IASB update on financial instrument accounting

At the May 2009 meeting, the International Accounting Standards Board (IASB) agreed to issue for public comment an exposure draft on the classification and measurement of financial instruments by July 2009. It also agreed to publish a final standard in time for 2009 year-end financial statements. (Read the IASB Update.)

EFRAG Comment Letter on Financial Statement Presentation

The European Financial Reporting Advisory Group (EFRAG) has issued its final comment letter on the IASB/FASB Discussion Paper Preliminary Views on Financial Statement Presentation. (Read the EFRAG Letter.)

Canada - AcSB May 13-14, 2009 Decision Summary

Canada's Accounting Standards Board (AcSB) last met on May 13-14, 2009. An executive summary is available regarding the discussions and decisions on the topics addressed at that meeting: International Activities; AcSB Planning; Conceptual Framework; Derecognition; Economic Environment; Income Tax; Pension Plans; and Revenue Recognition. (Read the Decision Summary.)

CICA Annual IFRS Conference - Critical Issues in Implementation

The Canadian Institute of Chartered Accountants (CICA) will be holding a one-day IFRS conference on June 4, 2009. The conference will provide practical guidance on the most critical issues and decisions facing Canadian companies that are adopting International Financial Reporting Standards (IFRS). (Conference registration information is available on the CICA website.)

Canada - CSA Staff Notice 52-324 on IFRS changeover

The Canadian Securities Administrators (CSA) has issued CSA Staff Notice 52-324 which addresses issues regarding the changeover to International Financial Reporting Standards (IFRS). The notice is an update on: use of IFRS by a domestic issuer for periods beginning prior to January 1, 2011; requirements for interim financial statements in the year of IFRS adoption; and reference to IFRS and Canadian GAAP. (Read the CSA Notice 52-324.)

AICPA survey shows CPAs want more time for adopting IFRS

According to a survey by the American Institute of Certified Public Accountants (AICPA), CPAs gained familiarity with International Financial Reporting Standards (IFRS) over the past six months. When asked whether they think the Securities and Exchange Commission (SEC) proposed timeline should be changed, 47% said it should be delayed. Twenty-two percent supported the proposed timeline and 6% want it to be accelerated. The remainder were unsure. (Read the AICPA news release and article at JournalofAccountancy.com.)

KPMG - Managing the Risks of Doing Business Globally

The 2009 KPMG Global Issues Forum is sponsoring a live interactive video webcast at Hofstra University on Wednesday, May 27, 2009 from 9:30 a.m. – 10:30 a.m. (EDT). The webcast will focus on the current status of International Financial Reporting Standards (IFRS) and the potential for adoption of IFRS in the United States. The question and answer interview will feature Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB), and will be moderated by Henry Keizer, KPMG’s Global Head of Audit. Registration details will be available on May 18, 2009 on the website of the KPMG IFRS Institute.

Canada - Changeover to IFRS: January 1, 2011

Canada's Accounting Standard Board (AcSB) has published a bulletin called Changeover to IFRSs: January 1, 2011 (May 2009). The bulletin outlines the factors supporting the 2011 changeover date for the adoption of IFRS by publicly-accountable enterprises.

Canada - FYI Newsletter April 2009

Canada's Accounting Standards Board has published the FYI Newsletter - April 2009. It includes the Chair’s Message and articles on private enterprise GAAP, financial instruments, representing Canada on the international stage, rate-regulated operations, public company GAAP and the IASB’s consolidation proposals.

AICPA analysis of comment letters to SEC on IFRS roadmap

Many of the comment letters to the Securities and Exchange Commission (SEC) on its International Financial Reporting Standards (IFRS) Roadmap expressed support for the goal of high-quality, globally-accepted accounting standards. But, the Roadmap also triggered numerous criticisms. The video IFRS: SEC Roadmap Update highlights some of the most important issues with IFRS adoption. (Read Where Will the SEC Take the IFRS Roadmap?An AICPA Analysis of Comment Letters on the SEC's Proposal.)

2009 Financial Reporting in Canada Under IFRS

The Canadian Institute of Chartered Accountants (CICA) has recently published 2009 Financial Reporting in Canada Under IFRS. This publication (1,248 pages) aims to help preparers of financial statements, as well practitioners and students, obtain a better understanding of International Financial Reporting Standards (IFRS). It looks at IFRS from a Canadian perspective by examining and explaining IFRS requirements. It illustrates their application using extracts from financial statements of companies that have already adopted IFRS and discussing how those requirements differ under Canadian GAAP.

United States - Countdown to Codification Alert

The US Financial Accounting Standards Board (FASB) is sponsoring a series of weekly "Countdown to Codification" alerts. On July 1, 2009, FASB is instituting a major change in the way accounting standards are organized. On that date, the FASB Accounting Standards Codification is expected to become the single official source of authoritative, nongovernmental US generally accepted accounting principles (GAAP). After that date, only one level of authoritative GAAP will exist, other than guidance issued by the Securities and Exchange Commission (SEC). The FASB Codification is designed to make it easier to research accounting issues, but advance training is required to use the Codification. The weekly "Countdown to Codification" alerts will make that training easier. The FASB offers a free online tutorial as well as a recorded instructional webcast—The Move to Codification of US GAAP.

Canada - Income Tax Exposure Draft (April 2009)

Canada's Accounting Standards Board (AcSB) has issued an Exposure Draft proposing to replace the existing IFRS income tax guidance with a new standard recently proposed by the International Accounting Standards Board (IASB). The new income tax standard will apply to publicly accountable enterprises at changeover to IFRS. Comments are requested by July 31, 2009. (Read and comment on the Income Tax Exposure Draft - April 2009.)

Canada - decision on fair value and impairment of debt securities

Canada's Accounting Standards Board (AcSB) confirmed, following a special meeting, that the recent US guidance on determining the fair value of financial instruments is consistent with Canadian standards. The guidance deals with determining whether a market is inactive and whether a transaction is a distressed sale. The AcSB also decided to revise its standards on impairment of debt instruments to converge with international standards. It strongly supports the work of the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) to develop a new international standard on measurement and recognition of financial instruments. (Read the Accounting Standards Board Media Release.)

Canada - Transition to International Financial Reporting Standards

Regarding the transition to International Financial Reporting Standards (IFRS), Canada's Accounting Standards Board (AcSB) has reviewed the comments received at the roundtable that took place on April 20, 2009 in Montreal. After considering the input received about the challenges of adopting IFRS, the AcSB concluded that there were no compelling arguments that would require delaying the changeover date. It reconfirmed that Canadian GAAP for publicly accountable enterprises will be IFRS for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. (Read the Accounting Standards Board Decision Summary - April 29, 2009.)