Interim Reporting Under IFRS — An Update

CPR Alert (Issue 14, July 2011) is a non-authoritative bulletin prepared by staff of the Canadian Performance Reporting Board (CPRB) at the Canadian Institute of Chartered Accountants (CICA). This issue, Interim Reporting Under IFRS — An Update, reviews: Filing deadlines – no extension for Q2 and Q3; Items to include in Q2 and Q3 2011 interim financial reports; Auditor review of interim financial reports; MD&A considerations for Q2 and Q3 2011; and Classification of bankers acceptances under IFRS. In addition, the Ontario Securities Commission published IFRS Release No. 3 – IFRS Interim Financial Reports –Tips For Q2 And Q3 on July 7, 2011. That release provides a useful filing tip sheet for Q2 and Q3.

Canada - IFRS Discussion Group

The Canadian Accounting Standards Board (AcSB) established the IFRS Discussion Group (IDG) in 2009 to implement and maintain a regular public forum on the application of IFRS in Canada. The purpose of the IDG is to assist the AcSB by considering issues relating to the application of IFRS in Canada and making recommendations on whether particular issues should be referred to the International Accounting Standards Board (IASB) or IFRS Interpretations Committee. The IDG normally meets four times a year. At the discretion of the IDG Chair, meetings are generally open to public observation. Members of the public are encouraged to submit issues for consideration by the IDG.

Listen to the audio recordings of the ten topics discussed by the Group in June 2011, including preliminary observations of some of the provincial securities regulators staff on the first quarter filings under IFRS and six issues arising from the application of IFRS in Canada.