US - XBRL National Conference

This summer kicked off the biggest implementation of XBRL in the United States with the requirement from the Securities and Exchange Commission (SEC) for public companies to submit XBRL-tagged financial statements. A conference will be held in New York on November 17-18, 2009 to help companies better understand the impact this technology standard will have on business in terms of greater accuracy, transparency and simply a better connection with shareholders. The conference will feature sessions by the SEC, public companies and auditors, on how the US GAAP implementation is going and even more importantly, about what’s ahead for financial executives and investors with initiatives like corporate actions and proxy reporting. (Get more information and register for the first XBRL US National Conference: Financial Reporting – Advancing Transparency and Transforming the Dialogue!)

G-20 calls for single set of global accounting standards by June 2011

In an agreement reached to make dozens of changes to the regulation of financial markets, systems and institutions, the leaders of the G-20 called on “international accounting bodies to redouble their efforts to achieve a single set of high quality, global accounting standards within the context of their independent standard setting process and complete their convergence project by June 2011.” The joint statement also said the International Accounting Standards Board's institutional framework should further enhance the involvement of various stakeholders. (Read the article "G-20: Achieve Single Set of Global Accounting Standards by June 2011" at JournalofAccountancy.com.)

Connecting the Dots Between Leadership, Ethics and Corporate Culture

Many large, progressive global companies are becoming dynamic, organic, decentralized organizations in which leaders use shared values, mission and purpose to gain alignment with corporate goals on the one hand, and commitment to innovation and processes of adaptive change, on the other. Succeeding in this mission depends on the leader’s commitment and support. Would-be progressive leaders will learn how to make the transformation by reading this article, "Connecting the Dots Between Leadership, Ethics and Corporate Culture" in the Ivey Business Journal.

CICA/RBC Business Monitor Webinar

Established in 2007, the quarterly Canadian Institute of Chartered Accountants (CICA) / RBC Business Monitor draws on the strategic thinking and business insight of CAs in leadership positions in industry to provide a view of business trends and economic confidence across our nation. The most recent CICA/RBC Business Monitor survey conducted in Q2 2009 found that optimism regarding the economy has improved, though it is still down from historical highs. The survey also found that corporate profits and revenue are still estimated to decline over the next 12 months, although less than indicated by the previous survey. (Register for the free CICA/RBC Business Monitor webinar on September 29th, 2009. )

Canada - IFRS and Information Technology

With the upcoming transition to International Financial Reporting Standards (IFRS), it is time to consider the impact of the transition on information technology and the critical steps that need to be addressed throughout the conversion. A recently archived webinar, sponsored by PTC Accounting and Finance, outlines the specific aspects that need to be addressed to ensure a smooth transition. (View all webinar series on the Chartered Accountants of Canada website.)

PwC Financial Reporting Release August 2009

The August 2009 issue of the PricewaterhouseCoopers (PwC) Financial Reporting Release covers the following matters: The Future of Canadian GAAP; Crossing over to IFRS; Canadian GAAP for Private Enterprises; Reflections on the Financial Crisis; Global GAAP Convergence; Financial Instruments; Fair Value Measurement; Fair Value and Liquidity Disclosures; Investments in Debt Securities; Consolidation and Asset Derecognition; Rate-Regulated Activities; Income Taxes; Earnings per Share; and Emerging Issues Committee Abstracts. (Review the current and prior issues of Financial Reporting Release on the PwC website.)

PwC - World Watch: Governance and corporate reporting

There is growing recognition of the importance of transparency and common business languages to communicate business information to investors and other stakeholders. This is particularly important in the current business environment. The PricewaterhouseCoopers (PwC) newsletter, World Watch, contains opinion articles, case studies and worldwide news on the many initiatives to improve corporate reporting. (Read the current issue of World Watch on the PwC website. )

Corporate reporting - Good practice examples

PricewaterhouseCoopers (PwC) has prepared a catalogue that contains examples of good practice in corporate reporting. Each example is accompanied by an introduction explaining why the example was chosen, as well as a detailed commentary from experts based on the PwC corporate reporting framework. The examples can be searched by industry, company name, country and category or element of the corporate reporting framework. In addition, the examples can be downloaded and printed in PDF format. (Visit the PwC corporate reporting webpage for more information.)

US - Center for Audit Quality offers guide on IFRS

The Center for Audit Quality (CAQ), which is affiliated with the American Institute of Certified Public Accountants (AICPA), has developed a Guide to International Financial Reporting Standards (IFRS). The CAQ developed the Guide to IFRS in recognition of the timeline in the US Securities and Exchange Commision (SEC) proposed IFRS roadmap and the critical decisions that must be made regarding the use of global accounting standards in the US. The Guide will provide investors, policymakers and other capital market stakeholders with a timely, accessible and objective introduction to the debate over a single set of high-quality global accounting standards.

Ipsos Reid survey - Canadian online social network profile

A recent survey noted a dramatic increase in the number of Canadians with a profile at online social networks. In 18 months the percentage with a profile increased from 39% to 56%. These are the findings from “Social Networking: 2009,” a new study conducted and released by Ipsos Reid. Study author Mark Laver notes, “Social networks get a lot of press and rightfully so, they are becoming the communications tool of the 21st century. The increasing concentrations of people at these types of websites make them very attractive to online marketers and businesses.” (Visit the Ipsos Reid website to find out more about this survey.)

Financial Reporting in Flux - A Role for XBRL

According to a recent blog posting, companies are being asked to make available to the public increasing quantities of data directly from their systems on a real time basis. That is the trend! Companies may deny it and resist it, but it is being demanded by stakeholders. The implications are tremendous, not the least of which are issues around establishing data integrity and obtaining independent assurance. There is a need for a standard with which the data can be presented and used. By filling this need, XBRL will achieve a new level of usefulness. Indeed, that is a role in which XBRL will achieve its full potential. (For more information, visit the XBRL Canada Blog. )

Canada - Financial Reporting & Accounting Conference

The Chartered Accountants of Canada are offering an intensive multi-tracked financial reporting and accounting conference in Toronto on September 16-18, 2009. The conference will include a wide selection of optional post-conference workshops. Expert speakers will deliver interpretations and insight on current technical issues, laced with practical, real-life examples to help deal with the critical issues that are relevant to an organization. Questions posed on-line prior to the conference or in person at the conference will receive informative and timely answers during the presentations. Public sector participants will examine the latest developments and strategic direction of public sector financial reporting. (For more information and to register, visit the conference website.)

Canada - The Top Ten IT Issues

When the CICA Information Technology Advisory Committee (ITAC) did its last survey of top IT issues, the economy was thriving, the stock market was high and boomers were busy planning their retirement. Now, one year later, the economy is suffering the greatest slump since the Great Depression, the stock market has lost a third of its value and some boomers have postponed their retirement — that is, if they haven’t been forced into it. While the issues that topped last year’s list — a shortage of IT skills, privacy and outsourcing — are still of concern, privacy and outsourcing didn’t even make the top 10 this year. They were edged out by such items as the impact of the recession, new regulatory requirements and the role of Web 2.0 applications in organizational systems. This year the recession was the top item on the list. (Read the article "The Top Ten IT Issues" in the September 2009 issue of CAmagazine online.)