US Advisory Committee on the Auditing Profession

The US Treasury Department's Advisory Committee on the Auditing Profession has adopted its Draft Final Report containing more than 30 recommendations to improve the sustainability of the public company auditing profession. Recommendations focus on three specific areas: improving accounting education and strengthening human capital; enhancing auditing firm governance, transparency, responsibility, communications and audit quality; and increasing audit market competition and auditor choice. For more information, see the Press Release and Final Report Fact Sheet.

About the Canadian Internet Project

The Canadian Internet Project (CIP) is a study of trends in the use of the Internet, traditional media and emerging technologies by Canadians, as well as their attitudes towards media and online activities. CIP examines patterns of use across all media and technologies, with emphasis on the economic, cultural and social implications of these transformations. CIP is a partner in the World Internet Project (WIP), an academic consortium of research centres in more than two dozen countries around the world. Annually, WIP convenes an international conference and publishes an international report comparing data from member countries.

Filling the GAAP to IFRS: Teaching Supplements for Canada's Accounting Academics

The Chartered Accountants of Canada are preparing a series of teaching supplements to provide Canadian academics with teaching support for the next two years, as IFRS materials are fully integrated into all accounting textbooks. The supplements highlight the impact of IFRS on each topic generally covered in undergraduate accounting courses. They are being developed with assistance from IFRS experts from Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers. (Teaching Supplement CD1 - Filling the GAAP to IFRS is available on the CICA website.)

IFAC Global Leadership Survey

In 2007, the International Federation of Accountants (IFAC) conducted its first annual Global Leadership Survey of the presidents and chief executives of its members, associates and regional accountancy bodies. The survey highlights issues that the accountancy profession needs to address, as well as national and regional perspectives on economic growth and the profession’s role in contributing to that growth. In total, 115 IFAC member bodies and associates from 91 countries, as well as six regional accountancy bodies, participated in the survey. A summary of findings and a breakdown of results by question are available on the IFAC website.

PwC - Financial Reporting Release August 2008

PricewaterhouseCoopers (PwC) has released the August 2008 issue of Financial Reporting Release. Some of the topics covered are the future of IFRS, Canadian GAAP until the transition to IFRS, CSA views on transitioning to IFRS, IFRS for extractive and rate-regulated enterprises, Canadian GAAP for private enterprises, fair value accounting, complexity in accounting for financial instruments, not-for-profit organizations, emerging issues committee abstracts, and IASB projects in the pipeline.

Statement by G-7 Finance Ministers and Central Bank Governors on Global Financial Market Turmoil

The G-7 held a conference call today to discuss global financial markets. It reaffirms the strong and shared commitment to protect the integrity of the international financial system and facilitate liquid, smooth functioning markets, which are essential for supporting the health of the world economy. (Read the News Release.)

10Minutes on Fair Value in Financial Reporting

In recent months, severe and progressive declines in the credit markets have rattled the economy, converting what used to be a technical issue into a full-blown public debate: when and how should fair value be developed and reported? A recent publication by PricewaterhouseCoopers called 10Minutes on Fair Value in Financial Reporting clarifies this complicated issue from the perspective of CEOs, CFOs and board members. It also shares ideas for a practical path forward and highlights what companies can do now to improve how fair value is reported to investors.

XBRL Canada to Host Session on Interactive Data, its Adoption and Effect on Canadian Companies

XBRL Canada will discuss recent proposals by the US Securities and Exchange Commission (SEC) for the mandatory use of “Interactive Data” or XBRL (eXtensible Business Reporting Language) during an event September 24, 2008 at the Metro Toronto Convention Centre. The full agenda and registration for the free event is on the XBRL Canada website.

Canada's Minister of Finance Issues Statement on Global Market Developments

The Honourable Jim Flaherty, Canada's Minister of Finance, has issued the following statement: "Canada continues to weather the global financial market turbulence better than many other countries. I would emphasize that Canada’s banking and insurance industries are well capitalized and our financial system is sound. The International Monetary Fund has determined that Canada’s financial system is resilient and that the stability of our system is well supported by sound macroeconomic policies and strong prudential regulation and supervision." (Read the News Release.)

Top Ten Concerns of CFOs

In the most recent Business Outlook Survey by CFO Europe, Tilburg University and Duke University, the soaring price of petrol was the fastest-climbing concern among more than 1,000 finance chiefs polled around the world, now ranking second on the list of external worries in Europe, Asia and the US. Dwindling consumer demand remains the top concern across the regions, as it has been for several quarters. (Read the full article Top Ten Concerns of CFOs.)