Canada - CICA webinar on IFRS and the Board / Audit Committee

The Canadian Institute of Chartered Accountants (CICA) will host a  webinar on December 8th, 2009 at 12:30 PM ET. The webinar will provide insight into the scope and nature of Board and Audit Committee members' involvement in the transition to International Financial Reporting Standards (IFRS). The Board of Directors and Audit Committee members have a critical oversight role in ensuring organizations are effectively managing their changeover to IFRS, including the related risks and controls. Webinar participants will gain an understanding of what the Audit Committee should expect from management during the IFRS transition. This webinar will cover the IFRS disclosures and preparations that companies should be making, including those disclosures outlined in CSA Staff Notice 52-320, Disclosure of Expected Changes in Accounting Policies related to Changeover to International Financial Reporting Standards. (For more information and to register, visit the Directors Source Webinar Series webpage.)

EU - Updated EFRAG endorsement report

The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement under the EU Accounting Regulation of each IFRS, including standards, interpretations and amendments. The report presents the expected timing of future steps in the process of endorsing the pronouncements of the International Accounting Standards Board (IASB). It also reflects EFRAG's draft endorsement advice on IFRS 9 Financial Instruments: Classification and Measurement and its endorsement advice letter on the Amendment to IAS 32: Classification of Rights Issues. (Read the latest EFRAG Endorsement Status Report.)

US - Highlights of IFRS Research

Conversion from US GAAP to International Financial Reporting Standards (IFRS) is a heavily discussed topic in the corporate world. Expected benefits of adoption include reporting consistency, enhanced global competition and improved financial repotting transparency. While many countries worldwide have already adopted IFRS, many other countries are closely examining its effects before adoption, not only from an economic perspective but also from a reporting quality position. (Read the article Highlights of IFRS Research at Journal of Accountancy online.)

US - SEC member calls for single set of accounting standards

US Securities and Exchange Commission (SEC) member Kathleen Casey has called for the continuation of efforts to converge International Financial Reporting Standards (IFRS). "The commission and the [Financial Accounting Standards Board] would be remiss and fail the needs of investors if we do not continue to support the development of a single set of high-quality global accounting standards," she said. (Read the article SEC's Casey: Accounting convergence must continue at Reuters online.)

Canada - Which IFRSs are Expected to Apply for Canadian Changeover in 2011?

Canada's Accounting Standards Board (AcSB) staff has updated the paper explaining which International Financial Reporting Standards (IFRS) are expected to apply on changeover to IFRS in 2011. (Read the AcSB paper Which IFRSs are Expected to Apply for Canadian Changeover in 2011? which was updated in November 2009.)

Canada - Notice of IFRS Discussion Group Meeting on November 25, 2009

The first meeting of Canada's IFRS Discussion Group (IDG) will be held on Wednesday, November 25, 2009 in Toronto. The meeting is open to public observation. An audio webcast of the meeting will also be available for those who are unable to attend the meeting in person. The IDG’s objective is to assist Canada's Accounting Standards Board (AcSB) by considering issues that arise relative to the application of IFRS in Canada and recommending which issues should be referred to the International Accounting Standards Board (IASB) or International Financial Reporting Interpretations Committee (IFRIC). (For more information and to register, visit the AcSB website.)

US - IFRS similarities and differences – two comparisons

PricewaterhouseCoopers (PwC) has published the 2009 edition of IFRS and US GAAP: Similarities and Differences. The 220-page comparison helps companies develop a broad understanding of the major differences between International Financial Reporting Standards (IFRS) and US GAAP and an understanding of the level of change on the horizon. PwC has also published a comparison of IFRS for SMEs and full IFRS. It provides a description of the similarities and differences between the reporting methods; subsequent impact on companies; commentary and insight on recent and proposed guidance; an overview of the IFRS for SMEs; a report on the US GAAP codification project; and updates incorporating authoritative standards and interpretive guidance issued up to June 30, 2009. (Read the PwC publication IFRS for SMEs: Pocket Guide 2009.)

