IASB / US - Standard setters comment on progress toward G-20 recommendations

Financial Accounting Standards Board (FASB) Chairman, Robert Herz, and International Accounting Standards Board (IASB) Standards Advisory Council Chairman, Paul Cherry, discuss the progress made toward the Group of 20 nations' recommendations to improve accounting for financial instruments, such as mortgage-backed securities. (View the online video, G-20 Accounting Update, at JournalofAccountancy.com.)

IASB - Live web presentation on proposals for rate-regulated activities

On October 5, 2009, the staff of the International Accounting Standards Board (IASB) will give a live web presentation on the recently published exposure draft on accounting for rate-regulated activities. (Read the IASB Press Release and register to participate. )

IASB - Sir David Tweedie addresses the Economic and Monetary Affairs Committee

On September 28, 2009, Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB) addressed the Economic and Monetary Affairs Committee of the European Parliament in Brussels. He spoke about the IASB response to the financial crisis and, in particular, its response to issues raised by EU institutions. (Read the IASB Press Release.)

US - G-20 calls for single set of global accounting standards by June 2011

In an agreement reached to make dozens of changes to the regulation of financial markets, systems and institutions, the leaders of the G-20 called on “international accounting bodies to redouble their efforts to achieve a single set of high quality, global accounting standards within the context of their independent standard setting process and complete their convergence project by June 2011.” The joint statement also said the International Accounting Standards Board's institutional framework should further enhance the involvement of various stakeholders. (Read the article "G-20: Achieve Single Set of Global Accounting Standards by June 2011" at JournalofAccountancy.com.)

IASB - IASC Foundation Monitoring Board

The Trustees of the IASC Foundation, the oversight body of the International Accounting Standards Board (IASB) welcomed a statement by the Monitoring Board, a group of public capital market authorities to whom the IASC Foundation established a public accountability link. In its statement of principles, the Monitoring Board emphasized the relevance of providing high-quality financial information to ensure the confidence of capital providers in making investment decisions. The Monitoring Board also highlighted the importance of "independence and transparency in the standard setter’s due process." (Read the IASB Press Release and the full Monitoring Board statement available on the IOSCO website.)

IASB - IFRIC Update for August 2009

Periodically, the International Accounting Standards Board (IASB) publishes newsletters on its activities. IFRIC Updates are published as a convenience to the IASB’s constituents. The reported conclusions are tentative and may be changed or modified at future IFRIC meetings. (Read the August 2009 IFRIC Update.)

IASB - Updates for September 2009

Periodically, the International Accounting Standards Board (IASB) publishes newsletters on its activities. IASB Updates are published as a convenience to the IASB’s constituents. The reported conclusions are tentative and may be changed or modified at future meetings. For September 2009, IASB Update has a new format and is also an online document. (Read the September 2009 IASB Update and the special update on the IASB September 22, 2009 meeting. )

US - Educators say students need IFRS to remain competitive

According to a survey by the American Accounting Association (AAA) and KPMG LLP, nearly half of accounting professors said the United States needs to adopt global standards to remain competitive, and three-quarters think International Financial Reporting Standards (IFRS) need to be immediately incorporated into their curricula. When asked to assess their university’s preparedness to teach IFRS, only 8% thought at least half of their school’s accounting faculty were qualified to teach it. Slightly more than half of the professors (55%) were also concerned that administrators do not understand the magnitude of the curriculum change required to respond to IFRS adoption in the United States. (Read the article "Accounting Educators Say U.S. at Disadvantage Without IFRS" at JournalofAccountancy.com)

Canada - IFRS and Information Technology

With the upcoming transition to International Financial Reporting Standards (IFRS), it is time to consider the impact of the transition on information technology and the critical steps that need to be addressed throughout the conversion. A recently archived webinar, sponsored by PTC Accounting and Finance, outlines the specific aspects that need to be addressed to ensure a smooth transition. (View all webinar series on the Chartered Accountants of Canada website.)

Canada - IFRS Immersion Course in Toronto

The Chartered Accountants of Canada are offering an IFRS Immersion Course on October 13-16, 2009 in Toronto, Ontario. This four-day program provides comprehensive coverage of important International Financial Reporting Standards (IFRS) including: financial statement presentation; fair value measurement; property, plant and equipment; financial instruments; impairments; provisions; and revenue recognition. The program includes in-class technical lectures and facilitated workgroup sessions using case studies designed to illustrate the application of concepts and information learned in the lecture sessions. (For more information and to obtain a course brochure, visit the continuing education website.)

US - SEC wants to speed transition to IFRS

The Securities and Exchange Commission (SEC) in the United States is planning to help companies make a rapid transition to International Financial Reporting Standards (IFRS). The need for IFRS is generally agreed to by most companies but they are concerned about how to make the transition. The SEC is going to refocus on the "roadmap" for IFRS that it has prepared in order to help companies make the change. (Read the articles “Global Standards Alive and Kicking, SEC Accounting Chief Says” at CFO.com and “SEC to refocus on IFRS roadmap –official” at Reuters.com.)

