IFRS Readiness in Canada 2010

The Canadian Financial Executives Research Foundation (CFERF) has issued the third installment of its IFRS Readiness in Canada series. This study, IFRS Readiness in Canada 2010,  found that in their four-month race to convert to IFRS, small and medium-sized companies are not as far along in their conversions as large companies. One worrisome find was that nearly one in three companies with revenues of less than $49 million said they did not have the resources required to implement the conversion. As of the spring of 2010, only half of public companies were 60% of the way along the conversion project. The research study is sponsored by PricewaterhouseCoopers (PwC).

FEI files letter with FASB and IASB on impact of MOU Standards

In a letter dated May 7, 2010, the Committee on Corporate Reporting (CCR) of Financial Executives International (FEI) expressed concern to Robert Herz, chairman of the Financial Accounting Standards Board, and Sir David Tweedie, chairman of the International Accounting Standards Board. The letter was written “to express our significant concern that springs from the unprecedented volume as well as the complexity of proposed standards expected to be issued in the coming months. We urge the Boards to consider the adverse effect that is likely to have on the effectiveness of the Boards’ due process procedures. We have written to you on this subject previously (see our letter dated February 12, 2010 RE: Effective Dates of New Standards), however, we are concerned that actions will not be taken to scale the number and timing of the Exposure Drafts (“EDs”) in a way that permits a fulsome analysis and thorough response from all interested constituents.” (Read the FEI News Release and the CCR Letter to the FASB and IASB.)