Migrating to IFRS - a final status report

The "Migrating to IFRS" blog was started in February 2006 as a pilot project of the Canadian Institute of Chartered Accountants (CICA). Since then, it has provided a focal point for disseminating information on research and guidance materials that facilitate the migration to International Financial Reporting Standards (IFRS). Over the last four years, there have been more than 750 postings and approximately 75,000 visitors in both English and French. Now, with numerous alternative sources of guidance, such as the CICA's Canadian Standards in Transition website and the IASB website, this blog has served its purpose.

IFRS Readiness in Canada: 2010 – Survey Highlights

The IFRS Readiness in Canada: 2010 Executive Research Report was prepared by the Canadian Financial Executives Research Foundation (CFERF) and was sponsored by PricewaterhouseCoopers. It comprises the results of a survey of senior financial executives from across Canada and the insights obtained through an Executive Research Forum held in Toronto on April 22, 2010. The study is the third in a series of annual surveys covering conversion activities in Canada. Read the highlights from the survey component of the report. The full study will be available July 2010.

US - AICPA's IFRS backgrounder updated through SEC work plan

Get an introduction to the movement behind the adoption of International Financial Reporting Standards (IFRS) for public companies throughout the world. The AICPA's just-updated IFRS Backgrounder discusses the regulators, standard setters and others who play a critical role. It also provides the timeline for convergence and adoption activities, including the Securities and Exchange Commission (SEC) announcement of its work plan. Some of the more important differences between US GAAP and IFRS are highlighted as well.

Canada - IFRS and Canadian GAAP Differences (BDO)

Both IFRS and Canadian GAAP are principle based frameworks, and from a conceptual standpoint many of the general principles are the same. However, the application of those general principles in IFRS can be significantly different from Canadian GAAP. Therefore, to understand the magnitude of the differences between IFRS and Canadian GAAP, it is essential to go beyond the general principles and look at the detailed guidance provided in the standards. This IFRS - Canadian GAAP Differences Series of publications by BDO Canada provides detailed information on the key differences between IFRS and Canadian GAAP.

Canada - IFRS compared to Canadian GAAP: An overview (KPMG)

The KPMG publication IFRS compared to Canadian GAAP: An overview – Third Edition 2010 is designed to assist in understanding the significant differences between IFRS and Canadian Generally Accepted Accounting Principles (Canadian GAAP). It does not discuss every possible difference between the two standards; rather, it is a summary of those differences encountered most frequently in practice, resulting from either a difference in emphasis or specific application guidance. The IFRS standards and interpretations included in this publication are those that have been issued at February 28, 2010 and that will be mandatorily effective for a calendar year-end company's IFRS reporting for 2011.

Global - KPMG IFRS Briefings

IFRS Briefings are KPMG's way of keeping clients informed about IFRS news and developments occurring internationally and in Canada. These publications comment on how IFRS will affect Canadian publicly accountable enterprises. IFRS Briefing, Issue 2010-04 (June 10, 2010) covers the following matters: AcSB set to provide relief to investment companies; Potential amendment to IFRS 1 for capitalized borrowing costs; 2010 Annual Improvements; Exposure draft on the fair value option for financial liabilities; and IFRS Practice Issues - Replacement of a share-based payment in a business combination. (Previous issues of IFRS Briefings are available on the KPMG Canada website.)

Global - IFRS News by PricewaterhouseCoopers

IFRS News is a monthly global publication by PricewaterhouseCoopers (PwC). It 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). The May 2010 issue of IFRS News looks at the IASB’s and FASB’s updated convergence agenda and asks, “What’s the rush?” The publication is also available online at the PwC website.

US - Financial Instruments Proposal: An Overview

The US Financial Accounting Standards Board (FASB) has announced an upcoming webcast to discuss the Proposed Accounting Standards Update, Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities. The live webcast, scheduled for Wednesday, June 30, 2010 (from 2:00 PM to 3:00 PM EDT) is offered free of charge. Viewers will have the opportunity to e-mail questions to panelists during the event. (The FASB will archive the live webcast on the FASB website for access by the public.)

Canada - Countdown IFRS transition newsletter by Deloitte

Deloitte Canada has published its Countdown IFRS transition newsletter for May 2010. It discusses practical issues Canadian companies are facing in IFRS transition and provides an update on recent IFRS events. Articles in this issue include: The Rules of the Game; The Real Deal; Deloitte IFRS publications and events; and International Round-up. (For previous issues of the newsletter, visit the Deloitte Canada website.)

Canada - FYI Newsletter June 2010

Canada’s Accounting Standards Board (AcSB) has issued the June 2010 issue of its FYI Newsletter. The newsletter includes the message from the Chair and articles on International Financial Reporting Standards (IFRS): Conceptual Framework —The Reporting Entity; Consolidation Exemption for Investment Companies; Employee Benefits —Promises Revealed; Financial Instruments; Other Comprehensive Income; and Progress on Rate-regulated Activities.

IASB - IFRS Interpretations Committee podcasts for download

Two IFRS Interpretations Committee podcasts have been added to the IASB website - the first gives a short introduction and overview of the Committee's work, and the second podcast provides a brief summary of the decisions made in the last Interpretations Committee meeting. (Read the IASB Web Announcement and listen to the Podcasts.)

IASB and FASB issue statement on convergence work

The IASB and the FASB have announced their intention to prioritize the major convergence projects to permit a sharper focus on issues and projects that they believe will bring about significant improvement and convergence between International Financial Reporting Standards (IFRS) and US GAAP. (Read the IASB Web Announcement.)

IASB and FASB update to G20 Leaders

The IASB and the FASB issued a letter to the G20 Leaders on June 2, 2010 outlining the modified strategy for completing their convergence work. The letter states that "Reflecting our commitment to timely completion of the major MoU projects, the boards have significantly intensified their interaction. The boards are now meeting jointly for consecutive days on a monthly basis, either in person or by video. The boards have called, and will continue to schedule special joint meetings to address issues requiring timely joint resolution." (Read the IASB Web Announcement.)

