SEC Advisory Committee on Improvements to Financial Reporting

The US Securities and Exchange Commission (SEC) Advisory Committee on Improvements to Financial Reporting met on May 2, 2008. At the meeting, the advisory committee received the interim reports of four subcommittees: Report of the Substantive Complexity Subcommittee, Report of the Standards-Setting Subcommittee, Report of the Audit Process and Compliance Subcommittee and the Report of the Delivering Financial Information Subcommittee. (View the Agenda for the meeting and the Project webpage.)

PWC - IFRS Pocket Guide 2008

PricewaterhouseCoopers (PWC) recently issued IFRS Pocket Guide 2008. The guide provides a summary of the recognition and measurement requirements of International Financial Reporting Standards (IFRS) published up to March 2008. It does not address most disclosure requirements. Guidance on disclosure is provided in PwC’s IFRS Disclosure Checklist.

Update on IFRS – North America Conference

A two-day conference was recently held in Toronto to focus on the world-wide migration to International Financial Reporting Standards (IFRS). More than 750 people registered for the gathering. The IFRS – North America Conference was a joint presentation by The International Accounting Standards Committee (IASC) Foundation and The Canadian Institute of Chartered Accountants (CICA). The significant international event brought Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB) and other members of the IASB to Canada. (View video clips and photos of the conference.)

Canadian Securities Administrators address IFRS disclosure requirements

The Canadian Securities Administrators (CSA) have issued a staff notice addressing IFRS pre-adoption disclosure requirements for Canadian reporting issuers. CSA Staff Notice 52-320 Disclosure of Expected Changes in Accounting Policies Relating to Changeover to IFRS marks another significant step in Canada’s transition. The CSA is a forum for the 13 securities regulators of Canada's provinces and territories to coordinate and harmonize regulation of the Canadian capital markets.

AICPA Issues Exposure Draft on CPA Exam Content

The American Institute of Certified Public Accountants (AICPA) has released an exposure draft for public comment outlining proposed content updates for the CPA exam. It increases emphasis on ethics and provides more in-depth descriptions of the skills necessary for entry-level CPAs. It also proposes including International Financial Reporting Standards (IFRS) on the exam for the first time. (Read the AICPA News Release, Announcement Letter and Exposure Draft.)