XBRL data tags completed for US GAAP

The United States Securities and Exchange Commission has announced that XBRL data tags for the entire system of US generally accepted accounting principles has been completed. This will enable companies to more easily encode their financial statements in the XBRL language. XBRL makes the analysis and exchange of corporate financial information easier and more reliable by allowing data to be extracted and processed automatically by XBRL-aware applications. (View the SEC Press Release.)

Links to IFRS-related websites

Deloitte's IAS Plus website has a Page of Links to about 200 organizations around the world whose activities relate to international financial reporting. The page of links is always accessible by clicking "Links" right below the IAS Plus logo at the top of each web page.

UNCTAD reviews practical IFRS implementation challenges

During 2006, the United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) agreed to conduct reviews of the practical implementation challenges of IFRS, as well as best practices that evolve to meet these challenges. In connection with the upcoming meeting on October 30, 2007, the United Nations Conference on Trade and Development (UNCTAD) has published three case studies and a summary of the main practical implementation issues in the areas of regulatory framework, enforcement and technical capacity-building. (See the Review of practical implementation issues of International Financial Reporting Standards and visit the UNCTAD website for the Case Studies.)

New Zealand delays IFRS for small entities

The New Zealand Accounting Standards Review Board (ASRB), on the recommendation of the Financial Reporting Standards Board (FRSB), has decided to delay the mandatory adoption of the New Zealand equivalents to international financial reporting standards (NZ IFRS) for certain small entities. A government review of the financial reporting requirements applying to small and medium-sized companies under the Financial Reporting Act will commence in mid-2008. (View the ASRB Press Release and the related ASRB Announcement).

Canadian Accounting Standards - Adopting IFRS: Next Steps

Progress is definitely on track for the adoption of International Financial Reporting Standards (IFRS) by Canadian publicly accountable enterprises, starting January 1, 2011. As with any complicated journey, progress reports and check points are needed. This Bulletin #5 covers the next steps for Canada’s Accounting Standards Board (AcSB) and points to the advance planning decisions that publicly accountable enterprises should take. Planning in many cases will be industry-specific.