FCAG letter to G-20 leaders

The Financial Crisis Advisory Group (FCAG) was established by the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) to advise the two Boards about the standard-setting implications of the global financial crisis and potential changes to the global regulatory environment. As part of its work, the FCAG is helping the Boards develop their priorities in this area and promoting coordination among the two Boards, the international supervisory community and industry participants. The FCAG will issue its report in July 2009. (Read the FCAG letter to G-20.)

IASC Foundation - Conferences and workshops (2009)

The IASC Foundation organizes, co‑brands and participates in numerous conferences, workshops, seminars and presentations each year as part of its education initiative. (For more information, visit the IASB website.)

IASB sets timetable for IAS 39 replacement

The International Accounting Standards Board (IASB) has set out a detailed six-month timetable for publishing a proposal to replace its existing financial instruments standard, IAS 39 Financial Instruments: Recognition and Measurement. The IASB also announced the results of its 30-day accelerated consultation on the Staff Positions (FSPs) on fair value measurement and impairment published recently by the US FASB. (Read the IASB Press Release.)

EFRAG response on fair value measurement guidance

The European Financial Reporting Advisory Group (EFRAG) has submitted its response on the International Accounting Standards Board (IASB) request for views on the US Financial Accounting Standards Board (FASB) amendments to fair value measurement guidance and impairment recognition. (Read the EFRAG response letter and visit the project webpage for more information.)

IASB and the IASC Foundation – Quick Reference Guide

The International Accounting Standards Board (IASB) has published an updated version of IASB and the IASC Foundation – Who We Are and What We Do (April 2009). 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.

IASB roundtables on consolidation and derecognition of financial instruments

The International Accounting Standards Board (IASB) has announced details of roundtable discussions on consolidation and the derecognition of financial instruments. The roundtables follow the publication of the IASB’s proposals on consolidation and on derecognition in December 2008 and March 2009 respectively. Discussions will take place in June 2009 and will be held in Asia, Europe and North America. (Read the IASB Press Release.)

CFA Institute Polls Investment Professionals on IFRS

There is ongoing debate regarding plans for adoption of International Financial Reporting Standards (IFRS) in the United States. To better inform its response on the Securities and Exchange Commission (SEC) "Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards," the CFA Institute (the global association for investment professionals) polled members regarding the global use of a single set of high quality accounting standards. Overall, 91 percent of respondents support having companies throughout the world use a single set of accounting standards to prepare general purpose financial statements. (Read the CFA Institute survey results.)

ICAEW urges SEC to move quickly on IFRS

The global financial crisis has demonstrated the need for global accounting rules, according to a recent submission to the United States Securities and Exchange Commission (SEC) by the Institute of Chartered Accountants in England and Wales (ICAEW), Europe's largest professional accountancy body. The ICAEW stresses that the SEC should press forward with implementation of International Financial Reporting Standards (IFRS) to minimize uncertainty by US businesses. (Read the article online at Accountancy Age.)

Canada - Webinar on IFRS 1

Recognizing the significant effort needed to make the transition to International Financial Reporting Standards (IFRS), IFRS 1 was developed to help first-time adopters. A free webinar will be held on April 27, 2009 at 12:30pm to provide an overview of IFRS 1, including choices available and how they may impact the financial statements. The speakers will provide perspectives on IFRS 1 in practice – application of the rules and insights relevant to the Canadian environment. Communication is important throughout the transition process and so the session will also review relevant MD&A disclosure leading up to the changeover. The webinar series is made available by the Canadian Institute of Chartered Accountants (CICA) and is open to everyone. (Register for the Report on Industry free webinar and also access the archives of the webinar series.)

Access to IFRS and related materials

The IASC Foundation’s mission is to develop, in the public interest, a single set of high quality, understandable International Financial Reporting Standards (IFRS) for general purpose financial statements. The IASB website now provides the links to access IFRS and IAS Summaries, the accompanying material and translations. It also provides important information about copyright policy and terms of use.

IASB concludes 2007-2009 annual improvements

The International Accounting Standards Board (IASB) has issued its latest set of annual improvements. This is a collection of amendments to 12 International Financial Reporting Standards (IFRS). (Read the IASB Press Release and access the Annual Improvements project page.)

Deloitte (US) IFRS survey - March 2009

Deloitte (United States) has made available the results of a March 2009 IFRS survey. The survey gathered information about how companies perceive the Securities and Exchange Commission's (SEC) proposed IFRS roadmap and how companies are approaching IFRS, in light of regulatory uncertainty. According to the survey, 75% of respondents supported or strongly supported moving toward a single set of high-quality accounting standards, such as IFRS and 62% agreed or strongly agreed that the SEC should establish a date for requiring US companies to use IFRS. Nonetheless, 64% stated that no budget has yet been allocated for IFRS conversion. (Read the Deloitte 2009 IFRS Survey Results.)

Canada’s IFRS Advisory Committee — Report on Public Meeting

At its January 2009 meeting, Canada's IFRS Advisory Committee (IAC) discussed the changeover date with respect to the current economic environment, observations of the implementation of IFRS in Canada so far, the recent standard-setting activities around industries affected by rate-regulation and a number of the IASB’s documents for comment. (View the Report on Public Meeting.)