Deloitte - IFRSs In Your Pocket 2010

Deloitte has published the latest edition of its popular guide IFRSs In Your Pocket 2010. This 132-page guide includes information about: IASB structure and contact details; IASB due process; use of IFRSs around the world, including updates on Europe, Asia, USA, and Canada; summaries of each IASB Standard and Interpretation, as well as the Framework and the Preface to IFRSs; background and current status of all current IASB projects; IASC and IASB chronology; update on IFRS-US GAAP convergence; and other useful IASB-related information.

US - Test Your Knowledge of International Standards

More than 100 countries around the world, including all major US trading partners, now use or have committed to adopting IFRS. Nearly as many use international auditing and assurance standards and international ethics standards developed by independent standard-setting boards under the International Federation of Accountants. To ensure that CPAs have a basic competence in these standards, the AICPA Board of Examiners has decided to test them in three of the four sections of the exam beginning in 2011. (Review sample questions and answers in the May 2010 Journal of Accountancy article Test Your Knowledge of International Standards.)

US - FEI Files Letter with FASB and IASB on impact of MOU Standards

In a letter dated May 7, 2010, the Committee on Corporate Reporting (CCR) of Financial Executives International (FEI) expressed concern to Robert Herz, chairman of the Financial Accounting Standards Board, and Sir David Tweedie, chairman of the International Accounting Standards Board. The letter was written “to express our significant concern that springs from the unprecedented volume as well as the complexity of proposed standards expected to be issued in the coming months. We urge the Boards to consider the adverse effect that is likely to have on the effectiveness of the Boards’ due process procedures. We have written to you on this subject previously (see our letter dated February 12, 2010 RE: Effective Dates of New Standards), however, we are concerned that actions will not be taken to scale the number and timing of the Exposure Drafts (“EDs”) in a way that permits a fulsome analysis and thorough response from all interested constituents.” (Read the FEI News Release and the CCR Letter to the FASB and IASB.)

US – SEC chairman hits back at international accounting convergence myths

The head of the US markets watchdog has sought to put to rest myths and rumours about the US commitment to International Financial Reporting Standards (IFRS). Mary Schapiro, chairman of the US Securities and Exchange Commission (SEC), told an audience of accountants at the US CFA Institute’s annual conference, she was committed to international standards, but was equally committed to protecting US investors from possible side effects. (Read the article “Schapiro hits back at international accounting convergence myths” at Accountancy Age online.)

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). (Read the latest EFRAG Endorsement Status Report published May 28, 2010. )

IASB - Request for comment on FASB Financial Instruments Exposure Draft

On May 26, 2010, the US Financial Accounting Standards Board (FASB) released a proposed Accounting Standards Update that contains proposals for a new comprehensive standard on financial instruments. Under the FASB’s proposals, many financial assets and financial liabilities would be measured at fair value in the primary financial statements. This is different from the mixed measurement model that is used in IFRS 9 Financial Instruments for financial assets. The appendix to the FASB exposure draft contains a high level comparison of the boards’ respective approaches. The IASB is asking its constituents to submit comment letters on the FASB proposal. Because this project is part of the global convergence project, it is important for the FASB to receive feedback on the proposed model from the international community. (Read the IASB Web Announcement.)

IASB - IFRS Interpretations Committee Update

IFRS Interpretations Committee Update (known as IFRIC Update before March 31, 2010) is published as a convenience to the IASB’s constituents. All conclusions reported are tentative and may be changed or modified at future Interpretations Committee meetings. Decisions become final only after the Interpretations Committee has taken a formal vote on an Interpretation or Draft Interpretation, which is confirmed by the IASB. (Read the latest versions of IFRIC Update in either HTML or PDF document online.)

IASB - Updates for tentative decisions reached by the Board

Periodically, the International Accounting Standards Board (IASB) publishes a newsletter on its activities as a convenience to the IASB’s constituents. The reported conclusions are tentative and may be changed or modified at future meetings. (Read the latest versions of IASB Update in either HTML or PDF document online.)

IASB - User questionnaire for Fair Value Option

The International Accounting Standards Board (IASB) has produced a questionnaire for financial statement users on its May 2010 exposure draft “Fair Value Option for Financial Liabilities.” This questionnaire is targeted at analysts and forms part of a comprehensive program of outreach activities to IFRS constituents. Comments are requested from all parties, including users of financial statements, by July 16, 2010. (Read the IASB Web announcement and submit a response to the Exposure Draft User Questionnaire.)

US - Navigating IFRS: two-day executive training program

Deloitte (United States) will conduct two-day executive training programs covering key IFRS accounting principles and practical considerations related to IFRS implementation. Deloitte IFRS leaders will deliver course sessions that address important technical accounting changes, tax considerations, technology and systems questions. Dates and locations are: Chicago: June 22-23, 2010 and Houston: September 15-16, 2010. For more information, read the brochure Navigating IFRS: Two-day executive training program.

US - Potential System Impacts of an IFRS Conversion

As a company prepares to convert to International Financial Reporting Standards (IFRS), the impact to information technology (IT) and financial systems should be taken into consideration. Representatives from the company’s IT department should be involved throughout the planning process to evaluate how the proposed accounting changes will impact the financial systems (transactional or reporting). The impact can vary depending on a company’s existing structure and environment. This may include its IT and financial systems capability/integration, industry complexity, company size, relevance of business process/transaction, internal control structure, mergers & acquisitions process, and other attributes. For more information, read the AICPA white paper, Financial System Considerations in IFRS Conversion Projects, which explores IT implications of an IFRS conversion, implementation considerations and lessons learned from the European experience.

IASB - Fair value measurement of financial liabilities

The International Accounting Standards Board (IASB) has published for public comment its proposed changes to the accounting for financial liabilities. This proposal follows work already completed on the classification and measurement of financial assets (IFRS 9 Financial Instruments). The IASB is proposing limited changes to the accounting for liabilities, with changes to the fair value option. The proposals respond to the view expressed by many investors that volatility in profit or loss resulting from changes in the credit risk of liabilities that an entity chooses to measure at fair value is counter-intuitive and does not provide useful information. (Read the IASB Press Release.)

