Japan to converge with IFRS by 2011

The Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) held their first meeting since the announcement of an initiative to accelerate convergence between Japanese generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS), known as “The Tokyo Agreement.” (View the Press Release)

Canada - Transition to International Standards

The CICA has just launched a website to help Canadian CAs and the 4,500 public companies in Canada make the transition to IFRS. The site provides information on what to do and how to do it. To access these comprehensive resources provided by the CA profession, go to the CICA website, Transition to International Standards.

CICA Guide to IFRS in Canada

The Canadian Institute of Chartered Accountants (CICA) has issued a Guide to IFRS in Canada to facilitate the transition from Canadian GAAP to IFRS for Publicly Accountable Enterprises. The guide includes the Accounting Standards Board (AcSB) comparison of Canadian GAAP to IFRS, highlighting key differences and noting AcSB work in process that may affect the standard in the future. The comparison is organized in the order of the current Canadian standards. It includes a table of IFRS in numerical order cross-referenced to the CICA Handbook standard and a table of IFRS standards with no current Canadian GAAP equivalent.

IASB Update and IFRIC Updates – September 2007

Periodically, the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) publish newsletters on their activities. The IASB Update and IFRIC Update are published as a convenience to the IASB’s constituents. The reported conclusions are tentative and may be changed or modified at future IASB or IFRIC meetings.

Beyond IFRS

As Canada's Accounting Standards Board (AcSB) moves to adopt International Financial Reporting Standards (IFRS) for Canadian publicly accountable enterprises, some have asked whether there remains a need for an accounting standards-setting activity in Canada. There are a number of key areas where a national accounting standards-setter can contribute to the work of the international standards-setting partnership and there is indeed a continued role for a Canadian accounting standards-setting activity. (View the article Beyond IFRS)