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.)