IASC Foundation - Trustees publish Second Part of the Constitution Review

The Trustees of the IASC Foundation have published a report on the changes to the Foundation’s Constitution made as a result of the second part of their 2008-2010 Constitution review. The report also describes how the Trustees responded to the comments received during their extensive consultations. (Read the IASB Web Announcement, listen to the podcast and download the report on Part 2 of the Constitution Review.)

IASB - Annual improvements to IFRS

The International Accounting Standards Board (IASB) has issued Improvements to IFRS - a collection of amendments to seven International Financial Reporting Standards (IFRS) - as its latest set of annual improvements. Unless otherwise specified, the amendments are effective for annual periods beginning on or after January 1, 2011, with earlier application permitted. (Read the IASB Press Release.)

UK - Where now for UK GAAP?

In February 2010, the comment period closed on the Accounting Standards Board’s initial proposals for fundamental reform of UK GAAP. A three-tier approach was envisaged. Publicly-accountable entities would follow International Financial Reporting Standards (IFRS); non-publicly accountable entities would be eligible to apply the IFRS for SMEs; and the Financial Reporting Standard for Smaller Entities would remain available to small entities. Over the summer, the board is expected to publish its final blueprint for this brave new world of IFRS-based financial reporting. What should be the guiding principles as it sets pen to paper in the next few months? (Read the article “Where now for UK GAAP?” at Accountancy Magazine online.)

Canada - Readiness for Transition to IFRS

Many executive CAs believe their companies are well positioned for Canada’s transition to International Financial Reporting Standards (IFRS) but some are still in the early stages of preparation, according to the latest CICA/RBC Business Monitor (Q1 2010). Of the respondents whose companies will need to adhere to IFRS, 79% indicated that it is very likely they will be ready for the changeover. Another 16% stated it is somewhat likely they will be ready. The move to IFRS is mandatory in 2011 for publicly-accountable enterprises. (Read the CICA Media Release.)

Canada - Interpreting the IFRS world

Under Canadian generally accepted accounting principles, the interpretations issued in the abstracts of the Emerging Issues Committee (EIC) of the Accounting Standards Board (AcSB) have been an essential part of Canada’s accounting standards. In the future, publicly accountable enterprises will be required to prepare financial statements using International Financial Reporting Standards (IFRS). To be effective, a single set of standards needs only one designated interpreter, and for IFRS that’s IFRIC. (Read the article “Interpreting the IFRS world” in the May 2010 issue of CAmagazine, also available as an online, interactive Digital Edition.)

Canada - Countdown IFRS transition newsletter by Deloitte

Deloitte Canada has published its Countdown IFRS transition newsletter for April 2010. It discusses practical issues Canadian companies are facing in IFRS transition and provides an update on recent IFRS events. Articles in this issue include: The Opening Act - our perspectives on the Opening IFRS Balance Sheet; The Real Deal - Practical application tips and examples from LightYear on the Opening IFRS Balance Sheet; and An update on international standard setting activities. (For previous issues of the newsletter, visit the Deloitte Canada website.)

IASC Foundation and IASB enhance investor participation

The Trustees of the International Accounting Standards Committee (IASC) Foundation and the International Accounting Standards Board (IASB) have launched a program to enhance investor participation in the development of International Financial Reporting Standards (IFRS). The program builds on actions recently taken to help ensure the IASB meets the needs of the investor community. In January 2009 the Trustees reconstituted the Standards Advisory Council to include representatives from eight leading investor organizations and established a special subgroup of these members. In January 2010 the Trustees changed the Constitution to identify investors as a target audience for financial information. (Read the IASB Press Release.) (Read the IASB Press Release.)

IASB - Audio recordings on Financial Instruments and Leases

The IASB Financial Instruments project team has received various queries relating to one particular issue in its recently published exposure draft Financial Instruments: Amortised Cost and Impairment. Some people questioned why the ED proposes that initial credit loss estimates are included in the effective interest rate calculation. An audio recording of a response to that question is now available on the project website accompanied by a short written explanation and a simple numerical example. A recording of questions and answers about the proposed Lease project is also available. The recording follows on from the Lease webcasts that were broadcast on March 31, 2010, and addresses frequently asked questions on the proposed Lease accounting model. (For more information, refer to the IASB web announcement.)

IASB and ASBJ meet to discuss convergence of IFRS in Japan

The International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) held their 11th meeting to review preparations for the convergence with IFRS in Japan. The meeting took place on April 27-28, 2010 in Tokyo. The IASB and the ASBJ have accelerated their work towards convergence of IFRS and Japanese generally accepted accounting principles by June 2011, as described by their Memorandum of Understanding (known as the Tokyo Agreement). This is consistent with requests by the Group of 20 Leaders (G20) to complete convergence of global accounting standards by this date. (Read the IASB Press Release.)

Canada - Developments in Canadian GAAP

On May 4, 2010, Canada's Accounting Standards Board (AcSB) hosted a a webinar called AcSB Update: Stay informed about developments in Canadian GAAP. The webinar highlighted current activities for each financial reporting framework in Canadian GAAP and identifed resources available to assist stakeholders during this period of transition. It covered:

• International Financial Reporting Standards, the new standards and interpretations to consider on transition;
• Accounting standards for private enterprises, how these standards will be maintained;
• Not-for-Profit Organizations, the exposure draft to develop standards for this sector; and
• Pension Plans, the standards now included in the Handbook and the proposal to expand their scope.

Financial statement preparers, advisors and users were provided with insights into the ongoing development of Canadian GAAP. The PowerPoint slides and the link to the CPD Quiz are available under the "Resources" tab at the bottom of the webinar page.

Canada - Conceptual Framework: The Reporting Entity

Canada's Accounting Standards Board (AcSB) has issued an Exposure Draft (ED) Conceptual Framework for Financial Reporting: The Reporting Entity. It corresponds with the International Accounting Standards Board (IASB) ED on this topic. Comments are requested by July 16, 2010.

Canada - AcSB Decision Summary April 9, 2010

Canada's Accounting Standards Board (AcSB) has issued a Decision Summary for its meeting on April 9, 2010. At the meeting, the AcSB addressed international activities regarding: Consolidation – Investment Company Exemption; Fair Value Measurement; and Financial Instruments – Replacement of IAS 39). It also discussed the User Advisory Council. (Decision summaries for other AcSB meetings are available online.)

