Canada - KPMG: Accounting for Taxes in Your IFRS Conversion Plan

International Financial Reporting Standards (IFRS) will replace Canadian Generally Accepted Accounting Principles (GAAP) for fiscal years beginning on or after January 1, 2011, and most companies have started their changeover to IFRS. However, many companies have delayed their detailed assessment of income taxes. What does this mean for your company’s conversion plans? With the proposals abandoned in their current form and deadlines looming, Canadian companies can no longer ignore existing IAS 12. On Thursday, January 21, 2010, KPMG presented a webcast discussion on the implications of IFRS conversion on income taxes. Find out about some of the common IFRS conversion issues related to income taxes that many companies are facing today. (Read The Clock is Ticking – Accounting for Taxes in Your IFRS Conversion Plan at KPMG online.)

Canada - PwC IFRS News, December 2009/January 2010

PricewaterhouseCoopers (PwC) has issued its IFRS News — December 2009/January 2010 and IFRS News The Canadian Report — December 2009/January 2010. These publication provide IASB technical updates and PwC insights into the impact of International Financial Reporting Standards (IFRS). (To learn more, visit the PwC IFRS Canada website.)

IASB - Limited exemption amendment to IFRS 1

The International Accounting Standards Board (IASB) has issued a minor amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. The amendment relieves first-time adopters of IFRS from providing the additional disclosures introduced in March 2009 by Improving Disclosures about Financial Instruments (Amendments to IFRS 7). It thereby ensures that first-time adopters benefit from the same transition provisions that Amendments to IFRS 7 provides to current IFRS preparers. (Read the IASB Press Release and the Amendments to IFRS 1 project page.)

IASB and FASB reach tentative agreement on fair value definition

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) reached a tentative decision for defining fair value. The groups had a three-day meeting to reconcile differences as they try to converge US GAAP with International Financial Reporting Standards (IFRS) by June 2011. Under this decision, fair value would be defined as an exit price. (Read the article Accounting Boards Define Fair Value at WebCPA online.)

UK - IFRS for SMEs to be used by 35 countries within three years

Developing and emerging nations are calling for the adoption of international accounting standards for small businesses, according to a straw poll by the International Accounting Standards Board (IASB). Support from 35 countries is expected to pressure developed nations, many in Europe, to accept rules proposed by the IASB within three years. (Read the article SME standards set for adoption across the globe at Accountancy Age online.)