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Canada |
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Update for February 2010
Update for January 2010
Update for December 2009
Update for November 2009
Update for October 2009
Update for September 2009
Update for August 2009
Update for July 2009
Update for June 2009
Update for May 2009
Update for April 2009
Update for March 2009
Update for February 2009
Update for January 2009
Update for December 2008
Update for November 2008
Update for October 2008
Update for September 2008
Update for August 2008
Update for July 2008
Update for June 2008
Update for May 2008
Update for April 2008
Update for March 2008
Update for February 2008
Update for January 2008
Update for October 2007
Update for May 2007
Update for March 2007
Update for August 2008
Update for January 2006
Update for November 2005
Update for April 2005
Update for February 2005
Update for September 2004
Toronto:
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Financial Reporting Framework in Canada |
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Standards board. Accounting standards and guidance in Canada are established by the Accounting Standards Board of Canada (AcSB), an independent organisation within the Canadian Institute of Chartered Accountants (CICA). You can find more information about AcSB Here.
Standards. The accounting section of the Handbook of the Canadian Institute of Chartered Accountants (CICA Handbook - Accounting) contains accounting standards applicable to all types of profit oriented enterprises and not-for-profit organisations in Canada. The Canada Business Corporations Act and provincial corporations and securities legislation generally require companies to prepare financial statements for their shareholders in accordance with GAAP as set out in the CICA Handbook - Accounting. Other legislation applies to financial institutions and other types of reporting entity.
IFRSs in Canada. The AcSB has approved a plan for adopting IFRSs in full as Canadian GAAP for all publicly accountable profit-oriented enterprises starting in 2011. You will find Details about this Plan below.
Oversight. The Accounting Standards Oversight Council (AcSOC) oversees the activities of the AcSB. AcSOC appoints the members of the AcSB and provides input to the AcSB, primarily in terms of its strategic direction and priorities. AcSOC also assesses and reports on the performance of the AcSB.
Emerging issues. The AcSB has an Emerging Issues Committee (EIC) whose role is to provide timely guidance on new and emerging accounting issues, more quickly than by the regular due process of standard setting. The AcSB advises the EIC of issues that may require action by the EIC (and vice versa).
Simplifications for SMEs. The AcSB has adopted a separate financial reporting standard for entities that do not have public accountability.
Securities regulation. Securities regulation in Canada is the responsibility of 13 provincial and territorial regulators, rather than a national regulator. Therefore provincial and territorial regulators enforce the application of AcSB standards by public companies. There is a coordinating body of securities regulators known as Canadian Securities Administrators (CSA). CSA Website.
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Canada's Plan for Incorporating IFRSs into Canadian GAAP: Chronology (Most Recent Items First) |
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In January 2006, Canada's Accounting Standards Board (AcSB) ratified a new Strategic Plan for the Direction of Accounting Standards (PDF 139k) that will significantly affect the way financial reporting will be carried out in Canada in the future. The AcSB will pursue separate strategies for three major categories of reporting entities: public companies, private businesses and not-for-profit organisations.
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- For public companies, the AcSB's objective is to move to a single set of globally accepted high-quality standards. The AcSB has concluded that this objective is best accomplished by converging Canadian GAAP with International Financial Reporting Standards (IFRSs) over a transitional period. Australia and the European Union have already adopted IFRS and other countries have convergence programs underway. The AcSB will develop and publish a detailed implementation plan for achieving convergence later this year. The AcSB expects that the transition period will take approximately five years, but the precise timing will depend on many factors, and will be continuously monitored throughout the process. At the end of that period, Canadian GAAP will cease to exist as a separate, distinct basis of financial reporting for public companies.
- For private businesses, the AcSB has begun, as a matter of urgency, a comprehensive examination of their financial reporting needs and will determine the most appropriate model for meeting those needs.
- For not-for-profit organisations, the AcSB will continue to apply those elements of GAAP for profit-oriented enterprises that are applicable to their circumstances, and develop other standards dealing with the special circumstances of the not-for-profit sector.
