IFAC global survey on financial reporting

The International Federation of Accountants (IFAC) has published the results of a 2007 global survey on the Financial Reporting Supply Chain. The report addresses corporate governance, the financial reporting process, the audit of financial reports and the usefulness of financial reports. IFAC has launched a new project to analyze current actions to address the suitability of business reporting and to identify areas for future development. This project will take the findings of the report to the next stage and develop specific recommendations for further action. For more information, refer to the Financial Reporting Supply Chain project page.

Climate Change and Related Disclosures

Governments around the globe are taking action to address the causes of climate change. This includes instituting carbon taxes, regulating emissions reduction targets and introducing emissions trading systems. The Canadian Institute of Chartered Accountants (CICA) has issued a document pointing out that, at the company level, climate change is a business and shareholder value issue involving strategy, risk management and financial performance. (View the CICA executive briefing on Climate Change and Related Disclosures.)

Financial and Business Reporting on the Internet

A new publication offers guidance to assist companies in developing effective investor relations sections for their websites. The Discussion Brief titled “Financial and Business Reporting on the Internet” is a joint publication by the Canadian Institute of Chartered Accountants (CICA) and the Canadian Investor Relations Institute (CIRI). Preparation of the document drew on the web-reporting practices of leading companies that participated in the CICA’s annual Corporate Reporting Awards.

IASC Foundation publishes IFRS Taxonomy 2008

The IASC Foundation’s XBRL Team has announced the release of the near final version of the IFRS Taxonomy 2008. The taxonomy is a complete translation of IFRS as published in the IFRS Bound Volume 2008 into XBRL and is published in the same languages as the IFRS Bound Volume 2008 (View IASB Press Release or visit the IFRS Taxonomy 2008 project webpage.)

Adopting IFRS in Canada - Omnibus Exposure Draft

Canada’s Accounting Standards Board (AcSB) has issued an omnibus Exposure Draft proposing to incorporate International Financial Reporting Standards (IFRS) into the CICA Handbook. IFRS would serve as a replacement for current Canadian GAAP for most publicly accountable enterprises effective for fiscal years beginning on or after January 1, 2011. The comment deadline is July 31, 2008. (View the Exposure Draft.)

IFRS Conference North America - April 24-25, 2008

The IFRS – North America Conference is a joint presentation by The International Accounting Standards Committee (IASC) Foundation and The Canadian Institute of Chartered Accountants (CICA). It is a significant international event being held in Toronto, Canada, bringing Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB), and other members of the IASB to North America. Other speakers include senior representatives from the Canadian Accounting Standards Board (AcSB), the US Financial Accounting Standards Board (FASB), regulators from Canada and the United States, and international financial reporting experts. For complete conference details and to register on-line, go to the conference-exclusive website (www.cpd.cica.ca/IFRSNA).

Recasting the Reporting Model

A February 2008 article by PricewaterhouseCoopers discusses the complexity of today's reporting model and the need for a new market-driven blueprint for reporting. This point-of-view article suggests a set of parameters for "high quality corporate reporting." (View Recasting the Reporting Model.)