CICA Financial Reporting and Accounting Conference (IFRS and ASPE)

The Canadian Institute of Chartered Accountants (CICA) is presenting its annual Financial Reporting and Accounting Conference on September 26-27, 2011 (optional workshops, September 28) at the Metro Toronto Convention Centre in Toronto, Canada. This conference is Canada’s leading financial reporting and accounting event and provides an up-to-date and extensive review of the most critical current and emerging issues facing both publicly-traded and privately-held corporations in Canada. Extensive coverage of the latest developments in both International Financial Reporting Standards (IFRS) and Accounting Standards for Private Enterprises (ASPE) will be delivered by prominent Canadian, US and international speakers. In-depth workshops addressing the most relevant and challenging financial reporting topics will also be available. (For more information on CICA Continuing Education products, visit the online CA Learning Centre.)

That's Summa Story - From the Caves to Cafe Pacioli

Accountants are generally recognized as making a valuable contribution to society, by providing the information that allows entrepreneurship to flourish, business to operate efficiently, stakeholders’ interests to be protected, shares to be fairly priced, and taxation and audit requirements to be satisfied. Accounting, however, has not always enjoyed such an established position, and today there is often a tendency to take the profession’s status for granted. It is interesting, therefore, to examine the factors that have brought accounting to the preeminent place that it occupies today.To learn more about the history of accounting, read the article "That's Summa Story! From the Caves to Café Pacioli" by Derry Cotter, FCA. To access the full text of this article, see the Digital Edition of Accountancy Ireland, February 2011, (pages 50-53).

Financial Reporting in Canada under IFRS 2011

Financial Reporting in Canada under IFRS 2011 is a concise, practical reference source that looks at the application of International Financial Reporting Standards (IFRS) from a Canadian perspective. It examines and explains IFRS requirements, illustrating their application using real-world extracts of financial statements from companies that have already adopted IFRS. It also includes: comparisons of the requirements under Canadian GAAP and IFRS; tables, charts and diagrams summarizing the requirements in easy-to-read point form; and examples of application presented in short case studies. The publication is available for purchase from the CAstore online. A free sample chapter (Chapter20 – First-time Adoption of IFRS) is also available online.

Upcoming Canadian IFRS Survey: Stay Tuned

International Financial Reporting Standards (IFRS) are changing at a rapid pace and companies can expect to see new standards effective as soon as 2014. The International Accounting Standards Board (IASB) intends to improve financial reporting information for investors while also aligning US and international accounting standards. Are you aware of the proposed changes? How ready are you for these changes? PricewaterhouseCoopers (PwC) will soon be conducting an open survey on some key expected changes to IFRS and what Canadian companies think the potential impact may be. The survey will be sent to all IFRS News subscribers and will be accessible from the PwC website.

Research on Corporate Disclosures

Why do some companies provide extensive forward-looking disclosures while others remain relatively silent? What prompts some companies to disclose important discretionary information in their letter to shareholders rather than in the management discussion and analysis (MD&A)? Is the extent of disclosure likely to change as companies move to adopt IFRS? Recent developments in academic research help address these and other questions. Literature on voluntary versus mandatory disclosures and a sample of Canadian public companies illustrate the form and content of forward-looking disclosures in Canadian annual reports. Scan the article “Corporate Disclosures” in the March 2010 edition of CAmagazine online and learn more by reading the CICA research study Corporate Reporting to Stakeholders (June 2008).

CICA/IFRS Foundation Conference - IFRS in North America 2010

The CICA/IFRS Foundation Conference - IFRS in North America 2010 will be held on November 23-24, 2010 (optional sessions November 22) at the Metro Toronto Convention Centre in Toronto, Canada. As the deadline for IFRS adoption looms, this informative two-day event, with optional workshops, is crucial for anyone involved in financial reporting with an organization that is moving to IFRS. It is a unique opportunity to hear the latest IFRS developments directly from the International Accounting Standards Board (IASB), the Canadian Accounting Standards Board (AcSB) and the US Financial Accounting Standards Board (FASB). The most recent regulatory developments from Canada and the US will also be presented.

Stakeholders and IFRS

With International Financial Reporting Standards (IFRS), financial results should be more transparent to analysts, investors and regulators. But, have Canadian companies done their part to make sure their external stakeholders can make sense of IFRS? Read the article "Stakeholders and IFRS" in the August 2010 issue of CAmagazine online.

US - Navigating IFRS: two-day executive training program

Deloitte (United States) will conduct two-day executive training programs covering key IFRS accounting principles and practical considerations related to IFRS implementation. Deloitte IFRS leaders will deliver course sessions that address important technical accounting changes, tax considerations, technology and systems questions. Dates and locations are: Chicago: June 22-23, 2010 and Houston: September 15-16, 2010. For more information, read the brochure Navigating IFRS: Two-day executive training program.

