Interim Reporting Under IFRS — An Update

CPR Alert (Issue 14, July 2011) is a non-authoritative bulletin prepared by staff of the Canadian Performance Reporting Board (CPRB) at the Canadian Institute of Chartered Accountants (CICA). This issue, Interim Reporting Under IFRS — An Update, reviews: Filing deadlines – no extension for Q2 and Q3; Items to include in Q2 and Q3 2011 interim financial reports; Auditor review of interim financial reports; MD&A considerations for Q2 and Q3 2011; and Classification of bankers acceptances under IFRS. In addition, the Ontario Securities Commission published IFRS Release No. 3 – IFRS Interim Financial Reports –Tips For Q2 And Q3 on July 7, 2011. That release provides a useful filing tip sheet for Q2 and Q3.

Canada - IFRS Discussion Group

The Canadian Accounting Standards Board (AcSB) established the IFRS Discussion Group (IDG) in 2009 to implement and maintain a regular public forum on the application of IFRS in Canada. The purpose of the IDG is to assist the AcSB by considering issues relating to the application of IFRS in Canada and making recommendations on whether particular issues should be referred to the International Accounting Standards Board (IASB) or IFRS Interpretations Committee. The IDG normally meets four times a year. At the discretion of the IDG Chair, meetings are generally open to public observation. Members of the public are encouraged to submit issues for consideration by the IDG.

Listen to the audio recordings of the ten topics discussed by the Group in June 2011, including preliminary observations of some of the provincial securities regulators staff on the first quarter filings under IFRS and six issues arising from the application of IFRS in Canada.

Access to Unaccompanied International Financial Reporting Standards (IFRS)

The Canadian Accounting Standards Board (AcSB) provides free access to the consolidated unaccompanied IFRS, including the core standards without implementation guidance and the basis for conclusions. All rights to the content are owned or controlled by the IFRS Foundation. (IFRS as issued by the International Accounting Standards Board at January 1, 2010.)

Ernst & Young - IFRS: a strategic opportunity

The move to International Financial Reporting Standards (IFRS) is the single most important initiative in the financial reporting world (Ernst & Young). Its impact stretches far beyond accounting to affect every key business decision, not just how it is reported. Access to up-to-date knowledge, insights and timely advice is essential. As IFRS becomes the financial reporting language in many more countries, consistent interpretation and application becomes ever more vital. The starting point of the journey is to conduct an IFRS diagnostic to assess the impact conversion will have on your business.

Deloitte - Moving ahead in an IFRS world

Canada is an International Financial Reporting Standards (IFRS) jurisdiction for all publicly accountable enterprises, as of January 1, 2011. Many enterprises are now shifting their interest from preparing for IFRS implementation to keeping up with IFRS changes and understanding how to apply the principles of IFRS on a day-to-day basis.

IFRS requires an entity-wide approach to financial reporting. Companies must build IFRS into flexible financial reporting systems and processes. Management must also review the assumptions and judgments made and the systems and processes implemented throughout their IFRS journey. This includes developing their initial IFRS solutions, incorporating new developments in IFRS standards and interpretations, and preparing for changes to their business and the overall economic environment.

(Deloitte: Featured Insights - Moving ahead in an IFRS world, IFRS Resources, IFRS e-Learning)