The AcSB recognises that some Canadian public companies that have significant market followings in the United States might prefer to use US GAAP. The Canadian Securities Administrators already permit those Canadian public companies that are SEC registrants to use US GAAP instead of Canadian GAAP.
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Chronologically below, we present the various actions that have taken place, and the range of Deloitte publications to help in Canada's transition to IFRSs.
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Checklist of Standard-setting Activities in Canada
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A monthly newsletter from Deloitte (Canada) that briefly describes new rules and standards that affect financial reporting from Canadian standard-setters and regulators. This newsletter briefly describes those pronouncements and other regulatory and professional developments and indicates their effective date, transition application, and entities affected. There are hyperlinks to underlying details.
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February 2010 Update
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Deloitte Canada IFRS transition newsletters
Deloitte Canada has published the February 2010 issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events. Articles in this issue include:
- Under Pressure? Taking the stress out of IFRS!
- The Real Deal – the focus this month is on the Management Discussion and Analysis (MD&A)
- Regulatory review of MD&A disclosures on IFRS transition
- An update on international standard setting activities
Click below for:
Shortcomings in IFRS transition disclosures in Canada
Canada's Ontario Securities Commission has published the results of its study of disclosures that have been made by 106 securities issuers in anticipation of their changeover from Canadian GAAP to IFRSs as of 1 January 2011. The review suggests that issuers could do a better job in disclosing their progress toward the transition, and its potential effects, than was done in the 'Management Discussion and Analysis' sections of their 2008 annual and 2009 interim financial reports.
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In 2008 MD&A, we expected issuers to have discussed the status of the key elements and timing of their IFRS changeover plan....
Overall, we found that issuers are not adequately disclosing information related to their IFRS transition efforts. A summary of our findings is as follows:
- 40% of issuers received a letter from staff questioning whether a changeover plan was in place as it was not evident from reading their MD&A disclosure. Given the short time remaining before the changeover date this raises concerns that issuers may not be able to comply with future filing obligations.
- Of the 60% of issuers that discussed an IFRS changeover plan in their 2008 annual MD&A, approximately half simply provided a generic description of the plan without any direct application to their own circumstances. The most valuable information for investors is IFRS transition disclosure that is specific to the issuer.
- 80% of issuers that discussed an IFRS changeover plan failed to describe significant milestones and anticipated timelines associated with each of the key elements of the plan. It is important that issuers discuss the timing associated with key elements so that investors can readily assess whether the project is progressing in accordance with the changeover plan.
- 48% of issuers that discussed IFRS transition in 2008 annual MD&A failed to provide quarterly updates in 2009 interim MD&A on the progress related to their changeover plan. Investors need progress updates to assist them in assessing the likelihood that the issuer
will be able to complete its IFRS conversion on time.
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Click to download the study IFRS Transition Disclosure Review (Staff Notice 52-718) (PDF 442k).
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January 2010 Update
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Deloitte Canada IFRS transition newsletters
Deloitte Canada has published the January 2010 issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events. Articles in this issue include:
- IFRS Predictions for 2010
- iGAAP: IFRSs for Canada – the 2nd edition is now available
- The Real Deal – a focus this month on dual reporting issues and maintaining and a shadow reporting calendar in 2010
- It's official – IFRSs are now in the handbook
- An update on International standard setting activities
Click below for:
2009 IFRS Disclosure and compliance checklists from Deloitte Canada
Deloitte Canada has published Canadian versions of Deloitte's 2009 IFRS Presentation and Disclosure Checklist and 2009 IFRS Compliance Checklist. The Canadian versions difer from the global versions because they include 'consideration points' relating to key differences between Canadian GAAP and IFRSs that may be helpful for Canadian companies in assessing whether or not they meet the requirements of a specific IFRS. These considerations may also serve as a helpful reference source for Canadian companies on transition to IFRSs from Canadian GAAP. Also, the English versions (.docm files) include a built-in macro that allows users to select standards that are not applicable to them and exclude them automatically.