Canada - Exposure Draft on Rate-Regulated Activities

Canada’s Accounting Standards Board (AcSB) has issued an exposure draft to adopt a standard on Rate-regulated Activities. It corresponds to the IASB exposure draft on this topic which was issued in July 2009. The standard will apply to Canadian publicly-accountable enterprises at changeover to IFRS. Comments are requested by November 20, 2009. (Read the AcSB exposure draft on “Rate-regulated Activities” and the related IASB exposure draft and comment letters. )

Canada - PwC Financial Reporting Release August 2009

The August 2009 issue of the PricewaterhouseCoopers (PwC) Financial Reporting Release covers the following matters: The Future of Canadian GAAP; Crossing over to IFRS; Canadian GAAP for Private Enterprises; Reflections on the Financial Crisis; Global GAAP Convergence; Financial Instruments; Fair Value Measurement; Fair Value and Liquidity Disclosures; Investments in Debt Securities; Consolidation and Asset Derecognition; Rate-Regulated Activities; Income Taxes; Earnings per Share; and Emerging Issues Committee Abstracts. (Review the current and prior issues of Financial Reporting Release on the PwC website.)

IASB - Trustee letter to G20 participants

The Trustees of the IASC Foundation have issued a letter to participants of the upcoming G20 meeting on September 24-25, 2009 in Pittsburgh, US. The purpose of the letter is to inform the leaders of G20 countries of the progress that the IASC Foundation and the IASB have made in response to the G20 recommendations on accounting standards agreed at the Leaders Summits in Washington in November 2008 and in London in April 2009. (Read the Trustee Letter to G20 Participants.)

IASB - Fair value measurement roundtables

In November and December 2009, the International Accounting Standards Board (IASB) will hold roundtable discussions on its proposals for fair value measurement. Roundtables will be held in North America, Asia and Europe. Details of dates, times and locations are now available on the IASB website.

US - IFRS Risk Planning and Controls Execution

The US Securities and Exchange Commission (SEC) proposed roadmap for the adoption of International Financial Reporting Standards (IFRS) may require that companies perform US GAAP / IFRS parallel accounting over a multiyear period. Companies can leverage the expertise of their Sarbanes-Oxley compliance staff to evaluate the effects of IFRS conversion on business processes and internal control over financial reporting. (Read the article "IFRS Risk Planning and Controls Execution: Strategic considerations for financial managers" in the September 2009 Journal of Accountancy online.)

US - Deloitte IFRS Survey Results 2009

According to a recent survey by Deloitte, 89% of financial executives view mandatory conversion to International Financial Reporting Standards (IFRS) in the United States as either highly likely or somewhat likely. The July 2009 survey of more than 245 financial executives found that 59% view mandatory conversion as highly likely. In addition, 80% of the respondents are currently taking action or planning to take action on IFRS conversion. (Read the Deloitte IFRS Survey Results 2009. )

Canada – FYI Newsletter for September 2009

Canada’s Accounting Standards Board (AcSB) has issued its FYI Newsletter for September 2009. In addition to the message from the Chair, the newsletter includes articles on a third omnibus exposure draft, first-time adoption of IFRS, fair value measurement, impairment of debt securities, financial instruments, pension plans and rate-regulated activities.

Canada – New IFRS Discussion Group

Canada’s Accounting Standards Board (AcSB) has announced the appointments to its IFRS Discussion Group (IDG). The purpose of the IDG is to assist the AcSB in identifying issues relating to the application of International Financial Reporting Standards (IFRS) in Canada. The IDG will be a public forum in which such issues can be discussed. It will make recommendations as to whether particular issues should be referred to the International Accounting Standards Board (IASB) or the IASB’s International Financial Reporting Interpretations Committee. The first meeting will be on Wednesday November 25, 2009 in Toronto, Canada.

IASB - Proposed name change to "International Financial Reporting Standards Board"

The Trustees of the IASC Foundation are seeking views on the proposal to change the name of the organization to the "International Financial Reporting Standards Foundation" which will be abbreviated to "IFRS Foundation." The Trustees also seek views on the proposal to mirror this change by renaming the International Accounting Standards Board (IASB) as the "International Financial Reporting Standards Board" which will be abbreviated to "IFRS Board." Comments are due by November 30, 2009. (The request for comments is on page 9 of Part 2 of the Constitution Review - Proposals for Enhanced Public Accountability.)

