IFRS: the first quarter

The first IFRS Canadian corporate report filings are now in. How did the implementation go? What went right? What went wrong? What can we expect in the future? With a number of major IFRS projects underway at the International Accounting Standards Board — policy decisions for leases and financial instruments — the new reporting landscape is still a live environment. For a review of how selected companies were able to prepare their first IFRS reports, read the article "IFRS: the first quarter" in the August 2011 issue of CAmagazine online.

Interim Reporting Under IFRS — An Update

CPR Alert (Issue 14, July 2011) is a non-authoritative bulletin prepared by staff of the Canadian Performance Reporting Board (CPRB) at the Canadian Institute of Chartered Accountants (CICA). This issue, Interim Reporting Under IFRS — An Update, reviews: Filing deadlines – no extension for Q2 and Q3; Items to include in Q2 and Q3 2011 interim financial reports; Auditor review of interim financial reports; MD&A considerations for Q2 and Q3 2011; and Classification of bankers acceptances under IFRS. In addition, the Ontario Securities Commission published IFRS Release No. 3 – IFRS Interim Financial Reports –Tips For Q2 And Q3 on July 7, 2011. That release provides a useful filing tip sheet for Q2 and Q3.

What ethics means in business

On July 15, 2011, the Globe and Mail convened a panel of experts to discuss why companies should act with integrity. The panel comprised: Paul Klein, the founder of Impakt; Don McCreesh of Imagine Canada; Andrew Wilcynski, director of cause marketing for Telus; and Ben Packard, VP of global responsibility with Starbucks. Watch the video on What ethics means in business. Also, view related videos on corporate social responsibility at the Globe and Mail online.

Leveraging XBRL for Value in Organizations

The International Federation of Accountants (IFAC) and ISACA have jointly developed the paper Leveraging XBRL for Value in Organizations to provide accounting and assurance professionals with guidance to leverage value from XBRL (eXtensible Business Reporting Language) initiatives and compliance requirements. The benefits and opportunities of embedding XBRL within internal processes can enhance management communication and increase the value of data used within an organization. Examples and case study material are included, as well as XBRL Resources.

More evidence that few read annual reports

A new survey of Canadian online investors shows that few rely on formal disclosure documents like annual reports for investment information, even though most describe themselves as long-term investors. The findings of the latest RBC Direct Investing poll of 630 online investors once again highlights the need for companies and their regulators to rethink the role annual reports and prospectuses play in investor relations and financial disclosure programs. The results of this survey echo findings in a range of other investor surveys going back several years. All show that few investors use corporate annual reports and formal disclosure documents – and those who do consult them do so only briefly. (Read the full story by Dominic Jones at IR Web Report.)