IFRS
IFRS: The countdown to 2011 begins here!
With Fall having now definitely arrived, we welcome you to the October 2009 edition of Countdown! As we are getting closer to the New Year, (and to January 1, 2010, the date of conversion for many Canadian publicly accountable enterprises), Countdown’s focus this month is on being prepared for 2010. The theme of our lead article this month is regarding several time-sensitive IFRS transition issues which should (and in some cases must) be addressed on or before the opening balance sheet date, which will require specific attention during the last two months of the year.
In our Lightyear article, the implementation team starts to think about their subsidiaries and the option to apply IFRSs at that level. Along with their advisors, they consider the pros and cons of IFRS adoption and the other alternatives available to them.
As always, we want to continue to understand and meet your needs, so please submit ideas regarding matters that you would like to see us to address in Countdown to deloitteifrs@deloitte.ca.
See you in November!
We have prepared a selection of publications and web-based education resources that you will find on the site.
Deloitte Update Webcasts
- December 1, 2009: IFRS tecnical update - A sea change
- October 27, 2009: IFRS Issues Impacting Mergers & Acquisitions – What you need to know
- May 21, 2009: Getting Started: Cost Effective International Financial Reporting Standards (IFRS) conversion strategies
- May 7, 2009: IFRS - Moving beyond the initial scoping work
Vote Now!
Deloitte Publications
| iGAAP 2008: IFRS for Canada A comprehensive reference book on the convergence of Canadian GAAP with IFRS. |
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| Deloitte IFRS e-Learning Program for Directors This program will help directors maintain their financial literacy level in an IFRS context. |
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| Beyond compliance: Volume 2 – Strategic choices on the conversion to IFRS This volume is our perspective on several topics that we believe may have compelling strategic consequences. |
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Dig Deeper
Authoritative Guidance
- Canadian Authoritative Guidance
- CICA microsite on Transition to IFRS
- Canadian Securities Regulators Prepare for Changes to Investment Fund Disclosure Resulting from International Financial Reporting Standards (CSA, 2009/10/16)
- National Instrument 52-107, Acceptable Accounting Principles and Auditing Standards (CSA)
- SEC Extends Comment Period on Proposed IFRS Roadmap (SEC, PDF)
- Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers (SEC)
- Acceptance From Foreign Private Issuers of Financial Statements Prepared in Accordance With International Financial Reporting Standards Without Reconciliation to U.S. GAAP (SEC)
- SEC Roundtable on IFRS in the U.S. Markets (SEC)
- Concept Release On Allowing U.S. Issuers To Prepare Financial Statements In Accordance With International Financial Reporting Standards (Corrected) (SEC)
- Staff Observations in the Review of IFRS Financial Statements (SEC)
- Staff Comments on Annual Reports Containing Financial Statements Prepared for the First Time on the Basis of International Financial Reporting Standards (SEC)
- SEC Announces Next Steps Relating to International Financial Reporting Standards (SEC)
- First-time Application of International Financial Reporting Standards (SEC)
- IASB Web site
Thought Leadership
- Webcast on Strategic Opportunities in Canada’s Transition to IFRS, a webcast replay (CPAB, AcSB, Free registration required)
- Canadian Thought Leadership
- IFRS Primer for Audit Committees (AICPA, PDF)
- Assessing the IASB: Results of a Business Survey about International Financial Reporting Standards and IASB's Operations, Accountability, and Responsiveness to Stakeholders (Duke & Oxford Universities, PDF)
- IFRS Conversions: What CFOs Need to Know and Do (CICA, PDF)
- Introduction to IFRS - Implications for Canadian Business , eLearning program (CICA)
- IFRS Primer for Audit Committees (AICPA, PDF)
- IFRS Questions and Answers (AICPA, PDF)
- IFRS, an AICPA Backgrounder (AICPA, PDF)
- SEC Proposes Roadmap Toward IFRS to Help Investors Compare Financial Information More Easily (SEC)
- IFRS Primer for Audit Committees (AICPA, PDF)
- Towards a Global Reporting System: Where Are We and Where Are We Going? (FASB)
- Guide to IFRS in Canada (CICA, PDF)
- Seeing Down the Road: IFRS and the U.S. Capital Markets by John W. White, Director, Division of Corporation Finance (SEC)