IASB - Adopt, adapt, converge?

Many jurisdictions have cultural, legal or political obstacles to an immediate full adoption of IFRS. In light of those obstacles, some countries decide on strategies of continuous convergence with IFRS. The IASB respects the reasons why those jurisdictions reach that decision, and works with them to support their convergence process. However, the ultimate objective is to make full adoption of IFRS possible. As a result of the second Constitution Review in January 2010, the Trustees emphasized that convergence is not an objective in itself but is a means to achieve the adoption of IFRS. (Read the IASB feature article Adopt, adapt, converge?)

IASB - Call for interest to Public Companies listed in the US who file in IFRS

XBRL (eXtensible Business Reporting Language) is rapidly becoming the global standard for electronic financial reporting. The IASC Foundation has played an important role in encouraging the development of online financial reporting using XBRL. In December 2008, the US Securities and Exchange Commission (SEC) adopted rules that require all US-listed Foreign Private Issuers (FPIs) to submit their financial reports, including their periodic reports, in Interactive Data format, and specifically in XBRL. FPIs, which will be mandated to file with XBRL in IFRS from June 15, 2011, are invited to participate in a pilot initiative being coordinated by the IASC Foundation. The pilot will focus on FPI use of the IFRS Taxonomy 2010 to tag SEC filings in XBRL. (Read the Call for interest to Public Companies listed in the US who currently file financial reports with the US SEC in IFRS.)

Canada - FYI Newsletter March 2010

Canada’s Accounting Standards Board (AcSB) has issued the March 2010 issue of its FYI Newsletter. The newsletter includes the message from the Chair and articles on other topics of interest to stakeholders, including: Handbook Structure; International Financial Reporting Standards (Consolidation Exemption for Investment Companies, Extractive Activities, Liabilities – Improving IAS 37); Private Enterprises (Accounting Standards –Moving Forward); Not-for-Profit Organizations (Proposed New Strategy); and Document for Comment Deadlines.

US – IFRS Convergence Need Not Be Completed by June 2011

While the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) work to complete an unprecedented 11 standards over the next 14 months, the US Securities and Exchange Commission (SEC) Chief Accountant James Kroeker said that he would support the boards’ cutting the number of projects due in June 2011, provided there was good rationale for a delay. Financial instruments and lease accounting are the two projects Kroeker suggested should remain atop the boards’ priority list. Others, such as financial statement presentation, could be completed through a more gradual process, he said. (Read the article SEC Chief Accountant Says Convergence Need Not Be Completed by June 2011 in the Journal f Accountancy online.)

IASB - Impairment user questionnaire

The International Accounting Standards Board (IASB) is seeking input from users of financial statements in the form of a questionnaire on the proposals regarding amortized cost measurement and impairment of financial instruments. The feedback will assist the Board in its deliberations by helping it to better understand the views and preferences of users of the financial statements. (Read the IASB Web Announcement and the Exposure Draft User Questionnaire.)

Global - IFRS for SMEs in Your Pocket

Deloitte's IFRS Global Office has published the IFRS for SMEs in Your Pocket (Global Edition). This 45-page guide summarizes each section of the IFRS for SMEs and highlights differences with full IFRS requirements. There is also a chronology of the development of the IFRS for SMEs and a discussion of how the IFRS for SMEs differs from full IFRS.

IASB - Paul Pacter appointed to the Board

The Trustees of the International Accounting Standards Committee (IASC) Foundation have announced the appointment of Paul Pacter as a Member of the International Accounting Standards Board (IASB). For the last six years, he has served as Director of Small and Medium sized Entities (SMEs) for the IASB. He has also been webmaster of IAS Plus since its inception in December 2000. Mr. Pacter will serve full-time from July 2010 to June 2012. As an IASB member, he will continue to chair the new SME Implementation Group on behalf of the IASB. (Read the IASB Press Release.)

Global - Guide to New IFRS for 2010

The International Accounting Standards Board (IASB) has published a number of new standards, interpretations and amendments to existing requirements arising from the 2009 annual improvements project. This practical guide by PricewaterhouseCoopers (PwC) provides an outline of the new IFRS standards and interpretations that come into effect in 2010, in question and answer format. (Read the PwC publication A Practical Guide to New IFRSs for 2010.)

IASB and FASB quarterly report on convergence

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have published a report on their work to improve and achieve convergence of International Financial Reporting Standards (IFRS) and US generally accepted accounting principles. (Read the IASB Press Release and the IASB and FASB quarterly progress report.)

Canada - A Systems Perspective on IFRS

On April 27, 2010, Deloitte (Canada) will present an interactive 90-minute webcast on managing information system challenges during IFRS conversion. Topics include: risks associated with IFRS and your information system; key questions to ask your CIO; tips on handling multiple reporting requirements; short versus long-term conversion solutions and the impact on your organization; and resource requirements to effectively manage the IT implications of IFRS. A recording of the webcast will be available two days after the presentation. (For more information and to register for the webcast, visit the Deloitte Canada website.)

Canada - IFRS Conference for Financial Statement Users

The Canadian Institute of Chartered Accountants (CICA) is hosting an IFRS Conference for Financial Statement Users in Toronto Canada on November 25, 2010. This conference is dedicated specifically to financial statement users and the unique challenges that the adoption of International Financial Reporting Standards (IFRS) presents for this group. Investors and other stakeholders need to be able to differentiate reported performance changes caused by the adoption of IFRS from those caused by business activities. This conference will focus on the understanding and interpretation of a set of financial statements prepared under IFRS. The conference will include technical sessions explaining the key areas of differences between Canadian GAAP and IFRS as well as the implications of moving from more "rules based" to "principle based" accounting. The conference will also explore the need for effective communication among key stakeholders to ensure a smooth transition.

Canada - IFRS in North America 2010 Conference

The Canadian Institute of Chartered Accountants (CICA) and the IASC Foundation are hosting a conference IFRS in North America 2010 in Toronto Canada on November 23-24, 2010. This informative two-day event, with optional workshops, is critical for anyone involved in financial reporting with an organization that is moving to International Financial Reporting Standards (IFRS). It is a unique opportunity to hear the latest IFRS developments directly from the International Accounting Standards Board (IASB), the Canadian Accounting Standards Board (AcSB) and the US Financial Accounting Standards Board (FASB). The conference is being held in conjunction with the Financial Reporting and Accounting Conference.