Canada - Crossing over to IFRS: Questions you should be addressing today

A new publication by PricewaterhouseCoopers (PwC) covers the questions that are frequently being asked about the preparation, presentation and disclosure of the International Financial Reporting Standards (IFRS) transition balance sheet as at January 1, 2010. It also looks at important considerations and key decisions that should be made prior to January 1, 2010. (Read the PwC report Crossing over to IFRS: Questions you should be addressing today.)

Canada - Canadian CFA Member Survey: The Investors’ Challenge

The January 1, 2011 deadline for Canada’s conversion to IFRS is fast approaching and yet there remains a great deal of uncertainty within the Canadian business community about IFRS and its impact. The Canadian CFA Member survey, conducted by PricewaterhouseCoopers (PwC) in conjunction with the Canadian Advocacy Council for Canadian CFA Institute Societies, gauged the level of knowledge, interest and communication surrounding IFRS from those Canadians who hold the Chartered Financial Analyst designation. These included people in the analyst/investment community, CFOs and others – some of the biggest stakeholders of the IFRS conversion. The survey revealed some interesting statistics regarding the areas of training/ education, information sharing, size and industry, and management awareness as it pertains to CFAs and IFRS. The survey was conducted online in March-April 2009 and had 271 completed responses. (Read the report Canadian CFA Member Survey: The Investors’ Challenge.)

Canada - PwC survey on IFRS Readiness in Canada: 2009

With the January 1, 2011 deadline for Canadian companies' transition to International Financial Reporting Standards (IFRS) looming on the horizon, a new survey by the Canadian Financial Executives Research Foundation (CFERF), the research institute of FEI Canada, and sponsored by PricewaterhouseCoopers (PwC), indicates that many companies will have a race to the finish line. (Read the report IFRS Readiness in Canada: 2009.)

IASB - First phase of financial instruments accounting reform completed

The International Accounting Standards Board (IASB) has issued a new International Financial Reporting Standard (IFRS) on the classification and measurement of financial assets. (View the IASB Press Release, a Feedback Statement in response to IFRS 9 consultations, and the Financial Instruments: Replacement of IAS 39 project page.)

US - Transition to IFRS sparks debate at SEC

The US Securities and Exchange Commission (SEC) is trying to chart the way for companies to transition to International Financial Reporting Standards (IFRS), but there is no clear consensus about how the transition should be made. “The comment letters on how to get there were an array, meaning every possible idea you could think of on how to get there…" said Julie Erhardt, deputy chief accountant at the SEC. There is considerable debate over the cost of the transition, and over whether it is fully supported by Congress. (Read the article "Lack of accounting-rules consensus vexes SEC" at Reuters online.)

Canada - Deloitte webcast on Canadian adoption of IFRS

For many Canadian publicly-accountable enterprises, January 1, 2010 is the date of transition to International Financial Reporting Standards (IFRS). This signals the preparation of the opening IFRS balance sheet as well as the start of dual reporting. In addition, some Canadian early adopters will be filing their first IFRS financial statements in 2010. Deloitte Canada will present a webcast on Canadian adoption of IFRS on December 1, 2009 from 2pm to 3:30pm. (For more information and to register, visit the Deloitte Canada website.)

IASB - IASC Foundation and FAF Trustees welcome IASB and FASB commitment to convergence

The Trustees of the IASC Foundation and the US Financial Accounting Foundation, oversight bodies of the IASB and the FASB respectively, welcomed a joint statement by the two boards reaffirming their commitment to complete their convergence work described by the MoU by June 2011. The IASC Foundation and the FAF note the broad support for convergence to a single set of globally accepted high quality accounting standards expressed by the G20 Leaders, the Financial Crisis Advisory Group (FCAG), and other stakeholders. To this end, both Trustee groups continue to support unequivocally the joint work of the IASB and the FASB aimed at achieving the objectives and convergence milestones outlined in the February 2006 Memorandum of Understanding, as updated in September 2008. (Read the IASB Press Release and the Joint Statement of the International Accounting Standards Committee Foundation and the Financial Accounting Foundation.)

