International Financial Reporting Standards - IASB Future Work Plan

In July 2011, the International Accounting Standards Board (IASB) issued a Request for Views, “Agenda Consultation 2011.” This paper seeks input on the IASB’s future work plan and the areas of financial reporting it proposes to give priority to over the next three years. The comment deadline is November 30, 2011.

An important part of balancing the future work plan is to understand the financial reporting needs and challenges of stakeholders. As such, Canada’s Accounting Standards Board (AcSB) encourages all Canadian stakeholders to review the Request for Views and submit comments directly to the IASB. Your views will help shape the IASB’s future agenda.

The AcSB will be responding to the IASB, as well, and is seeking the views of Canadian stakeholders to develop an informed response. The AcSB has organized a program of public consultations between mid-October and early November 2011 to help form its response, including conference calls and roundtables in Vancouver, Calgary, Toronto and Montreal. More information on the IASB Agenda Consultation, and the related roundtables and conference calls, is available online.

(For an update on recent activities of Canada's Accounting Standards Board, see the FYI Newsletter October 2011.)

Canadian Standards in Transition - ASPE Resources Available

The Canadian Institute of Chartered Accountants (CICA) has recently issued three new resources to help private companies make a smooth transition to the new accounting standards for private enterprises (ASPE).

A Guide to Understanding Transitional Options and Accounting Policy Choices
This CICA guide helps practitioners understand the choices and decisions available under the new accounting standards for private enterprises (ASPE) and provides practical examples and worksheets.

A Case Study: Financial Statement Comparison
This publication presents an example of non-consolidated and consolidated financial statements prepared in accordance with pre-changeover accounting standards - XFI Version, and financial statements restated in accordance with ASPE.

Transition Considerations for a Non-Complex Entity
This summary highlights significant changes in the new standards as well as items that require management consideration. The information, geared to non-complex entities, raises awareness for typical balances on a set of financial statements.