IASB enhances financial instruments disclosures

The International Accounting Standards Board (IASB) has issued amendments that improve the disclosure requirements about fair value measurements. The amendments reinforce existing principles for disclosures about the liquidity risk associated with financial instruments. (Read the IASB Press Release.)

Resources on the Global Financial Crisis

The Canadian Institute of Chartered Accountants (CICA) has developed information resources to help leaders in Canada’s business and governance communities manage during these challenging times. The resources on the Global Financial Crisis are provided along with relevant commentary, guidance and announcements from Canada's Accounting Standards Board (AcSB), Auditing and Assurance Standards Board (AASB) and Accounting Standards Oversight Council (AcSOC).

Is the SEC still moving to IFRS?

IASB Chairman Sir David Tweedie met recently with the new chair of the US Securities and Exchange Commission, Mary Schapiro who indicated that she would not “feel bound” by the SEC Roadmap. She also criticized the IASB in a letter to Congress, saying that she “is not prepared to delegate standard-setting or oversight responsibility to the IASB.” (Read articles in WebCPA, AccountancyAge and CPA2Biz.)

Countdown - Deloitte Canada’s IFRS transition newsletter

Deloitte Canada has published the February 2009 issue of the Countdown IFRS transition newsletter. The newsletter discusses practical issues Canadian companies are facing in IFRS transition and provides an update on recent IFRS events. (Also refer to other Deloitte IFRS Resources.)

Standards Advisory Council holds first meeting

The reconstituted Standards Advisory Council (SAC) held its first meeting on February 23-24, 2009 in London. The agenda for the 42 representatives included an overview of the SAC’s role and function within the structure of the IASC Foundation and a discussion about how the SAC can best fulfill its mandate. (Read the IASB Press Release.)