlines are approaching. In the fourth publication in this series, KPMG reviews some factors to consider in deciding whether to move to IFRS on January 1, 2011 or to make an earlier changeover and, for SEC registrants, whether to report in US GAAP or IFRS. (Read the KPMG booklet Managing the Transition to IFRS: Moving Forward.)

Deloitte - Strategic Choices on the Conversion to IFRS

Deloitte (Canada) has published Beyond Compliance: Strategic Choices on the Conversion to IFRS. This booklet identifies a broad range of issues that companies should consider – many of which are beyond accounting – in developing their plan for conversion to IFRS. In Canada, all publicly accountable profit-oriented enterprises must adopt IFRS starting in 2011.

Deloitte - Checklist of Standard-Setting Activities in Canada

Deloitte (Canada) has prepared a Checklist of Standard-Setting Activities in Canada. The checklist is a monthly newsletter that briefly describes new rules and standards that affect financial reporting from Canadian standard-setters and regulators. It briefly describes those pronouncements and indicates their effective date, transition application and entities affected. There are hyperlinks to underlying details.

IASB asks for views on FASB proposals

The IASB is seeking views on proposals from the US Financial Accounting Standards Board (FASB) that deal with guidance on fair value measurement and impairments of financial instruments. (Read the IASB Press Release and download the Request for views .)

ASBJ and IASB review progress on convergence

The Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) held their ninth meeting to accelerate convergence of Japanese generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS). (Read the IASB Press Release.)

CICA Annual IFRS Conference - Critical Issues in Implementation

The Canadian Institute of Chartered Accountants (CICA) is holding its annual IFRS conference on June 4, 2009 at the Metro Toronto Convention Centre in Toronto, Ontario, Canada. This one-day conference will provide practical guidance on the most critical issues and decisions facing companies that are adopting IFRS. (For more information, visit the CICA website.)

Adopting IFRS in Canada (March 2009)

Canada's Accounting Standards Board (AcSB) has issued a second omnibus Exposure Draft, Adopting IFRS in Canada (March 2009). It will incorporate into the CICA Handbook a number of standards and interpretations issued by the IASB since the 2007 Bound Volume, along with new introductory material. Comments are requested by May 15, 2009.

EFRAG Endorsement Status Report - March 2009

The European Financial Reporting Advisory Group (EFRAG) has updated its Endorsement Status Report as at March 6, 2009. The report contains an overview by issued IASB standard and IFRIC interpretation, listing the date of the endorsement and the date the endorsed standard / interpretation was published in the Official Journal of the European Union. The report also provides an overview of standards and interpretations pending endorsement and the dates EFRAG is expected to issue its advice.

IFRS Bound Volume 2009 - now available

International Financial Reporting Standards 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 and the supporting documents — illustrative examples, implementation guidance, bases for conclusions and dissenting opinions — as issued by the IASB at January 1, 2009.

IASB enhances financial instruments disclosures

The International Accounting Standards Board (IASB) has issued amendments that improve the disclosure requirements about fair value measurements. The amendments reinforce existing principles for disclosures about the liquidity risk associated with financial instruments. (Read the IASB Press Release.)

Resources on the Global Financial Crisis

The Canadian Institute of Chartered Accountants (CICA) has developed information resources to help leaders in Canada’s business and governance communities manage during these challenging times. The resources on the Global Financial Crisis are provided along with relevant commentary, guidance and announcements from Canada's Accounting Standards Board (AcSB), Auditing and Assurance Standards Board (AASB) and Accounting Standards Oversight Council (AcSOC).

Is the SEC still moving to IFRS?

IASB Chairman Sir David Tweedie met recently with the new chair of the US Securities and Exchange Commission, Mary Schapiro who indicated that she would not “feel bound” by the SEC Roadmap. She also criticized the IASB in a letter to Congress, saying that she “is not prepared to delegate standard-setting or oversight responsibility to the IASB.” (Read articles in WebCPA, AccountancyAge and CPA2Biz.)

Countdown - Deloitte Canada’s IFRS transition newsletter

Deloitte Canada has published the February 2009 issue of the 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.)

Standards Advisory Council holds first meeting

The reconstituted Standards Advisory Council (SAC) held its first meeting on February 23-24, 2009 in London. The agenda for the 42 representatives included an overview of the SAC’s role and function within the structure of the IASC Foundation and a discussion about how the SAC can best fulfill its mandate. (Read the IASB Press Release.)