IFRS: are you ready?

Have you started preparing for the upcoming International Financial Reporting Standards? According to a survey conducted by Resources Global Professionals, a majority of Canadian companies have not. More than 75% of respondents indicated their firms will implement IFRS but 54% haven’t done any preparation; 11% have done some “initial thinking,” and 3% have a completed plan.

XBRL can facilitate IFRS-US GAAP conversion

At the 14th International XBRL Conference in Philadelphia on December 5, 2006, the United States SEC Chairman Christopher Cox spoke about The Promise of Interactive Data. He noted that one of the benefits of XBRL could be to allow easy conversion between IFRS and US GAAP. IASB Chairman Sir David Tweedie also spoke at the conference.

Australia proposes to undo changes to IFRS

The Australian Accounting Standards Board (AASB) has issued for comment Exposure Draft ED 151 Australian Additions to, and Deletions from, IFRS. The ED reflects the recent decision to make Australian accounting requirements the same as IFRS regarding application to profit-oriented entities. It proposes reinstating various accounting policy options that were previously deleted and removing certain Australian-specific disclosures.

IASB Discussion Paper on Fair Value Measurements

The IASB has published for public comment a Discussion Paper on Fair Value Measurements (view the press release). The Paper sets out preliminary views on how to measure fair values prescribed under existing IFRS. It is based on the FASB’s recently issued SFAS No. 157 Fair Value Measurements which establishes fair value for financial reports prepared in accordance with US GAAP.

Update on Canada’s IFRS Advisory Committee (IAC)

Canada’s IFRS Advisory Committee (IAC) met on August 16 and November 3, 2006 to discuss various issues on the June 2006 “Implementation Plan for Incorporating IFRSs into Canadian GAAP” published by the Accounting Standards Board. The IAC also reviewed its Terms of Reference and the IASB’s structure and due process. The next meeting is on December 18, 2006 in Toronto. IAC meetings are open to the public.