IASB update on financial instrument accounting

At the May 2009 meeting, the International Accounting Standards Board (IASB) agreed to issue for public comment an exposure draft on the classification and measurement of financial instruments by July 2009. It also agreed to publish a final standard in time for 2009 year-end financial statements. (Read the IASB Update.)

EFRAG Comment Letter on Financial Statement Presentation

The European Financial Reporting Advisory Group (EFRAG) has issued its final comment letter on the IASB/FASB Discussion Paper Preliminary Views on Financial Statement Presentation. (Read the EFRAG Letter.)

Canada - AcSB May 13-14, 2009 Decision Summary

Canada's Accounting Standards Board (AcSB) last met on May 13-14, 2009. An executive summary is available regarding the discussions and decisions on the topics addressed at that meeting: International Activities; AcSB Planning; Conceptual Framework; Derecognition; Economic Environment; Income Tax; Pension Plans; and Revenue Recognition. (Read the Decision Summary.)

CICA Annual IFRS Conference - Critical Issues in Implementation

The Canadian Institute of Chartered Accountants (CICA) will be holding a one-day IFRS conference on June 4, 2009. The conference will provide practical guidance on the most critical issues and decisions facing Canadian companies that are adopting International Financial Reporting Standards (IFRS). (Conference registration information is available on the CICA website.)

Canada - CSA Staff Notice 52-324 on IFRS changeover

The Canadian Securities Administrators (CSA) has issued CSA Staff Notice 52-324 which addresses issues regarding the changeover to International Financial Reporting Standards (IFRS). The notice is an update on: use of IFRS by a domestic issuer for periods beginning prior to January 1, 2011; requirements for interim financial statements in the year of IFRS adoption; and reference to IFRS and Canadian GAAP. (Read the CSA Notice 52-324.)