Canada – IFRS disclosure and compliance checklists

Deloitte Canada has published Canadian versions of Deloitte's 2009 IFRS Presentation and Disclosure Checklist and 2009 IFRS Compliance Checklist. The Canadian versions differ from the global versions because they include consideration points relating to key differences between Canadian GAAP and IFRS that may be helpful for Canadian companies in assessing whether or not they meet the requirements of a specific IFRS. These considerations may also serve as a helpful reference source for Canadian companies on transition to IFRS from Canadian GAAP. Also, the English versions (.docm files) include a built-in macro that allows users to select standards that are not applicable to them and exclude them automatically.

Deloitte - Model IFRS financial statements for 2010 including IFRS 9

Deloitte's IFRS Global Office has published a version of its illustrative IFRS financial statements for 2009 that illustrate early adoption of IFRS 9 Financial Instruments. IFRS 9 was issued in November 2009 and is effective January 1, 2013, but early adoption is permitted starting in 2009. (View the Illustrative IFRS Financial Statements Including IFRS 9.)

IASB - Issues being considered by IFRIC

The International Accounting Standards Board (IASB) is supported by the work of the International Financial Reporting Interpretations Committee (IFRIC). IFRIC has a number of current projects that it is working on, including meeting summaries, audio files and agenda papers. In January 2010, the IFRIC work in progress was discussed as part of the public session. For more information on current projects, visit the Work plan for interpretations (IFRICs) webpage.

Canada - Transition to IFRS and communicating the impact of the changeover

The Canadian Institute of Chartered Accountants (CICA) is providing guidance to help public companies summarize for investors the effects of the changeover to International Financial Reporting Standards (IFRS). Most Canadian public companies will commence reporting in accordance with IFRS in 2011. At that time, the changeover will potentially result in numerous changes to an entity’s financial statements. A new publication by the CICA titled Transition to IFRSs – Communicating the Impact of the Changeover focuses on using Management Discussion and Analysis (MD&A) to explain the effects of the move to international standards. Additional guidance is also available regarding Examples of IFRS transition-related disclosure in Canadian issuer Management Discussion and Analysis.

Canada - In the Loop: Standards in Transition

According to the Chinese Zodiac, 2010 brings the year of the tiger – a year of change. For Canadian companies adopting IFRS in 2011, this couldn’t be more appropriate. Some heavy lifting is needed early in this fiscal year. (Read 2010 – A New Year like no other! which is part of the CICA online guidance series In the Loop: Standards in Transition.)

Canada - IFRS Discussion Group Meeting

The next meeting of the Canadian IFRS Discussion Group (IDG) will be held on March 4th, 2010 in Toronto, Canada. Individuals are encouraged to submit issues relating to the application of International Financial Reporting Standards (IFRS) in Canada by February 1, 2010 for consideration at this meeting. Further information is available on the webpage Notice of Meeting of the AcSB's IFRS Discussion Group (IDG).

Canada - FYI Newsletter December 2009

Canada's Accounting Standards Board (AcSB) has issued the December 2009 issue of its FYI Newsletter. The newsletter includes the message from the Chair and articles on other topics of interest to stakeholders. Much of the focus has been on outreach to ensure that all publicly-accountable enterprises understand the actions they need to take to implement International Financial Reporting Standards (IFRS) in 2011.

Canada - Canadian Standards in Transition Website

There are dramatic changes underway for Canadian financial reporting standards. In response, the Canadian Institute of Chartered Accountants (CICA) has created a website that is the gateway to the CA Profession’s information and learning resources on the transition to new standards for publicly-accountable enterprises and for private enterprises.

IASB - IASC Foundation publishes free training material for IFRS for SMEs

The International Accounting Standards Committee Foundation (IASC Foundation) today published the first part of its comprehensive set of training materials for the IFRS for SMEs. The free-to-download training material forms part of a range of initiatives undertaken by the IASC Foundation and the International Accounting Standards Board (IASB) to support the widespread adoption of the IFRS for SMEs. (View the IASB Press Release and access the IFRS for SMEs Training Material.)

US – IFRS for SMEs comparison to US GAAP

The American Institute of Certified Public Accountants (AICPA) is developing a resource that compares the International Financial Reporting Standards for Small and Medium-Sized Entities (IFRS for SMEs) with corresponding requirements of US generally accepted accounting principles (US GAAP). This resource is available in a Wiki format and all are invited to contribute to its development. To learn more, view available sections and contribute to its content, visit the IFRS for SMEs — U.S. GAAP Comparison Wiki.

