FASB initiates project on useful, organized and consistent disclosures

Robert H. Herz, chairman of the United States Financial Accounting Standards Board (FASB) has announced the addition of a new FASB agenda project aimed at establishing an overarching framework to make financial statement disclosures more effective, coordinated and less redundant. The project was added in response to requests and recommendations from constituents including the Investors Technical Advisory Committee and the SEC Advisory Committee on Improvements to Financial Reporting. (Read the FASB Press Release.)

Canada - Become a Member of the AcSB’s new IFRS Discussion Group

The purpose of the Canadian Accounting Standards Board (AcSB) new IFRS Discussion Group (IDG) is to assist in identifying issues relating to the application of International Financial Reporting Standards (IFRS) in Canada. The IDG will be a public forum in which issues about the application of IFRS in Canada can be discussed. The IDG will make recommendations to the AcSB as to whether particular issues should be referred to the International Accounting Standards Board (IASB) or the IASB’s International Financial Reporting Interpretations Committee. (More information is available on the AcSB website.)

Webinar — IFRS Adoption for Small-Cap and Medium-Cap Companies

The challenge of IFRS adoption for small-cap and medium-cap companies might seem more daunting than for larger companies with more extensive resources. This one-hour Webinar on July 13, 2009 (12:30pm) will address how companies with limited resources might tackle the challenges of IFRS adoption. It will include the latest from the Canadian Securities Administrators and the Canadian Accounting Standards Board regarding their expectations and suggestions, with a particular emphasis on the needs of small-cap and medium-cap companies. (For more information, visit the Webinar webpage.)

IASB Update - June 2009

Periodically, the International Accounting Standards Board (IASB) publishes newsletters on its activities. IASB Updates are published as a convenience to the IASB’s constituents. The reported conclusions are tentative and may be changed or modified at future meetings. (Read the June 2009 IASB Update.)

Countdown - Deloitte Canada’s IFRS transition newsletter

Deloitte Canada has published its Countdown IFRS transition newsletter for June 2009. It discusses practical issues Canadian companies are facing in IFRS transition and provides an update on recent IFRS events. Articles in this issue include:

• Using Technology to Manage Accounting and Control Changes Driven by IFRS Changeover;
• 'The Real Deal' – real issues and solutions on IFRS transition relating to dual year reporting and reconciliation requirements in 2011;
• Private Enterprise Strategy – IFRS or Private Company GAAP;
• Deloitte Publications and Events and How to Access Them;
• An Update on Current IFRS events – including various important EDs and Discussion Papers.

(Also refer to other Deloitte IFRS Resources.)