Canada - Deloitte Countdown IFRS transition newsletter for October 2009

Deloitte Canada has published its Countdown IFRS transition newsletter - October 2009. The newsletter discusses:

• Time sensitive considerations before opening balance sheet date –  IFRS transition date;  
• 'The Real Deal' – privately held companies; 
• Omnibus Exposure Draft III – exposing existing IFRS for incorporation into Canadian GAAP; 
• Canadian Securities Administrators Accounting Alerts;
• Deloitte Publications and Events;
• International Round-up.

 

Canada - Financial Instruments Typescript

Canada's Accounting Standards Board (AcSB) has published a typescript of the Background Information and Basis for Conclusions relating to amendments to Section 3855, Financial Instruments — Recognition and Measurement, issued in December 2008, June 2009 and August 2009.

Canada - IFRS guidance for lawyers, bankers and investors

Canada's Accounting Standards Board (AcSB) staff has issued Bulletin #9 which emphasizes the need to anticipate how trend analyses, debt covenants and financial ratios that are included in contracts and used to make decisions will change when International Financial Reporting Standards (IFRS) are adopted. This is essential reading for lawyers, bankers and investors.

Canada - CPAB/AcSB IFRS webcast for small and mid-sized companies

The Canadian Public Accountability Board (CPAB) and Canada's Accounting Standards Board (AcSB) will host a webcast that will set out a roadmap for what small and mid-sized companies should be doing now to prepare for International Financial Reporting Standards (IFRS). It will be held on November 5, 2009 from 2:00pm to 3:00pm EST. (Register online for this free webcast. )

Canada - AcSB Decision Summary October 14, 2009

Canada's Accounting Standards Board (AcSB) has issued its Decision Summary for October 14, 2009. This is an executive summary of discussions and decisions with respect to the topics addressed at this meeting: International Activities; Not-for-Profit Organizations; and Structure of the CICA Handbook – Accounting.

EU - Comments requested on IASB’s strategic direction

The Group of European national standard-setters (France, Germany, Italy and the UK) and the European Financial Reporting Advisory Group (EFRAG) has asked for comments by November 9, 2009 from European constituents on the priorities of the International Accounting Standards Board (IASB), particularly the IASB’s strategic direction after June 2011. (Read the request document and submit comments on the project webpage.)

IASB - Expect new fair-value rule next month

International Accounting Standards Board (IASB) chairman, Sir David Tweedie, said he will release a new fair value accounting rule by November 2009. In an address to a meeting of European Finance Ministers, which have in the past been critical of the IASB’s response to the financial crisis, Tweedie has sought to ease concerns by announcing that he is on track to deliver a new fair value standard by the end of this year. (Read the article "Fair value standard will be released next month: Tweedie" in Accountancy Age online.)

IASB - Update to European Finance Ministers (ECOFIN)

Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB) has updated the European Finance Ministers (ECOFIN) on reforms to IAS 39 Financial Instruments.  He expained that the new standard on classification and measurement responds directly to the call of the G20 Leaders to reduce the complexity of accounting standards for financial instruments. He also noted that the IASB has taken into account the Basel Committee guiding principles on IAS 39 and the report of the Financial Crisis Advisory Group. The IASB is also working closely with the European Commission and the European Financial Reporting Advisory Group (EFRAG) to facilitate a smooth endorsement. (Read the IASB Press Release.)

US - AICPA survey shows CPAs look to SEC for leadership and direction

According to a recent survey conducted by the American Institute of Certified Public Accountants (AICPA), the United States accounting profession delayed taking steps to prepare for adoption of International Financial Reporting Standards (IFRS) over the last six months after the Securities and Exchange Commission (SEC) set aside its review of plans for adoption during the credit crisis. A 65% majority of CPAs said they want the SEC to address its plans for IFRS adoption by the end of the year. (Read the AICPA survey.)

US - How to leverage Sarbanes-Oxley compliance for IFRS convergence

Ernst & Young Senior Manager Steve Arnold offers quick, practical tips on steps for using internal control staff to facilitate the transition to International Financial Reporting Standards (IFRS). Watch the video "Leverage your SOX... " at Journal of Accountancy online. Also, for IFRS daily updates, training courses, case studies and other resources, visit IFRS.com.

Canada - AcSB Exposure Draft on Annual Improvements

Canada's Accounting Standards Board (AcSB) has issued an Exposure Draft (ED) that corresponds to the International Accounting Standards Board (IASB) August 2009 ED on Improvements to IFRSs. The amended standards resulting from the proposals would apply to Canadian publicly-accountable enterprises adopting IFRS in 2011. Comments are requested by November 24, 2009. (Read the AcSB October 2009 ED on Improvements to IFRSs.)

Canada - KPMG surveys on The IFRS Journey to Readiness

With January 1, 2010 transition dates fast approaching, and the market turbulence caused by the global recession notwithstanding, many Canadian publicly listed companies have made good headway in scoping and assessing the impact of converting to International Financial Reporting Standards (IFRS). With only a few months left before the transition date for most companies, however, most of the design and implementation activities associated with conversion have yet to be tackled. Following on The IFRS Journey to Readiness: Part 1, KPMG conducted a second survey in June and July 2009, asking 113 Canadian publicly-accountable enterprises to assess their IFRS conversion readiness in four phases: scoping, detailed assessment, design and implementation. KPMG has just released the second white paper in a series of surveys, entitled The IFRS Journey to Readiness: Part 2. (Other IFRS resources and tools are available on the KPMG website.)

