IFRS: Practical Implementation Guide

Wiley has released the second edition of IFRS: Practical Implementation Guide and Workbook. The publication is a quick reference guide on IFRS/IAS that includes easy-to-understand outlines of IFRS/IAS standards, practical insights, case studies with solutions, illustrations and multiple-choice questions with solutions. The book greatly facilitates understanding of the practical implementation issues involved in applying these complex "principles-based" standards. Instructors may request an evaluation copy.

IFRS readiness in Canada

The vast majority of Canada’s top financial executives don’t believe their staff is prepared for the 2011 conversion to International Financial Reporting Standards, according to a new survey co-developed by The Canadian Financial Executives Research Foundation and sponsor Ernst & Young. The survey, which is the second in a week to come to that conclusion (see “Few ready for IFRS changeover,” notes that manufacturing, retail and distribution industries lag furthest behind in the conversion process. (Read the web article IFRS conversion still far off, say C-suite executives or the IFRS Readiness in Canada– Executive Research Report.

Canada - Financial institutions may not early-adopt IFRS

The Canadian Securities Administrators have invited comment on whether to permit publicly accountable Canadian enterprises to adopt IFRS starting in 2009 which is two years earlier than required by the Canadian Accounting Standards Board. Nonetheless, the Canadian Office of the Superintendent of Financial Institutions (OSFI) has issued a notice to all federally regulated financial institutions on the Adoption of International Financial Reporting Standards. The notice instructs them not to adopt IFRS early, mainly for regulatory comparability reasons.

Putting IFRS in Motion

For many organizations, implementing IFRS may be a complex process that goes well beyond a simple technical exercise for the finance or accounting function. Other business areas such as human resources, investor relations, business development and IT departments will likely be involved in the conversion plan. Companies that have already implemented IFRS know that the new standards place a sizable responsibility on management to be able to communicate effectively to the market in the new language. PricewaterhouseCoopers (PWC) addresses key considerations for those moving toward implementation. (Visit the PWC IFRS Canada website or read the publication Putting IFRS in Motion: International Financial Reporting Standards and their impact on Canadian public companies.)

Attitudes towards Fair Value and Other Measurement Concepts

The Accounting Standards Committee of Germany (ASCG) has published a comprehensive survey on Attitudes towards Fair Value and Other Measurement Concepts. According to the ASCG, recent developments in the context of IFRS demonstrate the ever growing importance of fair value measurement. Also, the subprime crisis shows that the advantages and disadvantages of fair value measurement are viewed differently across users, preparers and standard-setters.