IASB - Financial Crisis Advisory Group letter to G-20

The Financial Crisis Advisory Group (FCAG), an independent advisory body to the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) has issued the a letter to G-20 participants. The letter states that: “Although conditions may have improved somewhat in various markets around the globe, the FCAG believes it remains critically important to achieve a single set of high quality, globally converged financial reporting standards that provide consistent, unbiased, transparent and relevant information across geographical boundaries.” (Read the January 4, 2010 letter by the FCAG to the G-20 participants.)

XBRL: The story of our new language

XBRL (eXtensible Business Reporting Language) is a royalty-free, international information format designed specifically for business information, also referred to as “interactive data” by the US Securities and Exchange Commission (SEC). The concept of XBRL is that all individual disclosure items within business reports are assigned unique electronically readable tags (like a barcode). These tags are mapped to taxonomies that are being developed by market constituents and are publicly available on the XBRL website. Taxonomies are, in essence, dictionaries of financial concepts in which each concept is defined and assigned a relationship to other concepts.

XBRL has been a journey of high and lows that met with great success in 2008. Success is defined as (1) the acceptance of this new tool in the broad-based business and business-reporting community and (2) the use of this tool in areas broader than just financial statement information. Those two fundamental beliefs grounded some early decisions that the American Institute of Certified Public Accountants (AICPA) believes will make XBRL a critical foundation for business and government in the decades to come. (Read the AICPA publication XBRL: The story of our new language.)

IASB - A message of thanks from David Tweedie, IASB Chairman

In a December 2009 year-end message, David Tweedie, Chairman of the IASB expressed thanks and appreciation to everyone who has contributed in some way towards the work of the IASB during 2009, and in turn furthered progress towards the ultimate goal of developing a single set of high quality global accounting standards. (Read the December 21, 2010, Message from David Tweedie.)

Canada – Is IT ready for IFRS?

Publicly-accountable businesses in Canada now have their sights set on January 1, 2011, as the formal conversion date from Canadian GAAP to international financial reporting standards (IFRS). However, in addition to reporting under IFRS for the 2011 fiscal year, companies with a December year-end need to issue comparative financial statements for the preceding year under IFRS. This means many will need an IFRS-compliant opening balance sheet starting as early as this month -- January 2010. (Read the CAmagazine online article Is IT ready for IFRS?)

IASB - Editorial corrections and changes

The International Accounting Standards Board (IASB) has issued a number of Editorial Corrections to the IFRS pronouncements including the following:

• Bound Volume 2009;
• Embedded Derivatives (issued March 2009);
• Improvements to IFRS (issued April 2009);
• Additional Exemptions for First-time Adopters (issued July 2009);
• Classification of Rights Issues (issued October 2009);
• IFRS 9 Financial Instruments (issued November 2009);
• IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments (issued November 2009).

Deloitte - IAS Plus Update Newsletter on Closing Out 2009

Deloitte's IFRS Global Office has published an IAS Plus Update Newsletter – Closing Out 2009. The newsletter provides a high level overview of new and revised Standards and Interpretations that are effective for December 2009 and later accounting periods. Where applicable, the newsletter includes hyperlinks to past Deloitte newsletters dealing with the specific Standard or Interpretation in more detail. Those past newsletters are all available on the IAS Plus website. Entities should refer to the Standards and Interpretations themselves to identify all of the changes that may affect their particular circumstances.

IASB - Podcast summaries of Board meetings

The International Accounting Standards Board (IASB) has announced a trial of Board meeting audio summaries (podcasts). The podcasts are available to download for free through the IASB website, or if you subscribe to the iTunes store you will receive the podcasts through iTunes. A short (approximately 30 minutes) summary of the main topics and projects discussed during Board week will be recorded by IASB staff shortly after each Board meeting. (For more information, visit the IASB website.)

Canada - Getting Familiar with New Canadian Accounting Standards for Private Enterprise

The Canadian Institute of Chartered Accountants (CICA) will host a free webinar on Thursday, January 14, 2010 at 12:30 pm EST - Getting Familiar with New Canadian Accounting Standards for Private Enterprise. For companies considering early adoption, the webinar provides an opportunity to learn more about the one-time transitional provisions in CICA Handbook-Accounting, Section 1500, First-time Adoption.

Canada - AcSB Decision Summary

Canada's Accounting Standards Board (AcSB) has issued a Decision Summary for December 10, 2009. It contains an executive summary of discussions and decisions with respect to the topics addressed at this meeting: Financial Instruments; Pension Plans; Private Enterprise Financial Reporting; Public Company Strategy. (Read the AcSB Decision Summary.)

EU - CESR extracts of IFRS enforcement decisions

The Committee of European Securities Regulators (CESR) has published its seventh batch of extracts from its confidential database of enforcement decisions taken by EU national enforcers of financial information. From time to time, CESR publishes extracts of selected decisions as a source of information to foster appropriate and consistent application of IFRS in the EU. (View the Extracts of Enforcement Decisions on the CESR website.)