KPMG establishes new International Standards Group

KPMG International has set up a new International Standards Group, based in London, to support its goal of achieving global consistency in the application of International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISAs). Mary Tokar is the new Head of the KPMG International Financial Reporting Group (IFRG). Previously she was a partner in the department of professional practice in KPMG’s US member firm. Sylvia Smith is a seconded partner from KPMG in Canada, previously based in Toronto. As Head of KPMG’s International Standards on Auditing (ISAs) Group since 2001, she will now operate the ISA Group out of London as part of the International Standards Group.

IFRS News from PricewaterhouseCoopers (PwC)

IFRS News is a monthly newsletter highlighting current developments at the International Accounting Standards Board (IASB) and International Financial Reporting Interpretations Committee (IFRIC). The December 2006 edition looks at the experts’ views on IFRS application in 2005 and 2006, and provides an update on the current standards and interpretations. Recent back issues of IFRS News and a list of subjects covered in previous editions are available at the PwC website.

Canadian Accounting Standards Board (AcSB) Decision Summaries

The AcSB monitors the activities of the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) (see www.iasb.org.uk and www.fasb.org, respectively). It has prepared executive summaries of discussions and decisions with respect to the following topics addressed at AcSB meetings on November 30 and December 4, 2006: International Activities; Public Company Strategy; Private Company Strategy; Financial Instruments; Accounting Policy Choice for Transaction Costs; AcSB Objectives and Work Plan — 2007-2008 Operating Year; AcSB’s Role, Processes, Structure and Resources; Internally Developed Intangible Assets.

IFRS model financial statements for 2006

Deloitte has published IFRS Model Financial Statements for 2006 (Preliminary Version). The final version will be available in January 2007. On the Model Financial Statements Page are links to an IFRS Presentation and Disclosure Checklist and an IFRS Compliance Questionnaire for the year ended December 31, 2006

IFRS: are you ready?

Have you started preparing for the upcoming International Financial Reporting Standards? According to a survey conducted by Resources Global Professionals, a majority of Canadian companies have not. More than 75% of respondents indicated their firms will implement IFRS but 54% haven’t done any preparation; 11% have done some “initial thinking,” and 3% have a completed plan.