IASB and FASB Reaffirm Commitment to Memorandum of Understanding

At a recent joint meeting, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) reaffirmed their commitment to improve International Financial Reporting Standards (IFRS) and US generally accepted accounting principles and to bring about their convergence. The Boards also agreed to intensify their efforts to complete the major joint projects described in their 2006 Memorandum of Understanding (MoU), as updated in 2008. (Read the IASB Press Release and the Joint statement: FASB and IASB Reaffirm Commitment to Memorandum of Understanding.)

Canada - XBRL Canada Annual Conference 2009

The XBRL Canada Annual Conference was held on November 5, 2009 in Toronto, Canada. The presenters included Paul Cherry, Chair of the IASB Standards Advisory Council, who spoke about the IASB and Convergence, David Blaszkowsky of the US Securities and Exchange Commission (SEC) who explained The Roll-out of Interactive Data Reporting for US-listed Public Companies, and Andrew Lowe of the Ontario Securities Commission (OSC) who discussed XBRL and the CSA. The conference provided regulatory filers and potential filers with an up-to-date status report and concrete help in getting organized for the adoption of IFRS and XBRL. (The presentations are available at the XBRL Canada website.)

EU – Deloitte resources for 2009 year-ends

Deloitte has released the 2009 versions of three IFRS publications:

• IFRS Presentation and Disclosure Checklist for 2009 is formatted to allow the recording of a review of financial statements, with a place to indicate yes/no/not-applicable for each presentation and disclosure item;
• IFRS Compliance Questionnaire for 2009 summarizes recognition and measurement requirements in IFRS issued on or before June 30, 2009 and may be used to assist in considering compliance with those pronouncements;
• IFRS Illustrative Financial Statements for 2009 are intended to illustrate the presentation and disclosure requirements of IFRS.

US – FASB and ASBJ meet to discuss global convergence

Representatives of the Accounting Standards Board of Japan (ASBJ) and the Financial Accounting Standards Board (FASB) met recently in Norwalk, CT. Led by Ikuo Nishikawa, chairman of the ASBJ, and Robert H. Herz, chairman of the FASB, the meeting was the eighth in a series of discussions between the ASBJ and the FASB designed to enhance dialogue between the two Boards in their shared pursuit of global convergence of accounting standards. (Read the FASB News Release. )

US - SEC chief accountant provides update on IFRS roadmap

The US Securities and Exchange Commission (SEC) chief accountant, James Kroeker, recently confirmed the SEC's commitment to provide clarity by late December 2009 on its proposed roadmap for the adoption of International Financial Reporting Standards (IFRS) in the United States. Read the article “SEC Chief Accountant Promises "Clarity" on IFRS Road Map This Fall” at Journal of Accountancy online. Also, watch the video presentation of James Kroeker's remarks at an AICPA/International Accounting Standards Committee Foundation conference in New York.

US – FASB and IASB work to reach common standards

The leaders of the Financial Accounting Standards Board and the International Accounting Standards Board recently announced at an IFRS conference that they will begin meeting monthly to try to speed up their efforts to develop a common set of accounting standards by their target date of 2011. Read the article “FASB, IASB Leaders Boost Collaboration Efforts to Meet 2011 Convergence Goal” at Journal of Accountancy online. Also, watch the video interview with Paul Volcker, chairman of the President’s Economic Recovery Advisory Board, on the effect of adopting IFRS on global capital.

Canada – Who’s managing risks in the transition to IFRS?

Making the transition from Canadian GAAP to International Financial Reporting Standards (IFRS) requires a risk-intelligent approach. Publicly-accountable enterprises will need to issue comparative IFRS statements for 2010 — which means that organizations with a December 31 year-end will need to be IFRS-ready as of January 1, 2010. (Read the article “Who’s managing risks?” in the November 2009 issue of CAmagazine.

Canada – OSFI releases draft advisory regarding impact of IFRS

Canada’s Office of the Superintendent of Financial Institutions (OSFI) has released a Draft Advisory on “Conversion to International Financial Reporting Standards (IFRSs) by Federally Regulated Entities (FREs).” This Draft Advisory addresses the regulatory implications of IFRS conversion on accounting and capital. The Draft Advisory is open for comment until December 31, 2009.