2007 annual report trends survey

AR Trends 2007 was recently published by BarnesMcInerney and the Craib Group. The goal was to explore how companies use traditional annual reports to inform and engage investors as effectively as possible, and to collect examples of best practices. The survey used 130 Canadian and 76 US reports to collect data on 106 items and characteristics that define an annual report.

Interactive Data - Building XBRL into Accounting Information Systems

The Canadian Institute of Chartered Accountants (CICA) recently published a research study on Interactive Data - Building XBRL into Accounting Information Systems. The study explores the implementation and business process implications of tagging XBRL at different levels in an organization’s information infrastructure. It explains in non-technical terms what XBRL is, the growing usage of XBRL, how it is being applied, for what purposes and the business case for adopting XBRL.

SEC leads global move to interactive financial reporting

The US Securities and Exchange Commission (SEC) Chairman, Christopher Cox, has announced the creation of a new office to lead the transformation to interactive financial reporting by public companies (view the Press Release). Additional information is available on the SEC website at Spotlight On: Interactive Data and XBRL Initiatives.

Guide to IFRS in Canada

The Canadian Institute of Chartered Accountants (CICA) has issued a Guide to IFRS in Canada to facilitate the transition from Canadian GAAP to IFRS for Publicly Accountable Enterprises. The guide includes the Accounting Standards Board (AcSB) comparison of Canadian GAAP to IFRS, highlighting key differences and noting AcSB work in process that may affect the standard in the future. The comparison is organized in the order of the current Canadian standards. It includes a table of IFRS in numerical order cross-referenced to the CICA Handbook standard and a table of IFRS standards with no current Canadian GAAP equivalent.

Canada’s Transition to International Standards

The CICA has just launched a website to help Canadian CAs and the 4,500 public companies in Canada make the transition to international accounting and auditing standards. The site provides information on what to do and how to do it. To access these comprehensive resources, go to Transition to International Standards.

Keeping your head above water… Recent issues in financial reporting

PricewaterhouseCoopers (PWC) Canada has published its latest Financial Reporting Release. It discusses a new era where International Financial Reporting Standards (IFRS) — not US GAAP — dominates the Canadian financial reporting landscape. To learn more or to download the publication, visit PWC Canada.