Migrating to IFRS from US GAAP

Deloitte's IFRS Global Office has published a new Comparison of International Financial Reporting Standards and United States GAAP as of February 2007. The focus is on differences that are commonly found in practice. The significance of the differences will vary for individual entities depending on the nature of the operations, the industry in which it operates and the accounting policy choices it has made.

European Commission Roundtable on IFRS

The European Commission (EC) has issued a Summary Meeting Report of the January 2007 meeting of the EC Roundtable for the Consistent Application of IFRS. The Roundtable, formed in 2006, will identify cases where the accounting treatment in Europe under IFRS is so divergent, significant and widespread as to warrant “common concern” among the different groups of participants including preparers, auditors, national standard-setters and regulators (view the flowchart). When such cases are identified, the Roundtable will refer them to IFRIC, although circumstances may arise where the matter could be referred directly to the IASB. For more information, visit the European Commission website.

ICAEW studies IFRS implementation in Europe

The European Commission has asked the Institute of Chartered Accountants in England and Wales (ICAEW) to analyze the implementation of IFRS in the European Union. Led by David Cairns, the project team is reviewing the IFRS consolidated financial statements of 200 stock exchange listed companies. The ICAEW study will also incorporate the views of preparers, users and auditors of IFRS financial statements, as well as the experiences of securities and other regulators. Details are provided on the ICAEW website.

Roundtable on IFRS “Roadmap”

The United States Securities and Exchange Commission (SEC) will hold a webcast on March 6, 2007 on the implications of removing the requirement for reconciliations to US GAAP for financial statements prepared using IFRS. For more information, view the press release or visit the SEC website (International Financial Reporting Standards "Roadmap" Roundtable).

CICA Conference on IFRS - Path to Convergence

The CICA will host a “Conference on International Financial Reporting Standards - Path to Convergence” on June 11-12, 2007 in Toronto. According to the program, “The target has been set…IFRS by 2011! How you get there is, to a large extent, up to you. Finding the right path that ensures your organization is prepared may be one of the biggest financial reporting challenges you will face in the coming years. Many have begun reviewing the process and are realizing that to meet the deadline, and ensure that the abundance of details are adequately addressed, means getting underway now. The conference will include technical sessions and insight from jurisdictions that have made the shift to IFRS, to help you prepare for, and define, your path to convergence.”