SEC Votes to Finalize XBRL Filing Rules

The US Securities and Exchange Commission (SEC) has voted to adopt new rules that would require public companies to provide an XBRL version of their SEC filings. Under the new rules, the 500 largest US public companies and foreign private issuers listed with the SEC would be required to provide financial information using XBRL beginning June 15, 2009. Smaller companies, depending on their size and filing status, would begin reporting in XBRL in 2010 or 2011, with all public companies filing in XBRL within three years. (Read the online Journal of Accountancy article.)

IBM Data Governance Council - XBRL for Risk Reporting

In a move to provide businesses worldwide with consistent tools for measuring aggregate risk in the financial world and provide a real-time view of market exposure, the IBM Data Governance Council is seeking input from banks and financial institutions, corporations, vendors and regulators to create an XBRL approach to risk reporting. (For more information, visit the Data Governance Council website and read the Q&A.)

IFAC launches webpage on The Global Financial Crisis

Accountancy organizations, regulatory bodies, standard setters and other international organizations have developed guidance on issues related to the global financial crisis. The International Federation of Accountants (IFAC) has launched a new webpage on The Global Financial Crisis. It serves as an international clearinghouse of programs, articles, speeches and other initiatives undertaken by IFAC, its independent standard-setting boards, members, associates and others that are relevant to professional accountants both in public practice and in business.

Global accountancy leaders address credit crisis

The International Federation of Accountants (IFAC) has released the results of its 2008 Global Leadership Survey. The survey summarizes the views of leaders of 110 accountancy bodies worldwide on the credit crisis and other top issues for the profession. The majority of these organizations have been actively engaged in identifying and executing appropriate responses to the crisis, supporting their members in understanding applicable international standards and working with regulators, business groups and others to find solutions.

Canada - The IFRS Impact

The effects of the switch from Canadian GAAP to International Financial Reporting Standards (IFRS) are starting to sink in with the Canadian CA community, according to Resources Global Professionals’ third annual IFRS survey. In a poll of 273 CAs from public practice, government and industry, nearly nine in 10 (87%) said the greatest impact of the IFRS changeover will be in companies’ valuation of assets and liabilities. Respondents also said organizations should expect “somewhat” of an impact on share prices (46%), compensation plans (49%) and debt covenants (50%). In addition, a large percentage of CAs surveyed (87%) believe that a company’s reported financial results will change due to IFRS, while 72% think Canadian users of financial statements will prefer IFRS. (Read the article The IFRS Impact.)

TELUS repeats as winner at CA’s Corporate Reporting Awards

TELUS Corporation has captured top honours at the 2008 Corporate Reporting Awards presented by the Chartered Accountants of Canada. In addition to the Overall Award of Excellence, TELUS garnered the Excellence in Financial Reporting Award and an Award of Excellence for the Communications and Media sector. The company also collected Honourable Mentions in Sustainable Development Reporting and Corporate Governance Disclosure. PotashCorp and Nexen Inc. were the other multiple winners. PotashCorp captured three awards while Nexen collected two. In total, 21 awards and honourable mentions were handed out. This also marked the second year that the program featured award categories for large and small crown corporations. (View the Press Release and Book of Judges’ Comments for the 2008 Corporate Reporting Awards.)

PwC Governance, Risk and Compliance Webcast Series

The business world is constantly changing. It's unpredictable, volatile and increasingly complex. By its very nature, it is fraught with risk. Today, the challenge lies in knowing which risks represent significant opportunities and which are rife with potential pitfalls. To help organizations better understand and prepare for these challenges, PricewaterhouseCoopers (PwC) is holding a series of Governance, Risk and Compliance Webcasts. The first webcast, "How to prepare for S&P's new ERM evaluations and realize business value" will be held on December 11, 2008. (Register for the first webcast.)

Building a Better MD&A – Climate Change Disclosures

The Canadian Institute of Chartered Accountants (CICA) has published a new document in response to a growing demand for guidance relating to Management Discussion and Analysis (MD&A) disclosures. The publication, Building a Better MD&A – Climate Change Disclosures, helps companies provide useful and relevant information to investors.