FCAG members see threats to international accounting standards

At least three members of the Financial Crisis Advisory Group (FCAG), formed jointly by FASB and the IASB last year to advise the two boards on accounting matters related to the credit crisis, have warned that continued political and other external pressure on FASB - and the IASB in particular - could result in tragedy. (Read the article Pressure on FASB, IASB Could Result in Tragedy, FCAG Members Warn on AccountingWeb.com.)

Canada - Seven Key IFRS Differences

Canada’s publicly accountable enterprises (PAEs) have to give up Canadian generally accepted accounting principles (GAAP) and switch to International Financial Reporting Standards (IFRS) for annual periods starting on or after January 1, 2011. Despite the fact that few PAEs have started moving on this — as some surveys have shown — such enterprises should have completed their transition planning and assessed the anticipated effect of the change on their financial reporting by the end of this year. In fact, the Canadian Securities Administrators want to see those plans discussed in management’s discussion and analysis covering fiscal year 2008.(Read more in the June/July 2009 CAmagazine article Seven Key Differences.)

Canada - IFRS Conversion Checkup

January 1, 2011, is a date of great significance for accountants and publicly accountable enterprises (PAEs) in Canada. Less than two years away, it is the date for the much-anticipated switchover from Canadian generally accepted accounting principles (GAAP) to International Financial Reporting Standards (IFRS). How far have businesses travelled on the road to full preparedness for the change? A mixed picture emerges from the more than 4,000 PAEs in Canada. (Read more in the June/July 2009 CAmagazine article Conversion Checkup.)

EFRAG - European Survey of Users’ Information Needs

The European Financial Reporting Advisory Group (EFRAG), together with the national French standard-setter, has issued a report summarizing and analyzing the results of a recent survey of users of financial information. (The survey report is available on the EFRAG website.)

Countdown - Deloitte Canada’s IFRS transition newsletter

Deloitte Canada has published the May 2009 issue of its Countdown IFRS transition newsletter. It discusses practical issues Canadian companies are facing in IFRS transition as well as providing an update on recent IFRS events. Articles in this issue include:

• Managing Costs on Transition to IFRS;
• The 'Real Deal' – real issues and solutions on IFRS transition relating to impairment;
• Just Released – CSA Staff Notice 52-324 Issues Relating to Changeover to IFRS;
• Deloitte Publications and Events and How to Access Them; and
• An Update on Current IFRS events – including various ED's or Discussion Papers.

(Also refer to other Deloitte IFRS Resources.)