Canada - IFRS adopters falling short of CSA expectations

A recent Ontario Securities Commission (OSC) review suggests a large number of IFRS adopters in Canada have not adequately disclosed information related to their transition efforts. After reviewing 106 entities’ IFRS transition disclosures, the regulator is concerned that some entities may not meet future filing obligations. (Read the article IFRS adopters falling short of CSA expectations in the April 2010 issue of CAmagazine online.)

IASB - Calendar of public events

The Calendar of Public Events section of the IASB website lists forthcoming public events of the IASC Foundation, the IASB and the IFRS Interpretations Committee, including their regular meetings, conferences and meetings of working groups or other formal advisory bodies such as the IFRS Advisory Council. It also contains information such as the meeting agenda, observer notes and venue address, as well as details of how to register as an observer or to access the live webcast of the meetings.

US - SEC activity on IFRS for US public companies

In this brief video, Arleen Thomas, AICPA senior vice-president, discusses the Securities and Exchange Commission (SEC) recent announcement regarding a work plan for possible adoption of International Financial Reporting Standards (IFRS) by US public companies. (View the video IFRS Update 2010 to learn what will go into the SEC's decision in 2011 on whether to allow or require use of IFRS.)

US - Countdown to Convergence

In November 2009, the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) reaffirmed their commitment to a 2006 Memorandum of Understanding (MoU) that outlines major convergence projects scheduled for completion by June 2011. The affirmed convergence plan continues the commitment made by the two boards seven years ago in “The Norwalk Agreement” to “make their existing financial reporting standards fully compatible as soon as is practicable.” But it also expands the convergence plan to include the much more ambitious goal of creating new standards where the existing standards of both boards were deemed to need improvement. As a result, many of the MoU projects—and all of the projects covered in this article—are collaborative efforts by the boards to develop entirely new standards. (Read the article Countdown to Convergence in the Journal of Accountancy online.)

US - Stakeholders react to timeline that would not require IFRS until 2015 or later

The US Securities and Exchange Commission (SEC) unanimous approval in February 2010 of a new policy statement sets the scene for the transition to International Financial Reporting Standards (IFRS). It proposes 2015 as the earliest possible date for the required use of IFRS by US public companies. It also calls for more study of IFRS and a 2011 vote on whether to move ahead. In addition, the SEC directed its staff to publish periodic progress reports, starting no later than October 2010. (Read the article The SEC's IFRS Work Plan for highlights of the major points and initial reactions of stakeholders interviewed by the Journal of Accountancy.)

US - What exactly is going on with IFRS?

The debate on IFRS in the US is still unfolding. In one camp, there are those who are disenchanted with it and, in another, those who can gain monetarily. But the two camps do agree on one thing, that the SEC is moving too slowly on clarifying its long-term intentions. (Read the article IFRS: dead in the USA? in the April 2010 issue of CAmagazine online.)

Canada - Countdown IFRS transition newsletter by Deloitte

Deloitte Canada has published its Countdown IFRS transition newsletter for March 2010. It discusses practical issues Canadian companies are facing in IFRS transition and provides an update on recent IFRS events. (For previous issues of the newsletter, visit the Deloitte Canada website.)

Global - Spotlight on Brazil’s plans to adopt IFRS

Brazil is one of a number of large economies making plans to adopt International Financial Reporting Standards (IFRS). Robert Bruce, a financial journalist, looks into why the country has chosen to embrace international standards and how Brazil's increasing influence on the global stage is extending to financial reporting. (Read the feature article on the IASB website.)

IASB - Podcast summaries of Board meetings

The International Accounting Standards Board (IASB) is currently testing Board meeting audio summaries (podcasts). These podcasts are recorded shortly after each Board meeting and provide a short (approximately 30 minutes) summary of the main topics and projects discussed. (The IASB meeting podcasts for December 2009 to March 2010 are now available on the IASB website.)

Global - IFRS Outlook: March 2010 by Ernst & Young

IFRS Outlook is a monthly newsletter published by Ernst & Young. The following matters are covered in the IFRS Outlook March 2010 issue:

• SEC reaffirms US commitment to IFRS;
• Investment companies — consolidate or measure at fair value?
• Effective date of IFRIC 18 for European entities;
• Rate-regulated activities;
• Financial reporting developments;
• Resources.

Global - IFRS in brief / briefing sheets by KPMG

IFRS in brief, provides news and factual information on developments concerning International Financial Reporting Standards (IFRS). It includes summaries of new standards and interpretations, comments on the IASB and IFRIC meetings, the agendas and projects of those bodies, as well as KPMG's views on specific issues when appropriate. IFRS in brief is supplemented by IFRS briefing sheets that consider individual issues or requirements in more depth.

Canada - Countdown IFRS transition newsletter by Deloitte

Deloitte Canada has published its Countdown IFRS transition newsletter for February 2010. It discusses practical issues Canadian companies are facing in IFRS transition and provides an update on recent IFRS events. (For previous issues of the newsletter, visit the Deloitte Canada website.)

Canada - Practical Updates on Accounting Standards for Canadian companies

The IFRS in Canada newsletter provides practical, thorough and concise updates on changing accounting standards. Written by finance professionals with extensive industry experience, IFRS in Canada is a valuable and relevant resource for finance professionals in industry. With over 4,500 subscribers, it is a source of practical information on IFRS transition issues for public companies, as well as the new Canadian GAAP for private companies. (Subscription is free.)

Canada - IFRS News by PricewaterhouseCoopers

IFRS News is a monthly global publication by PricewaterhouseCoopers (PwC). It 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). The publication is also available online. (To receive IFRS News on a regular basis, visit the PwC website.)

Canada - IFRS: the "fair value" decision

IFRS: the "fair value" decision is an article published by Grant Thornton. The article addresses some of the factors companies adopting IFRS need to consider when deciding which strategy is right for them, both in relation to the transition process and to ongoing accounting practices. (For additional Insights, visit the Grant Thornton website.)

