IFRS Self Study Programme

To develop an understanding of transition issues or acquire detailed technical knowledge of International Financial Reporting Standards (IFRS), the Canadian Institute of Chartered Accountants (CICA) has arranged with the Institute of Chartered Accountants of England and Wales (ICAEW) to make their IFRS self-study programme available. The programme is self taught and is supported by learning materials consisting of a manual, 12-month access to interactive online learning and an online assessment. (Register online or take a Quick Tour.)

IOSCO Technical Committee Statement on Accounting Standards Development and Enforcement

The Technical Committee of the International Organization of Securities Commissions (IOSCO) recently discussed the important role of accounting standards in the context of the current financial crisis. In light of the importance of financial reporting standards to the proper functioning of the capital markets, IOSCO has come together as a community of authorities responsible for capital markets and accounting to reaffirm its commitment to the development and enforcement of high quality accounting standards. (Read the IOSCO Media Release.)

XBRL: Steps Toward an Implementation Plan

In May 2008, the US Securities and Exchange Commission (SEC) issued rule proposals that would require all companies applying US GAAP or IFRS to begin using XBRL within the next three years. As the proposed deadline for implementation nears, it is apparent there is a need for a greater awareness and deeper understanding about the costs and benefits XBRL offers. A new publication by PricewaterhouseCoopers (PwC) discusses what companies can do now to ensure they are prepared to implement XBRL. (Read the publication XBRL: Steps Toward an Implementation Plan.)

Mandating IFRS: Its impact on the cost of equity capital in Europe

New research commissioned by the Association of Chartered Certified Accountants (ACCA) shows that economies where equity-based financing and high standards of accounting disclosure are common, have benefited most from the adoption of International Financial Reporting Standards (IFRS). The results show that IFRS has already brought significant effects, that they are not uniform across Europe, and variations are not in the direction which some expected. The major positive effects are in those countries, such as the UK, where an equity investor-friendly environment already exists. (Visit the ACCA webpage and read ACCA Research Report No. 105.)

IASB and FASB launch consultation on proposed enhancements to the presentation of financial statements

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have published for public comment a discussion paper on financial statement presentation. The discussion paper contains an analysis of the current issues in financial statement presentation and presents the boards’ initial thinking on how those issues could be addressed in a possible future format.