Rising to the Challenge - narrative reporting in the UK

The UK Accounting Standards Board (ASB) has issued Rising to the Challenge, the report of its review of the narrative reporting of 50 UK listed companies in 2008 and 2009. The review focused on:

• how companies are complying with the enhanced business review content requirements from the Companies Act 2006;
• effective communication and presentation of the required content; and
• areas that are leading to clutter in narrative reporting.

Canada - IFRS guidance for lawyers, bankers and investors

Canada's Accounting Standards Board (AcSB) staff has issued Bulletin #9 which emphasizes the need to anticipate how trend analyses, debt covenants and financial ratios that are included in contracts and used to make decisions will change when International Financial Reporting Standards (IFRS) are adopted. This is essential reading for lawyers, bankers and investors.

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.)

Canada - Advisory Committee on Canadian Securities Regulator

The Honourable Jim Flaherty, Canada's Minister of Finance, has announced the appointment of the members of the Advisory Committee of Participating Provinces and Territories to the Canadian Securities Transition Office, which is leading Canada's efforts to establish a Canadian securities regulator. The Advisory Committee will provide advice on the transition to a Canadian securities regulator. As part of its work plan, the Transition Office is consulting with provinces and territories, securities experts and legal advisors.(Read the Press Release.)

US - AICPA starts Twitter page on IFRS news, updates and resources

The American Institute of Certified Public Accountants (AICPA) has started a page on Twitter to provide guidance on International Financial Reporting Standards (IFRS). The goal is to disseminate comprehensive resources related to IFRS for accounting professionals, financial managers, audit committees, boards, investors and other users of financial statements. (Visit the AICPA Twitter site on IFRS for select IFRS news, updates and resources.)