Getting a global perspective of the accounting profession

The Global Accounting Alliance (GAA) was formed in November 2005. It is an alliance of the world's leading professional accounting organizations, including the Canadian Institute of Chartered Accountants (CICA). The GAA was created to promote quality services, share information and collaborate on important international issues. As part of this effort, it publishes a bimonthly online journal to which its member organizations, including the CICA, contribute in-depth articles. Read the latest issue of Global Accounting Alliance online journal, including an article on fair value called When The Engine Overheats Don’t Blame The Oil Light by Paul Cherry, Past Chair of Canada’s Accounting Standards Board (AcSB) and Ian Hague, Principal, AcSB.

IFRS conversion creates investor relations opportunity

Beginning in 2011, all publicly-accountable enterprises in Canada will make the transition to International Financial Reporting Standards (IFRS) – joining more than 100 countries that have already adopted or permit the use of these global standards. For Canadian investor relations (IR) officers, the transition represents an unprecedented communications opportunity. The IR team needs to be involved in order to develop a stakeholder communications plan. Read more in the May/June 2009 issue of the newsletter, IR Focus, published by the Canadian Investor Relations Institute (CIRI).

IASB proposes guidance on management commentary

The International Accounting Standards Board (IASB) has published for public comment a proposed non-mandatory framework to help entities prepare and present a narrative report, often referred to as management commentary. (Read the IASB Press Release or View the Exposure Draft and Submit a Comment Letter.)

PwC Canada's newsletter on sustainability reporting

PricewaterhouseCoopers (PwC) Canada has published its inaugural issue of Report Ability, a regular newsletter on sustainability reporting. The goal is to provide useful information to writers and readers of sustainability reports across Canada. (Read Report Ability - Spring 2009.)

IT & IFRS - The European Experience

The Information Technology Advisory Committee (ITAC) of the Canadian Institute of Chartered Accountants (CICA) has begun producing The ITAC InfoCast. This is a series of podcasts that look at emerging technology issues that impact assurance professionals and the business community at large. The first of these podcasts is about IT&IFRS - The European Experience.

Reducing complexity in corporate reporting

Two years ago, the UK Financial Reporting Council (FRC) launched a project to review the complexity and relevance of current corporate reporting requirements. Recently, it published Louder than Words: principles and actions for making corporate reports less complex and more relevant. According to the FRC, reporting should be more principle-based. In this regard, the discussion paper sets out a series of communication principles. (Read the FRC Press Release.)

World Congress of Accountants 2010

The World Congress of Accountants 2010 will take place in Kuala Lumpur, Malaysia from November 8-11, 2010. It is anticipated that approximately 5,000 professional accountants, international regulators, standard setters, government officials and corporate leaders will attend. (For more information, visit the World Congress of Accountants website.)

IFRS Primer for Audit Committees

The movement toward a single set of high-quality global accounting standards for use by public companies around the world continues to gather momentum through market forces, even with the current noncommittal stance on the US Securities and Exchange Commission (SEC) proposed IFRS Roadmap. Audit committees need to gain an understanding of IFRS and contemplate the company's readiness. A recent AICPA Audit Committee Brief poses questions the audit committee should consider itself and questions it should discuss with management.

Cloud computing starts to deliver for businesses

Back in 1990, Bill Gates said that the PC industry would put information at people's fingertips. Nearly 20 years later, cloud computing is starting to deliver that promise. A growing list of big-name companies is bringing to the market hardware and software that open the door to the use of cloud computing to give businesses the information they need, when they need it and where they need it. (For more information, read the article "How Cloud Computing Will Change Business" in BusinessWeek.)

EFRAG - European Survey of Users’ Information Needs

The European Financial Reporting Advisory Group (EFRAG), together with the national French standard-setter, has issued a report summarizing and analyzing the results of a recent survey of users of financial information. (The survey report is available on the EFRAG website.)