Canada - IFRS Briefings by KPMG

KPMG publishes a periodic newsletter called IFRS Briefings to keep clients informed about International Financial Reporting Standards (IFRS) news and developments occurring internationally and in Canada. The newsletter provides commentary on how IFRS will affect Canadian publicly accountable enterprises. (To subscribe, visit the KPMG website.)

Canada - IFRS and Canadian GAAP Differences Series

International Financial Reporting Standards (IFRS) and Canadian GAAP are both principle-based frameworks. From a conceptual standpoint, many of the general principles are the same, but the application of general principles in IFRS can be significantly different from Canadian GAAP. Therefore, to understand the magnitude of the differences between IFRS and Canadian GAAP, it is essential to look beyond the general principles to the detailed guidance provided in the standards. This series of BDO Canada publications provides detailed information on the key differences between IFRS and Canadian GAAP. (Access the IFRS - Canadian GAAP Differences Series on the BDO Canada website.)

Canada - IFRS Discussion Group Meeting, March 2010

The IFRS Discussion Group (IDG) of Canada's Accounting Standards Board (AcSB) met on March 4, 2010.  A detailed list of the topics discussed is set out on the meeting agenda. An archive of the audio webcast of the meeting is now available. (Listen to the audio webcast.)

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). (Read the latest EFRAG Endorsement Status Report published March 9, 2010.)

IASB - New IFRS for SMEs Update newsletter

The International Accounting Standards Board (IASB) has published the first issue of the IFRS for SMEs Update newsletter. It provides a regular staff summary of news relating to the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). (To receive the IFRS for SMEs Update by e-mail, subscribe to the IFRS for SMEs Alert.)

IASB - Chairman of the IASB addresses ECOFIN meeting

On March 16, 2010, Sir David Tweedie, Chairman of the International Accounting Standards Board, addressed the meeting of the Council of the European Union (Economic and Financial Affairs). He spoke about the progress on convergence, enhanced stakeholder engagement in the IASB work and agenda-setting, IFRS 9 and addressing European concerns on classification, and next steps on financial instruments reform. (Read the prepared statement on the IASB website.)

IASB - Live webcast on classification and measurement of financial liabilities, March 22, 2010

The International Accounting Standards Board (IASB) staff will present a webcast regarding the status of the Board's discussions about the classification and measurement of financial liabilities and the next steps in the project. The webcast will be on Monday March 22, 2010 at 10:30am and 3:00pm UK time. (Register to participate and view the project webpage.)

US – Executives want earlier implementation of IFRS

A survey of 2,500 executives by accounting firm KPMG found that 49% of US executives want to move to International Financial Reporting Standards (IFRS) earlier than the Securities and Exchange Commission (SEC) tentative 2015 potential adoption date. The desire for an earlier shift comes even before US regulators have made a formal decision to adopt IFRS. In February 2010, the SEC said US companies would not be able to use the standards until 2015 at the earliest. (Read the article Half of US execs want to use IFRS early-survey at Reuters online.)

IASB - IASC Foundation Constitution effective March 1, 2010

The Trustees of the IASC Foundation approved changes to the Foundation's Constitution in January 2010. The changes are effective March 1, 2010. One of the changes was to rename three groups to be more closely aligned with the International Financial Reporting Standards (IFRS): the IASC Foundation becomes the IFRS Foundation; the International Financial Reporting Interpretations Committee becomes the IFRS Interpretations Committee; and the Standards Advisory Council becomes the IFRS Advisory Council. (Read the IASC Foundation Constitution.)

UK - Developments in New Reporting Models

The Institute of Chartered Accountants in England and Wales (ICAEW) has published Developments in New Reporting Models. The report argues that business reporting must reflect changes in business, in information technology and in user needs. The debate on the future of business reporting needs to be reframed – not as a stark choice between an old model and a new one – but in terms of continuing evolutionary improvements. Copyrighted by ICAEW, the report is posted on IAS Plus with permission of the ICAEW Financial Reporting Faculty.

IASB - Status update on Other Comprehensive Income

On March 15, 2010 and March 19, 2010, Stephen Cooper (IASB Board member), Alan Teixeira (Director of Technical Activities) and Henri Venter (Assistant Project Manager) will give a status update on the International Accounting Standards Board (IASB) deliberations about the presentation of items in Other Comprehensive Income (OCI). The live webcast will be followed by a question and answer session. The second webcast is being held on a different day to accommodate the Board meeting being held the same week. (Read the IASB Announcement and Register to participate.)

IASB and FASB publish proposals on reporting entity concept

The International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) today published for public comment an exposure draft on the reporting entity concept. The proposals form part of a joint project to develop a common and improved conceptual framework that provides the basis for developing future accounting standards. (Read the IASB Press Release and access the exposure draft Conceptual Framework for Financial Reporting: The Reporting Entity.)

US - IFRS perspectives: An executive survey

No matter how it takes shape, the transition to International Financial Reporting Standards (IFRS) in the US will dramatically impact companies in a number of ways. In addition, aside from ultimate conversion, convergence between US GAAP and IFRS continues in a number of areas requiring companies' attention. PricewaterhouseCoopers (PwC) recently polled executives at US-based multinational companies to gain their perspectives on International Financial Reporting Standards (IFRS). (Visit the PwC website and download the December 2009 publication IFRS perspectives: An executive survey.)

Canada - IFRS Transition Resources

The Canadian Institute of Chartered Accountants (CICA) has assembled an extensive collection of IFRS Transition Resources. The collection includes IFRS Newsletters & Updates and Canadian IFRS Resources from Other Organizations. Access to the materials is provided on the Canadian Standards in Transition website.

IASB - International Financial Reporting Standards IFRS 2010 (English)

International Financial Reporting Standards IFRS 2010 (English) is the only official printed edition of the consolidated text of the IASB's authoritative pronouncements. This edition includes the latest version of International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC and SIC Interpretations and the supporting documents - illustrative examples, implementation guidance, bases for conclusions and dissenting opinions - as issued by the IASB at January 1, 2010. The publication is expected in March 2010. (For more information and to register, visit the IASB webpage.)

