XBRL US issues interactive data tags for 2009

XBRL US has published the 2009 edition of the interactive data tags that the Securities and Exchange Commission will accept for coding financial statements in accordance with US generally accepted accounting principles. The “digital dictionary” of interactive tags uses Extensible Business Reporting Language, or XBRL, technology. (View the XBRL taxonomies online.)

Enhancing Our Commitment to a Sustainable Future: 2009 Progress Report

On Earth Day, 77 Chief Executive Officers from leading Uinted States companies cited their personal and corporate commitments to sustainable business practices in Business Roundtable’s Enhancing Our Commitment to a Sustainable Future: 2009 Progress Report. From developing new energy-efficient technologies to providing safe clean water sources in developing nations to creating business solutions that reduce customers’ and suppliers carbon footprints, Business Roundtable member companies are addressing a vast range of environmental, social and economic issues to help make the world more sustainable. (Listen to what CEOs are doing to support sustainable growth.)

PwC - 11 Reporting Tips

According to PricewaterhouseCoopers (PwC), there are 11 simple actions to make corporate reporting more accessible and effective, which is crucial in the current environment. PwC has updated the publication 11 Reporting Tips and added real examples to show how each tip might be implemented in practice. There are also quotes from investors explaining what they want from company reporting. (For more information, visit the PwC website.)

Responding to allegations of corporate wrongdoing

Most companies face issues relating to corporate wrongdoing at one time or another. The CICA publication 20 Questions Directors Should Ask about Responding to Allegations of Corporate Wrongdoing provides questions a director should ask about the company's response to allegations of corporate wrongdoing. In addition, the document relates a number of public examples of corporations which have faced allegations of corporate wrongdoing and dealt with them with varying degrees of success. (Read the CICA Media Release.)

Canada - Webinar on IFRS 1

Recognizing the significant effort needed to make the transition to International Financial Reporting Standards (IFRS), IFRS 1 was developed to help first-time adopters. A free webinar will be held on April 27, 2009 at 12:30pm to provide an overview of IFRS 1, including choices available and how they may impact the financial statements. The speakers will provide perspectives on IFRS 1 in practice – application of the rules and insights relevant to the Canadian environment. Communication is important throughout the transition process and so the session will also review relevant MD&A disclosure leading up to the changeover. The webinar series is made available by the Canadian Institute of Chartered Accountants (CICA) and is open to everyone. (Register for the Report on Industry free webinar and also access the archives of the webinar series.)

XBRL Canada Webinar on XBRL and IFRS

XBRL Canada will host an interactive webinar April 15, 2009 to discuss the impact of XBRL and IFRS adoption on the regulatory environment for Canadian companies as seen by the Securities and Exchange Commission (SEC) and the Canadian Securities Administrators (CSA). There is no charge for this event. For more information, read the CICA Media Release or visit the XBRL Canada Blog.

IT risk, IFRS and XBRL top concerns for internal audit

Gaining a better understanding of IT risk, International Financial Reporting Standards (IFRS) and extensible business reporting language (XBRL) top the "to do" list for internal audit executives this year, according to the 2009 Internal Audit Capabilities and Needs Survey conducted by Protiviti, a global business consulting and internal audit firm. The survey also shows information security is on the top concerns list, but indicates that internal auditors are becoming more comfortable with the data security and privacy measures companies are implementing.

O'Malley appointed Chair of Canada’s Accounting Standards Board

Patricia O'Malley, FCA, will take over as Chair of Canada’s Accounting Standards Board (AcSB) effective June 2009. She had served as Chair of the AcSB from October 1999 until her appointment to the International Accounting Standards Board (IASB) in January 2001. In June 2007, on completion of her term on the IASB, she became the IASB's Director of Implementation Activities, managing IFRIC Interpretations and improvements projects. (Read the Announcement.)

Guide to IFRS in Canada - 2009

The 2009 edition of The CICA's Guide to IFRS in Canada is now available. This reference guide provides an overview of the key aspects of the adoption of IFRS. Included in the guide is a comparison of Canadian standards to the related IFRS, as at July 31, 2008. The comparison highlights the key differences and notes any work in process that may affect the standard in thefuture. The comparison is organized in the order of the current Canadian standards. A table of IFRS in numerical order, cross-referenced to the CICA Handbook, and a table of IFRS with no current Canadian GAAP equivalents are also included. The guide contains helpful information on effects of the adoption of IFRS and implementation tips.

IASC Foundation issues IFRS Taxonomy 2009

The International Accounting Standards Committee (IASC) Foundation has released the IFRS Taxonomy 2009 and published the Due Process Handbook for XBRL Activities for public comments. (Read the Press Release.)

SEC releases new version of Financial Reporting Manual

The US Securities and Exchange Commission released a new version of its Financial Reporting Manual. This 267-page manual is intended for the SEC staff but, because it contains useful information for registrants, it has been posted to the SEC's website. The manual provides the SEC staff's interpretations of form requirements and portions of Regulations S-X and S-K, including guidance on topics such as the form and content of a registrant's financial statements, providing separate financial statements of businesses acquired or to be acquired and investments in entities accounted for by the equity method, pro forma financial information, Management's Discussion and Analysis, and non-GAAP financial measures. (Access the Financial Reporting Manual on the SEC website.)