Canada - CICA webinar on IFRS and the Board / Audit Committee

The Canadian Institute of Chartered Accountants (CICA) will host a  webinar on December 8th, 2009 at 12:30 PM ET. The webinar will provide insight into the scope and nature of Board and Audit Committee members' involvement in the transition to International Financial Reporting Standards (IFRS). The Board of Directors and Audit Committee members have a critical oversight role in ensuring organizations are effectively managing their changeover to IFRS, including the related risks and controls. Webinar participants will gain an understanding of what the Audit Committee should expect from management during the IFRS transition. This webinar will cover the IFRS disclosures and preparations that companies should be making, including those disclosures outlined in CSA Staff Notice 52-320, Disclosure of Expected Changes in Accounting Policies related to Changeover to International Financial Reporting Standards. (For more information and to register, visit the Directors Source Webinar Series webpage.)

EU - Updated EFRAG endorsement report

The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement under the EU Accounting Regulation of each IFRS, including standards, interpretations and amendments. The report presents the expected timing of future steps in the process of endorsing the pronouncements of the International Accounting Standards Board (IASB). It also reflects EFRAG's draft endorsement advice on IFRS 9 Financial Instruments: Classification and Measurement and its endorsement advice letter on the Amendment to IAS 32: Classification of Rights Issues. (Read the latest EFRAG Endorsement Status Report.)

US - Highlights of IFRS Research

Conversion from US GAAP to International Financial Reporting Standards (IFRS) is a heavily discussed topic in the corporate world. Expected benefits of adoption include reporting consistency, enhanced global competition and improved financial repotting transparency. While many countries worldwide have already adopted IFRS, many other countries are closely examining its effects before adoption, not only from an economic perspective but also from a reporting quality position. (Read the article Highlights of IFRS Research at Journal of Accountancy online.)

US - SEC member calls for single set of accounting standards

US Securities and Exchange Commission (SEC) member Kathleen Casey has called for the continuation of efforts to converge International Financial Reporting Standards (IFRS). "The commission and the [Financial Accounting Standards Board] would be remiss and fail the needs of investors if we do not continue to support the development of a single set of high-quality global accounting standards," she said. (Read the article SEC's Casey: Accounting convergence must continue at Reuters online.)

Canada - Which IFRSs are Expected to Apply for Canadian Changeover in 2011?

Canada's Accounting Standards Board (AcSB) staff has updated the paper explaining which International Financial Reporting Standards (IFRS) are expected to apply on changeover to IFRS in 2011. (Read the AcSB paper Which IFRSs are Expected to Apply for Canadian Changeover in 2011? which was updated in November 2009.)