IASB - Training material on IFRS for SMEs

The International Accounting Standards Committee (IASC) Foundation has published the second batch of training material for the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). The training material is designed to assist companies and accounting practitioners in applying the IFRS. It will also assist educators in teaching how to apply the IFRS for SMEs. The remaining material will be published in the course of this year as it is completed. The free-to-download training material forms part of a range of initiatives undertaken by the IASC Foundation and the International Accounting Standards Board to support the widespread adoption of the IFRS for SMEs. (Read the IASB Press Release and access the training material online.)

IASB/FASB - IASB Observer for February 2010

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) had two sessions of joint meetings early in February followed by a three-day meeting in the IASB’s normal monthly calendar. The IASB separately had two sessions in that week. (For detailed notes taken at the meetings, read the IASB Observer.)

IOSCO - Principles for Periodic Disclosure by Listed Entities

The International Organization of Securities Commissions (IOSCO) has published a report Principles for Periodic Disclosure by Listed Entities. The report makes recommendations for disclosures in periodic reports, such as annual reports, of entities whose securities are listed or admitted to trading on a regulated market in which retail investors participate. The disclosure principles also cover other issues, such as the timeliness of disclosures, disclosure criteria and storage of information. The principles are intended to provide a useful framework for securities regulators that are reviewing or revising their regulatory disclosure regime for periodic reports. (Read the IOSCO Press Release.)

IFAC – 2009 Third Annual Global Leadership Survey (revised)

The International Federation of Accountants (IFAC) has released an updated report on a member survey after previously withdrawing the report to incorporate more member suggestions. IFAC has issued the revised results of the Third Annual Global Leadership Survey. Key findings cover a wide-range of topics, including the need to support small and midsize businesses in the current environment, the increasing importance of adoption and implementation of international standards, and the improvements made in the area of corporate governance. (Read the article IFAC Re-examines Priorities at WebCPA online and obtain the revised report 2009 Third Annual Global Leadership Survey.)

FEI comments on convergence standards

The Financial Executives International (FEI) Committee on Corporate Reporting (CCR) has filed a series of comment letters with the Financial Accounting Standards Board (FASB) Chairman, Robert Herz, and the International Accounting Standards Board (IASB) Chairman, Sir David Tweedie. The letters address concerns regarding the effective dates of the major convergence standards outlined in the FASB and IASB Memorandum of Understanding (MoU). FEI states that the current proposed dates present challenges to realizing a high quality implementation. It recommends that the Board deliberate the effective dates and transition of the major convergence standards holistically, rather than on a standard-by-standard basis, taking into consideration the impact on companies and the interdependencies among the standards. (Read the article FEI Provides Recommendations to FASB and IASB on Convergence Standards at PR Newswire online.)

US - SEC Approves Statement on Global Accounting Standards

The US Securities and Exchange Commission has voted to issue a statement that lays out its position regarding global accounting standards and makes clear that the Commission continues to believe that a single set of high-quality globally accepted accounting standards would benefit US investors. (Read the SEC Press Release, which includes the Commission Statement in Support of Convergence and Global Accounting Standards, Text of Chairman's Statement and the related video - Chairman Schapiro Discusses Global Accounting Standards.)

IASB - 2010 website feedback survey

As an international standard-setter, the International Accounting Standards Board (IASB) recognizes the importance of fully embracing web-based services to support effective communication with interested parties around the world. In this regard, the IASB has recently updated its website, as well as introducing a number of other online initiatives including interactive webcasts, downloadable podcasts and customizable e-mail alerts. The IASB is now seeking feedback on these developments and is asking users of this website to complete an online survey. (To take part in the survey, visit the IASB survey webpage.)

IASB - IASC Foundation publishes XBRL proposed IFRS Taxonomy 2010

The International Accounting Standards Committee (IASC) Foundation has published for public comment an exposure draft of the International Financial Reporting Standards (IFRS) Taxonomy 2010. The proposed taxonomy is consistent with IFRS and the IFRS for Small and Medium-sized Entities (SMEs). (Read the IASB Press Release and obtain more information on the IFRS Taxonomy 2010 webpage.

US - Accounting firms cautious about delayed move to global standards

Executives from three of the Big Four accounting firms said the nation's plan to shift to International Financial Reporting Standards (IFRS) could face significant delays and that the process could become extremely politicized. The executives said discussions about the shift are at a crucial point. (Read the article Global accounting rules may face delays at Reuters UK online.)

IASB/FASB - Accounting convergence at important crossroads

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are facing past and current challenges as they work toward a 2011 deadline for achieving US and international accounting convergence. (Read the article The long and winding roadmap at Accountancy Age online.)

Canada - IFRS and the Opening Balance Sheet

Canadian companies adopting International Financial Reporting Standards (IFRS) are required to prepare an opening IFRS balance sheet on the transition date. This statement of financial position must reflect retrospective application of any accounting policies that will change on adoption of IFRS. For companies with a calendar year end, the transition date is January 1, 2010 (which is different than the adoption date of January 1, 2011). Practically speaking, it is a re-statement of the December 31, 2009 Canadian GAAP balance sheet, in accordance with accounting policies under IFRS. (Read more at In the Loop on the Canadian Standards in Transition website.)

US - Understanding the pros and cons of principles-based accounting standards

The "U.S. Perspective" panel at the AICPA/IASC Foundation Conference on International Financial Reporting Standards (IFRS) featured six financial industry heavyweights. It evolved into a discussion about the merits and challenges of a principles-based system of accounting. An article by the American Institute of Certified Public Accountants (AICPA) offers a glimpse into their opinions and insights on the two different accounting approaches, as well as the far-reaching ramifications of the US transitioning to IFRS. (Read the article Merits and Challenges of Having Fewer Rules at IFRS.com.)

IASB - Trustees clarify position on IFRS adoption objective and support for convergence

In a letter to the Financial Times, Gerrit Zalm, Chairman of the Trustees, responds to concerns that the constitutional emphasis on the objective of IFRS adoption globally represents a weakening of the Trustees’ support for ongoing convergence efforts. (Read the letter online at IASB Web Announcements.)