IASB - Review of the IASC Foundation Constitution

The International Accounting Standards Committee Foundation (IASC Foundation), the oversight body of the International Accounting Standards Board (IASB), has published for public comment proposals on the second part of the IASC Foundation Constitution. The objectives of the proposals are to enhance governance, improve the involvement of stakeholders with a broad range of perspectives in both developed and emerging markets, and make operational improvements. (Read the IASB Press Release and listen to Constitution Round Tables London, audio files. Also, refer to Part 2 of the Constitution Review - Proposals for Enhanced Public Accountability.)

Japan - Accelerating convergence with IFRS

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

US - Center for Audit Quality offers guide on IFRS

The Center for Audit Quality (CAQ), which is affiliated with the American Institute of Certified Public Accountants (AICPA), has developed a Guide to International Financial Reporting Standards (IFRS). The CAQ developed the Guide to IFRS in recognition of the timeline in the US Securities and Exchange Commission (SEC) proposed IFRS roadmap and the critical decisions that must be made regarding the use of global accounting standards in the US. The Guide will provide investors, policymakers and other capital market stakeholders with a timely, accessible and objective introduction to the debate over a single set of high-quality global accounting standards.

US - IFRS critic Niemeier to leave PCAOB

Charles D. Niemeier, a prominent critic of the proposed US transition to International Financial Reporting Standards (IFRS), has announced that he will leave the Public Company Accounting Oversight Board (PCAOB). He said in a speech last September that moving to IFRS would be a setback both for business and the US regulatory system. "We have the lowest cost of capital in the world. Do we really want to give that up?" he told a meeting of the New York State Society of CPAs. (Read "IFRS Critic to Leave Accounting Firm Regulator" and related articles at CFO.com.)

US - IFRS ripples throughout the CPA profession

International Financial Reporting Standards (IFRS) have made great inroads over the past five to seven years. The US Securities and Exchange Commission (SEC) has proposed a timetable, open for public comment, that will allow/require listed companies to use IFRS starting in 2014 or earlier. For big and small CPA firms, members in industry, accounting educators, investors, tax professionals, bankers, board members, auditors and financial analysts, the financial world will change by a magnitude unseen by most who are currently working in the accounting field and related professions. The most significant challenge now is how to get the horse (IFRS-specific knowledge) in front of the cart (financial statement preparation and reporting using IFRS) where it belongs. (Read the article "IFRS ripples throughout the profession" at AccountingWeb.com.)

IASB - North American Roundtables on Financial Instruments

The International Accounting Standards Board (IASB) has scheduled North American roundtables on financial instruments. The roundtables will be held in Norwalk CT (US) on September 14, 2009. An audio recording of the discussions will be available on the IASB website shortly after the roundtables.

IASB - Meeting of World Standard Setters

The International Accounting Standards Board (IASB) has scheduled a meeting of the World Standard Setters on September 10-11, 2009 in London UK. The meeting agenda and information on the projects to be discussed in plenary sessions are available on the IASB website.

US - Momentum fading for move to IFRS

Last year, Christopher Cox, then chairman of the Securities and Exchange Commission (SEC), unveiled a roadmap for the conversion to International Financial Reporting Standards (IFRS) in the United States. Since then, regulators and standard setters have considered recommendations from the SEC's Committee on Improvements to Financial Reporting, but the SEC has delayed addressing the more controversial ideas. (Read the article "Simplified Reporting: Forgotten in the Crisis?" at CFO.com.)

UK - Accounting Standards Board moves to end UK GAAP

The Accounting Standards Board (ASB) is an operating body of the Financial Reporting Council, an independent regulator in the United Kingdom (UK). The ASB has released the draft version of a policy that would lead to a future where UK GAAP will cease to exist. "The recent publication by the IASB of its IFRS for SMEs provides the board with the opportunity to consult on what we see as the future framework for financial reporting by UK and Irish entities," said Ian Mackintosh, chairman of the ASB. (Read more in the Accountancy Age (London) online article "ASB sounds death knell for UK GAAP.")

Canada - Financial Reporting & Accounting Conference

The Chartered Accountants of Canada are offering an intensive multi-tracked financial reporting and accounting conference in Toronto on September 16-18, 2009. The conference will include a wide selection of optional post-conference workshops. Expert speakers will deliver interpretations and insight on current technical issues, laced with practical, real-life examples to help deal with the critical issues that are relevant to an organization. Questions posed on-line prior to the conference or in person at the conference will receive informative and timely answers during the presentations. Public sector participants will examine the latest developments and strategic direction of public sector financial reporting. (For more information and to register, visit the conference website.)

Canada - AcSB Decision Summary

Canada's Accounting Standards Board (AcSB) has issued a Decision Summary for August 25, 2009. It contains an executive summary of discussions and decisions with respect to the topics addressed at this meeting: International Activities; Private Enterprise Strategy; and IFRS Discussion Group. (Read the AcSB Decision Summary.)