Canada
Assurance and Advisory Services
|
In this issue:
Related links
This e-newsletter has been provided by Deloitte as an information service to clients and friends of the Firm, and is not intended to substitute for competent professional advice. No action should be initiated without consulting your professional advisors. Deloitte does not assume any liability for actions taken in relation to this summary. |
Vol. 9-38
Transition to IFRS and certification of disclosure What CEOs and CFOs should know about this complex relationship In 2011, publicly accountable enterprises (PAEs) will start issuing financial reports based on International Financial Reporting Standards (IFRS). But IFRS conversion extends far beyond an entity’s financial statements. It also has an impact on any regulatory, contractual, legal or operational obligations or processes that rely to some extent on financial reporting. For CEOs and CFOs in particular, one of the main priorities will likely be their ongoing responsibilities under National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (NI 52-109). Transition to IFRS and certification of disclosure presents a summary of requirements for applying NI 52-109 to IFRS documentation. It explores the key to a successful conversion: planning. CEOs and CFOs should ensure that their organizations begin work early to identify and address the specific implications of IFRS conversion on certification. Organizations will find that it is generally much more efficient to address these at the same time as the underlying accounting and disclosure issues, rather than as a separate exercise. This document was developed by Deloitte’s IFRS specialists in the Enterprise Risk practice to answer key issues that are likely to arise with transition to IFRS. It’s designed to help CEOs and CFOs understand the impacts that the transition to IFRS will have on their certification program. Download the publication, Transition to IFRS and certification of disclosure Public Sector Enterprises required to use IFRSs The Public Sector Accounting Board has approved an amendment to the scope of public sector accounting standards. The Board approved the amendment following significant consultation with stakeholders. The amendment confirms that government business enterprises (GBEs) – public sector enterprises with self-sustaining, commercial-type operations - will be required to follow International Financial Reporting Standards (IFRSs) for periods beginning January 1, 2011. This allows for a comparison of similar entities in the public and private sector. The existing category of government business-type organizations (GBTOs) will cease to exist, and such organizations will be permitted to choose to prepare their financial statements in accordance with public sector standards or with IFRSs. This choice will depend on an evaluation of which basis will better satisfy the needs of users of their financial statements. Adoption of new financial reporting standards for these government organizations is effective for fiscal years beginning on or after January 1, 2011. This coincides with the adoption of IFRSs in the private sector. Proposed revised requirements for foreign currency translation in the public sector Comments, on the form provided, are requested by December 11, 2009. The Public Sector Accounting Board (PSAB) proposes, subject to comments received on this Exposure Draft (ED), to revise Section PS 2600, Foreign Currency Translation. The revisions apply to all levels of government. The main features of this ED include the following:
The proposed amendments will be effective for fiscal years beginning on or after April 1, 2012. Early adoption is encouraged. A government adopts standards contained in the Financial Instruments ED and the amended Foreign Currency standards in the same fiscal period. Any adjustment to the carrying amount of applicable assets and liabilities at the beginning of the fiscal year the amendments are applied should be recognized as an adjustment to the accumulated surplus/deficit at that date. Download the exposure-draft. This Week in Review
Standard-setting Activities Digest
Press review |
||||||||||||||
|
Deloitte, one of Canada's leading professional services firms, provides audit, tax, consulting, and financial advisory services through more than 7,700 people in 57 offices. Deloitte operates in Québec as Samson Bélair/Deloitte & Touche s.e.n.c.r.l. Deloitte & Touche LLP, an Ontario Limited Liability Partnership, is the Canadian member firm of Deloitte Touche Tohmatsu. Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, and its network of member firms, each of which is a legally separate and independent entity. Please see
www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu and its member firms. |
|||||||||||||||
DeloitteLINK