IASB - Trustees announce further governance enhancements

The Trustees of the International Accounting Standards Committee (IASC) Foundation, the oversight body of the International Accounting Standards Board (IASB), have announced enhancements to their governance arrangements. These changes, which are aimed at enhancing public accountability, stakeholder engagement and operational effectiveness, complete the second part of the IASC Foundation’s five-yearly Constitution Review. The Trustees reached their conclusions at the meeting in Brazil on January 26-27, 2010. (Read the IASB Press Release.)

Deloitte - iGAAP 2010 Guide to IFRS Reporting

Deloitte has published iGAAP 2010–A Guide to IFRS Reporting. This 2,918-page book sets out comprehensive guidance for entities reporting under International Financial Reporting Standards (IFRS). The Guide focuses on the practical issues faced by reporting entities, explains clearly the requirements of IFRS, adds interpretation and commentary where IFRS are silent, ambiguous or unclear, and provides many illustrative examples.(Read the Descriptive Booklet about This and Related iGAAP Publications for 2010 or order the publication online.)

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). (Read the latest EFRAG Endorsement Status Report.)

Canada - Review of IFRS transition disclosures

Canada's Ontario Securities Commission (OSC) has issued its IFRS Transition Disclosure Review (Staff Notice 52-718). The purpose of this Notice is to summarize the results of the review of 106 reporting issuers and to provide additional guidance for issuers in their Management Discussion and Analysis filings in anticipation of their changeover from Canadian GAAP to International Financial Reporting Standards (IFRS) on January 1, 2011. The review found, among other things:

• 40% of issuers made no mention of an IFRS changeover plan in their disclosure;
• 60% of issuers discussed a changeover plan, with only half providing disclosure beyond a generic reference to the transition;
• Only half of the issuers that discussed their IFRS transition in their 2008 disclosures also provided investors with quarterly progress updates in 2009 interim disclosure documents.

Brazil - IFRS Global Convergence

On January 28, 2010 the Brazilian Federal Council of Accounting and the Brazilian Accounting Pronouncements Committee signed a Memorandum of Understanding (MoU) with the International Accounting Standards Board (IASB) that sets end-2010 as the target date for full convergence with International Financial Reporting Standards (IFRS) and establishes a framework for future cooperation between the organizations. (Read the new IASB Global Convergence webpage.)

Canada - Keeping your head above water… Recent issues in financial reporting

PricewaterhouseCoopers (PwC) Canada has published its latest Financial Reporting Release dated January 2010. The publication is called Keeping your head above water… Recent issues in financial reporting. Topics covered include: IFRS in Canada; Canadian GAAP for private enterprises; Canadian GAAP for pension plans; Canadian GAAP for not-for-profit organizations; Auditing standards in Canada; Towards a single global GAAP; Financial instruments; Loans and trade receivables, and related revenue; Provisions; Securities Commissions’ continuous disclosure reviews; and Emerging issues committee abstracts. (To learn more or to download previous editions of this publication, visit PwC Canada website.)

Canada - Deloitte Countdown IFRS transition newsletter for January 2010

Deloitte Canada has published its Countdown IFRS transition newsletter - January 2010. The newsletter includes the following articles:

• IFRS Predictions for 2010;
• The Real Deal – a dual reporting calendar for 2010;
• It's official!! IFRS are now in the CICA Handbook;
• Deloitte IFRS publications and International Round-up on standard-setting activities.

Japan - Voluntary Application of International Financial Reporting Standards

On December 11, 2009, the Financial Services Agency (FSA) in Japan published a set of Revised Cabinet Office Ordinances, including “Regulation for Terminology, Forms and Preparation of Consolidated Financial Statements” and “Cabinet Office Ordinance on Disclosure of Corporate Information,” etc. With these revisions, Japanese listed companies which meet certain requirements (“Specified Companies”) will be given the option to prepare their consolidated financial statements, starting from the consolidated fiscal years ending on or after March 31, 2010, by applying IFRS designated by the Commissioner of the FSA through public notice. On January 20, 2010, the FSA made available an English translation of the draft of revised Regulatory Notices, etc. which are intended to update the list of designated IFRS for the voluntary application of IFRS in Japan, in order to facilitate the public consultation process. (Read the FSA Press Release.)

Canada - KPMG: Accounting for Taxes in Your IFRS Conversion Plan

International Financial Reporting Standards (IFRS) will replace Canadian Generally Accepted Accounting Principles (GAAP) for fiscal years beginning on or after January 1, 2011, and most companies have started their changeover to IFRS. However, many companies have delayed their detailed assessment of income taxes. What does this mean for your company’s conversion plans? With the proposals abandoned in their current form and deadlines looming, Canadian companies can no longer ignore existing IAS 12. On Thursday, January 21, 2010, KPMG presented a webcast discussion on the implications of IFRS conversion on income taxes. Find out about some of the common IFRS conversion issues related to income taxes that many companies are facing today. (Read The Clock is Ticking – Accounting for Taxes in Your IFRS Conversion Plan at KPMG online.)

Canada - PwC IFRS News, December 2009/January 2010

PricewaterhouseCoopers (PwC) has issued its IFRS News — December 2009/January 2010 and IFRS News The Canadian Report — December 2009/January 2010. These publication provide IASB technical updates and PwC insights into the impact of International Financial Reporting Standards (IFRS). (To learn more, visit the PwC IFRS Canada website.)

IASB - Limited exemption amendment to IFRS 1

The International Accounting Standards Board (IASB) has issued a minor amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. The amendment relieves first-time adopters of IFRS from providing the additional disclosures introduced in March 2009 by Improving Disclosures about Financial Instruments (Amendments to IFRS 7). It thereby ensures that first-time adopters benefit from the same transition provisions that Amendments to IFRS 7 provides to current IFRS preparers. (Read the IASB Press Release and the Amendments to IFRS 1 project page.)

IASB and FASB reach tentative agreement on fair value definition

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) reached a tentative decision for defining fair value. The groups had a three-day meeting to reconcile differences as they try to converge US GAAP with International Financial Reporting Standards (IFRS) by June 2011. Under this decision, fair value would be defined as an exit price. (Read the article Accounting Boards Define Fair Value at WebCPA online.)