Canada – IFRS disclosure and compliance checklists

Deloitte Canada has published Canadian versions of Deloitte's 2009 IFRS Presentation and Disclosure Checklist and 2009 IFRS Compliance Checklist. The Canadian versions differ from the global versions because they include consideration points relating to key differences between Canadian GAAP and IFRS that may be helpful for Canadian companies in assessing whether or not they meet the requirements of a specific IFRS. These considerations may also serve as a helpful reference source for Canadian companies on transition to IFRS from Canadian GAAP. Also, the English versions (.docm files) include a built-in macro that allows users to select standards that are not applicable to them and exclude them automatically.

Deloitte - Model IFRS financial statements for 2010 including IFRS 9

Deloitte's IFRS Global Office has published a version of its illustrative IFRS financial statements for 2009 that illustrate early adoption of IFRS 9 Financial Instruments. IFRS 9 was issued in November 2009 and is effective January 1, 2013, but early adoption is permitted starting in 2009. (View the Illustrative IFRS Financial Statements Including IFRS 9.)

IASB - Issues being considered by IFRIC

The International Accounting Standards Board (IASB) is supported by the work of the International Financial Reporting Interpretations Committee (IFRIC). IFRIC has a number of current projects that it is working on, including meeting summaries, audio files and agenda papers. In January 2010, the IFRIC work in progress was discussed as part of the public session. For more information on current projects, visit the Work plan for interpretations (IFRICs) webpage.

Canada - Transition to IFRS and communicating the impact of the changeover

The Canadian Institute of Chartered Accountants (CICA) is providing guidance to help public companies summarize for investors the effects of the changeover to International Financial Reporting Standards (IFRS). Most Canadian public companies will commence reporting in accordance with IFRS in 2011. At that time, the changeover will potentially result in numerous changes to an entity’s financial statements. A new publication by the CICA titled Transition to IFRSs – Communicating the Impact of the Changeover focuses on using Management Discussion and Analysis (MD&A) to explain the effects of the move to international standards. Additional guidance is also available regarding Examples of IFRS transition-related disclosure in Canadian issuer Management Discussion and Analysis.

Canada - In the Loop: Standards in Transition

According to the Chinese Zodiac, 2010 brings the year of the tiger – a year of change. For Canadian companies adopting IFRS in 2011, this couldn’t be more appropriate. Some heavy lifting is needed early in this fiscal year. (Read 2010 – A New Year like no other! which is part of the CICA online guidance series In the Loop: Standards in Transition.)