Canada - IFRS Advisory Committee Report on Public Meeting

Canada's IFRS Advisory Committee (IAC) has issued its latest Report on Public Meeting. At its July 2009 meeting, the IAC discussed International Accounting Standards Board (IASB) documents for comment on fair value measurement and financial instruments, as well as eligibility of revaluations for the IFRS 1 deemed cost option, liability and equity classification, and functional currency determination.

US - AICPA starts Twitter page on IFRS news, updates and resources

The American Institute of Certified Public Accountants (AICPA) has started a page on Twitter to provide guidance on International Financial Reporting Standards (IFRS). The goal is to disseminate comprehensive resources related to IFRS for accounting professionals, financial managers, audit committees, boards, investors and other users of financial statements. (Visit the AICPA Twitter site on IFRS for select IFRS news, updates and resources.)

IASB - Proposed XBRL taxonomy for IFRS for SMEs

The International Accounting Standards Committee (IASC) Foundation has invited comment on an exposure draft of the International Financial Reporting Standards (IFRS) for SMEs XBRL Taxonomy. The Taxonomy is a complete translation of the International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs) into XBRL (eXtensible Business Reporting Language). The exposure draft is accompanied by a comprehensive review package containing a sample XBRL filing and explanatory materials, as well as illustrative financial statements and a presentation and disclosure checklist. The exposure draft of the IFRS for SMEs Taxonomy is available online at IFRS for SMEs XBRL Taxonomy and is open for comment until 27 November 27, 2009. The IASC Foundation aims to publish the final version of the Taxonomy in December 2009.

EU - EFRAG Endorsement Status Report, October 2009

In light of the Amendment to IAS 32 Classification of Rights Issues and the endorsement advice by the European Financial Reporting Advisory Group (EFRAG) on the Amendments to IFRS 1 Additional Exemptions for First-time Adopters, EFRAG has updated the EFRAG Endorsement Status Report.

Canada - Adopting IFRSs in Canada, III

Canada's Accounting Standards Board (AcSB) has issued a third omnibus exposure draft on Adopting IFRSs in Canada, III. The exposure draft proposes to incorporate changes to IFRS since the 2008 Bound Volume into the IFRS to be adopted by publicly-accountable enterprises. Comments are requested by November 15, 2009.

US - CPA Exam to include IFRS questions

According to the American Institute of Certified Public Accountants (AICPA), major changes to the Uniform CPA Examination are now scheduled for the beginning of 2011. The AICPA Board of Examiners decided that making all the changes at once will serve exam candidates better than if they were introduced separately over a longer period. Questions on International Financial Reporting Standards (IFRS) are being added to the exam as part of the changes. (Read the article "CPA Exam to Undergo Transformation" at Journal of Accountancy online.)

US - AICPA calls for permanent, independent funding of IASC Foundation

At a roundtable of global accounting leaders in New York City, the American Institute of Certified Public Accountants (AICPA) recently called for a permanent, independent funding mechanism for the International Accounting Standards Committee Foundation, the governing body of the International Accounting Standards Board (IASB). (Read the AICPA Press Release. )

Canada - Accounting standards for private enterprises finalized

Canada's Accounting Standards Board (AcSB) has approved the final accounting standards for private enterprises in Canada. The new standards will be issued by the end of the year and will be available for 2009 reporting by entities that choose to adopt them early. The private enterprise standards give Canadian businesses the ability to choose to adopt new “made in Canada” standards or International Financial Reporting Standards (IFRS). Private enterprises must decide which set of standards to adopt for years beginning on or after January 1, 2011. (Read the AcSB Media Release. )

Canada - KPMG guidance on managing the transition to IFRS

Deadlines are looming in Canada’s move to International Financial Reporting Standards (IFRS). Publicly-accountable enterprises are discovering new obstacles and increasing challenges. According to a recent survey by KPMG, many Canadian enterprises have been moving relatively slowly so far. In response, KPMG Canada has published Managing the Transition to IFRS: Positioning for success. This publication will help many enterprises understand how the current economy is creating new complications and making the timing of changes much less predictable. It focuses on an enterprise’s conversion project, examining what might go wrong and how to manage the risks.

Canada - PwC IFRS News - September 2009

PricewaterhouseCoopers (PwC) has issued its IFRS News - September 2009. This monthly publication provides IASB technical updates and PwC insights into the impact of International Financial Reporting Standards (IFRS). (To learn more, visit the PwC IFRS Canada website.)

Canada - Deloitte Countdown IFRS transition newsletter - September 2009

Deloitte Canada has published its Countdown IFRS transition newsletter - September 2009. The newsletter discusses:

• IFRS Transition – Where are we now?
• "The Real Deal" – real issues and solutions on IFRS transition relating to First Interim Financial Statements.
• SEC to refocus on IFRS roadmap.
• Deloitte IFRS Publications and Events and How to Access Them.
• An Update on Current IFRS News, including various important EDs or Discussion Papers.

Canada - CSA prepares for upcoming changeover to IFRS

The Canadian Securities Administrators (CSA) has published for comment National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards, its Companion Policy and related amendments that are aimed at ensuring a smooth transition from current Canadian Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS).

Canada - IFRS Discussion Group

The first meeting of Canada's IFRS Discussion Group (IDG) will be held on November 25th, 2009 in Toronto. Individuals are encouraged to submit issues relating to the application of International Financial Reporting Standards (IFRS) in Canada by October 20, 2009. (For more information, see Submission of Issues for Consideration by IFRS Discussion Group.)

Canada - AcSB September 22-23, 2009 Decision Summary

Canada's Accounting Standards Board (AcSB) has issued an executive summary of discussions and decisions with respect to the topics addressed at the meeting on September 22-23, 2009. The Decision Summary addresses the following matters: International Activities; Accounting Standards for Private Enterprises; and Not-for-Profit Organizations. (Read the AcSB Decision Summary. )