IASB issues a revised version of IFRS 1

The International Accounting Standards Board (IASB) has issued a revised version of IFRS 1 First-time Adoption of International Financial Reporting Standards. In 2007, the IASB proposed, as part of the annual improvements project, to restructure IFRS 1 to make it easier for the reader to understand and to allow it to accommodate more easily any future changes that might be necessary. The revised version is effective for entities applying IFRS for the first time for annual periods beginning on or after January 1, 2009. Earlier application is permitted. (Read the IASB Press Release.)

Helping CFOs make the Transition to IFRS

In 2011, the financial statements for all publicly accountable enterprises in Canada will be based on International Financial Reporting Standards (IFRS). CFOs need to prepare now for the changeover, if they are to adequately meet their responsibilities. The Canadian Institute of Chartered Accountants (CICA) has developed a publication, IFRS Conversions: What CFOs Need to Know and Do that provides an overview of the essential CFO role in the transition to IFRS.

Open Communications about IFRS Transition

In 2011, Canada will adopt International Financial Reporting Standards (IFRS) when Canadian Generally Accepted Accounting Principles (GAAP) for publicly-accountable enterprises migrate to IFRS. Companies need to tailor communications to stakeholders about the particular challenges that IFRS conversion presents. The Canadian Institute of Chartered Accountants (CICA) is providing guidance on how to provide useful information to investors in the period leading up to the changeover through a new publication titled: Pre-2011 Communications About IFRS Conversion.

Future of International Standards and Cooperation In Light of the Credit Crisis

On November 18, 2008, Chairman Christopher Cox of the US Securities and Exchange Commission spoke at the FEI 2008 Current Financial Reporting Issues Conference in New York. His address dealt with The Future of International Standards and Cooperation In Light of the Credit Crisis. He stressed that "In order for IFRS to fulfill the promise it holds to be a uniter of the world's capital markets and a powerful tool for investors everywhere, there are a handful of principles that are critical to its success. Every one of us here today needs to see to it that these principles are applied."

Declaration of the Summit on Financial Markets and the World Economy

Subsequent to the recent G20 meeting (including Heads of State and leaders of the World Bank, the International Monetary Fund, the United Nations and the Financial Stability Forum), the participants published a Declaration of the Summit on Financial Markets and the World Economy. The Declaration sets out actions that should be taken to strengthen the global economy and reform financial markets. The leaders agreed on a set of common principles for market reforms, with an emphasis on strengthening transparency and accountability.