Canada - PwC IFRS News, November 2009

PricewaterhouseCoopers (PwC) has issued its IFRS News for November 2009. This monthly publication provides IASB technical updates and PwC insights into the impact of International Financial Reporting Standards (IFRS). (To learn more, visit the PwC IFRS Canada website.)

UK – New ICAEW journal, By All Accounts

The Financial Reporting Faculty of the Institute of Chartered Accountants in England and Wales (ICAEW) has published the first edition of its new journal By All Accounts. The theme of this issue (dated January 2010) is IFRS for All? Financial reporting by entities of every shape and size is at a crossroads. Three articles in this issue focus on the IFRS for SMEs. Others deal with the following issues: the politics of accounting, directors' duties under the law, IFRS in transition, writing 'the front half' of the annual report, and IFRS in central government. (By All Accounts is copyright by the ICAEW and is posted on IAS Plus with their kind permission.)

Canada - Top 20 things to do before 2010

Deloitte Canada has developed a checklist covering the 20 things to do before 2010 so that publicly-accountable enterprises can keep their conversion to International Financial Reporting Standards (IFRS) on track for 2011. This checklist is designed to help a company complete its preparation before 2010 for a seamless conversion. It is also intended to help companies:

• Save money in the long run by investing the time and resources now, rather than completing the conversion on a rush basis with limiting options; 
• Prioritize actions to be included in year-end progress reports required in management's discussion and analysis (MD&A) for public companies in the fourth quarter of 2009;
• Prevent or minimize known difficulties that are commonly encountered in practice by Canadian entities;
• Motivate immediate action by emphasizing that certain tasks cannot wait until 2011.

EU - Deloitte Newsletter on IFRS 9 Financial Instruments

Deloitte's IFRS Global Office has published an IAS Plus Update Newsletter – IFRS 9 Financial Instruments. The IASB issued IFRS 9 on November 12, 2009 as the first step in its project to replace IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 introduces new requirements for classifying and measuring financial assets. Those requirements must be applied starting January 1, 2013, with earlier adoption permitted including for 2009. The IASB intends to expand IFRS 9 during 2010 to add new requirements for classifying and measuring financial liabilities, derecognition of financial instruments, impairment and hedge accounting. By the end of 2010, IFRS 9 will be a complete replacement for IAS 39 – mandatory for 2013 and optional in earlier years. This newsletter explains the requirements of IFRS 9 in detail, compares IFRS 9 and IAS 39, and analyses the potential impact of a move to the new standard.

Canada - KPMG Webcast on IFRS Conversion

KPMG will host a Webcast on IFRS Conversion: The impact of IFRS on systems and processes: what you need to know on December 10, 2009 at 11:00 AM ET. The webcast will assist companies in preparing their systems and processes for IFRS and dual reporting. Addressing the issue sooner rather than later can help save time, money and frustration in the long run. This webcast will be available for viewing online at the KPMG website starting December 16, 2009. (Register for this webcast online.)