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. )