Canadian FYI Newsletter August 2011

The Canadian Accounting Standards Board (AcSB) FYI Newsletter August 2011 includes the message from the Chair and articles on other topics of interest to stakeholders. It notes that high-quality standards take time to develop. Setting a June 30, 2011 deadline did motivate the International Accounting Standards Board (IASB) and the US Financial Account­ing Standards Board (FASB) to meet more frequently to redeliberate important issues in light of the many comments and suggestions received on their exposure drafts.

However, in April 2011, the Boards conceded that more time is needed to complete their joint projects on revenue, leases and financial instruments, and also the IASB’s standard on insurance contracts. The fourth “Progress Report on IASB-FASB Convergence Work” extended the completion targets for these projects to the second half of 2011. The extension is consistent with the objectives of the G20 leaders. It will also permit the Boards to consult with those affected about the proposed changes and work through concerns and issues raised by stakeholders.

IFRS: the first quarter

The first IFRS Canadian corporate report filings are now in. How did the implementation go? What went right? What went wrong? What can we expect in the future? With a number of major IFRS projects underway at the International Accounting Standards Board — such as leases and financial instruments — the reporting landscape is still a live environment. But, the transition to a new era is now formally in play on the balance sheets of Canada’s publicly listed companies. With more than 4,100 IFRS-infused first quarter reports being filed with regulators in 2011, these organizations have only the briefest of respites to look back at what was for many an unexpectedly daunting task. (Read the article "IFRS: the first quarter" in the August 2011 issue of CAmagazine online.)