Canada - IFRS Conference for Financial Statement Users

The Canadian Institute of Chartered Accountants (CICA) is hosting an IFRS Conference for Financial Statement Users in Toronto Canada on November 25, 2010. This conference is dedicated specifically to financial statement users and the unique challenges that the adoption of International Financial Reporting Standards (IFRS) presents for this group. Investors and other stakeholders need to be able to differentiate reported performance changes caused by the adoption of IFRS from those caused by business activities. This conference will focus on the understanding and interpretation of a set of financial statements prepared under IFRS. The conference will include technical sessions explaining the key areas of differences between Canadian GAAP and IFRS as well as the implications of moving from more "rules based" to "principle based" accounting. The conference will also explore the need for effective communication among key stakeholders to ensure a smooth transition.

Canada - IFRS in North America 2010 Conference

The Canadian Institute of Chartered Accountants (CICA) and the IASC Foundation are hosting a conference IFRS in North America 2010 in Toronto Canada on November 23-24, 2010. This informative two-day event, with optional workshops, is critical for anyone involved in financial reporting with an organization that is moving to International Financial Reporting Standards (IFRS). It is a unique opportunity to hear the latest IFRS developments directly from the International Accounting Standards Board (IASB), the Canadian Accounting Standards Board (AcSB) and the US Financial Accounting Standards Board (FASB). The conference is being held in conjunction with the Financial Reporting and Accounting Conference.

Podcast summaries of IASB Board meetings

The International Accounting Standards Board (IASB) is currently testing Board meeting audio summaries (podcasts). These podcasts are recorded shortly after each Board meeting and provide a short (approximately 30 minutes) summary of the main topics and projects discussed. (The IASB meeting podcasts for December 2009 to March 2010 are now available on the IASB website.)

US - SEC financial reporting issues facing smaller companies

During 2009 the US Public Company Accounting Oversight Board (PCAOB) hosted a series of Forums on Auditing in the Small Business Environment. At those Forums, the staff of the Division of Corporation Finance of the Securities and Exchange Commission (SEC) reviewed common financial reporting issues identified during their staff reviews of filings for smaller public companies. (View the SEC Staff Review of Common Financial Reporting Issues Facing Smaller Issuers (December 2009) and other SEC information for small businesses.)

Helping Business Owners Advance their Estate Planning

This lively, straightforward discussion by the authors of the Canadian Institute of Chartered Accountants (CICA) Estate Planning Toolkit for Business Owners focuses on the fundamental aspects of estate planning for business owners. Business clients may also access this free program to learn how they can assess where they are and where they’re headed … and how advisory services can help them attain their goals. This Estate Planning Webinar, sponsored by Robert Half Accounting and Finance, attracted over 2500 participants and is now available as an online archived version.

Canada - CPAB/AcSB IFRS webcast for small and mid-sized companies

The Canadian Public Accountability Board (CPAB) and Canada's Accounting Standards Board (AcSB) will host a webcast that will set out a roadmap for what small and mid-sized companies should be doing now to prepare for International Financial Reporting Standards (IFRS). It will be held on November 5, 2009 from 2:00pm to 3:00pm EST. (Register online for this free webcast.)

2010 World Congress on "Accountants: Sustaining Value Creation"

The World Congress of Accountants will be held on November 8-11, 2010 in Kuala Lumpur, Malaysia. "Accountants: Sustaining Value Creation" is the theme for numerous plenary sessions and workshops. The conference is sponsored by the International Federation of Accountants (IFAC) and the Malaysian Institute of Accountants. More than 6,500 delegates representing 123 countries are expected to attend.

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.)

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 - In the Loop on Standards in Transition

An electronic newsletter called In the Loop – Standards in Transition is being published by the Canadian Institute of Chartered Accountants (CICA). The newsletter covers topics ranging from International Financial Reporting Standards (IFRS) and standards for private enterprises to the new Canadian auditing standards. It is not a technical resource. Rather, it offers just enough information to keep you in the loop on Canada’s changing standards landscape and links you to resources relevant to your specific needs.

IAESB proposes education work plan

The International Accounting Education Standards Board (IAESB) has invited organizations and individuals with an interest in accounting education to comment on its proposed 2010-2012 Strategy and Work Plan. The proposed strategy focuses on projects and activities aimed at developing International Education Standards (IES), while providing adoption and implementation guidance to interested stakeholders in accounting education. The work program contains a number of potential projects for consideration. Comments are requested by October 5, 2009. (Read the IAESB Press Release and download the IAESB exposure draft.)