Guide to IFRS in Canada - 2009

The 2009 edition of The CICA's Guide to IFRS in Canada is now available. This reference guide provides an overview of the key aspects of the adoption of IFRS. Included in the guide is a comparison of Canadian standards to the related IFRS, as at July 31, 2008. The comparison highlights the key differences and notes any work in process that may affect the standard in the
future. The comparison is organized in the order of the current Canadian standards. A table of IFRS in numerical order, cross-referenced to the CICA Handbook, and a table of IFRS with no current Canadian GAAP equivalents are also included. The guide contains helpful information on effects of the adoption of IFRS and implementation tips.

O'Malley appointed Chair of Canada’s Accounting Standards Board

Patricia O'Malley will take over as Chair of Canada’s Accounting Standards Board (AcSB) effective June 2009. She had served as Chair of the AcSB from October 1999 until her appointment to the International Accounting Standards Board (IASB) in January 2001. In June 2007, on completion of her term on the IASB, she became the IASB's Director of Implementation Activities, managing IFRIC Interpretations and improvements projects. (Read the Announcement.)

IASB Responds to G20 Recommendations and US GAAP Guidance

The International Accounting Standards Board (IASB) has responded to recent recommendations of the leaders of Group of Twenty (G-20) countries regarding accounting standards and to recent decisions taken by the US Financial Accounting Standards Board (FASB). (Read the IASB Response and G-20 Recommendations.)

IASC Foundation issues IFRS Taxonomy 2009

The International Accounting Standards Committee (IASC) Foundation has released the IFRS Taxonomy 2009 and published the Due Process Handbook for XBRL Activities for public comments. (Read the Press Release.)

PwC - IFRS News March 2009

IFRS News is a monthly global publication issued by PricewaterhouseCoopers (PwC). The publication provides Canadian-specific content in The Canadian Report, IASB technical updates and PwC insights into the impact of the adoption of International Financial Reporting Standards (IFRS).

AICPA Case Study: Laying the Groundwork for IFRS

The AICPA has posted a case study on its IFRS Resources website. The case study on United Technologies provides an inside look at the team of CPAs responsible for developing the corporation's IFRS conversion and implementation plan, establishing IFRS policy and disseminating IFRS guidance to the company's far-flung entities around the world. (Read the Case Study: Laying the Groundwork for IFRS.)

AICPA International Business, Accounting, Auditing and Tax Conference

The AICPA International Business, Accounting, Auditing and Tax Conference will take place on April 30 and May 1, 2009 in Washington, D.C. The conference offers several sessions on International Financial Reporting Standards (IFRS) throughout the agenda. In addition, an optional pre-conference workshop on IFRS implementation will provide an in-depth look at how companies are scoping IFRS projects, project planning and more. (Get more information or register.)

FASB Gives Cautious Response to IFRS Roadmap

The US Financial Accounting Standards Board (FASB) and its parent organization, the Financial Accounting Foundation (FAF), recently sent a comment letter to the Securities and Exchange Commission (SEC) giving a thumbs-up to the proposed roadmap to International Financial Reporting Standards (IFRS), but they urged more consultation and study. (Read the FAF/FASB Comment Letter and the WebCPA article.)

Roundtable on IFRS adoption in Canada

Interested parties are invited to attend a roundtable meeting to discuss the challenges in preparing for the adoption of International Financial Reporting Standards (IFRS) by publicly accountable enterprises in Canada. Information about Canada's Accounting Standards Board strategy for adopting IFRS is available online. The roundtable will be held from 1.30pm-3.30pm on Monday, April 20, 2009 in Montreal, Quebec. (To participate in this roundtable, visit the CICA website.)

G-20 leaders must commit to IFRS

The CEO of the Institute of Chartered Accountants in England and Wales writes that leaders at the Group of 20 (G-20) summit in London have the opportunity to help make the financial markets more sustainable and transparent. He argues that it is critical that the G-20 leaders make International Financial Reporting Standards (IFRS) the global accounting language. (Read the article "G20: mixed signals" at AccountancyAge.com)

Guessing the Costs of IFRS Conversion

According to a recent Accenture survey, companies in the United States believe they will spend more than European companies did to adopt International Financial Reporting Standards (IFRS). Depending on company size, executives estimate they will spend between 0.1% and 0.7% of annual revenue to move from United States GAAP to IFRS, an endeavor publicly traded companies in Europe undertook four years ago at an average cost of 0.05% of revenue. (Read the article "Guessing the Costs of IFRS Conversion" at CFO.com.)

IFRS: Accounting for People

The deadline to become IFRS-compliant in Canada is January 1, 2011. Doing so is more than an accounting exercise as it impacts constituencies across an organizational structure. The adoption of IFRS in Europe, South America, Japan and Australia suffered by focusing too much on finance and accounting and not devoting sufficient attention to other functions, such as human resources. Because IFRS can affect the human side of an organization, it is vital to include human resources in the implementation stage. (Read the article "Accounting for People" in CAmagazine.)