Click to download:
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December 2009 Update
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Deloitte Canada IFRS transition newsletters
Deloitte Canada has published the December 2009 issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events. Articles in this issue include:
- IFRS in Canada – 2009 the year in review
- 'The Real Deal' – a recap and review of the real issues and solutions on IFRS transition progress made throughout the year
- Interim financial statements in the year of adoption of IFRS
- Final accounting standards for private enterprises released
- Deloitte publications and events and how to access them
- An update on current IFRS events – including various important EDs and discussion papers
Click below for:
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November 2009 Update
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Deloitte Canada IFRS transition newsletters
Deloitte Canada has published the November 2009 issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events. Articles in this issue include:
- The 'Tax'-ing Route to IFRS
- 'The Real Deal' – real issues and solutions on IFRS transition relating to Stock Compensation
- Performance Measurement Under IFRS
- Public Sector Government Business Enterprises Required to use IFRSs
- Deferral of the Consolidation Project
- Deloitte Publications and Events and How to Access Them
- An Update on Current IFRS events – including various important EDs or Discussion Papers
Click below for:
Deloitte Canada webcast on IFRSs
The first of January 2010 will be the date of transition to IFRSs for many Canadian publicly accountable entities – signaling the preparation of the opening IFRS balance sheet as well as the start of dual reporting. In addition, there will be some Canadian early adopters filing their first IFRS financial statements in 2010. Deloitte Canada will present a webcast on Canadian adoption of IFRSs, as follows:
- Webcast topic: IFRS Technical Update–A Sea Change. Specific topics to be covered include:
- Canadian GAAP update: critical matters impacting 2009
- Looking back: A recap of recent changes in IFRSs
- Looking ahead: Our IFRS new year predictions
- Recent regulatory developments on IFRSs
- Countdown to 1 January 2010: A final review of your opening balance sheet checklist
- Date and Time: Tuesday, 1 December 2009, 14:00pm Toronto time (EST), duration 90 minutes
- Presenters: Don Newell, National Leader IFRS Services; Clair Grindley, Associate Partner National IFRS Services; Kerry Danyluk, Partner GIOS; and Anshu Grover, Senior Manager Global Centre of Excellence
- More Information and Registration
Canadian public sector entities will use IFRSs
The Canadian Public Sector Accounting Board has amended the scope of public sector accounting standards to require that government business enterprises (GBEs) – public sector entities with self-sustaining, commercial-type operations – follow International Financial Reporting Standards (IFRSs) for periods beginning 1 January 2011. This allows for a comparison of similar entities in the public and private sector. Private sector businesses in Canada will also be required to use IFRSs starting on the same date. Click for Press Release (PDF 103k).
Top 20 things to do before 2010
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Deloitte Canada has developed a checklist comprising 20 key things – from the tactical to the strategic – that publicly accountable enterprises (PAEs) must focus on this year to keep their IFRS conversion on track for 2011. This checklist is designed to help a company complete its preparation before 2010 for a seamless conversion. It is also intended to help companies:
- Save money in the long run by investing the time and resources now, rather than completing the conversion on a rush basis with limiting options
- Prioritise actions to be included in year-end progress reports required in management's discussion and analysis (MD&A) for public companies in Q4 2009
- Prevent or minimise known difficulties that are commonly encountered in practice by Canadian entities
- Motivate immediate action by emphasising that certain tasks cannot wait until 2011
Click to download:
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October 2009 Update
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Deloitte Canada IFRS transition newsletters
Deloitte Canada has published the October 2009 issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events. Articles in this issue include:
- Time sensitive considerations before your opening balance sheet date – the IFRS transition date
- 'The Real Deal' – privately held companies
- Omnibus Exposure Draft III – exposing existing IFRSs for incorporation into Canadian GAAP.
- Canadian Securities Administrators Accounting Alerts
- Deloitte Publications and Events
- International Round-up
Click below for:
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September 2009 Update
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Deloitte Canada Countdown IFRS transition newsletters
Deloitte Canada has published the September 2009 issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events. Articles in this issue include:
- IFRS Transition – Where are we now?
- 'The Real Deal' – real issues and solutions on IFRS transition relating to First Interim Financial Statements
- SEC to refocus on IFRS roadmap
- Deloitte IFRS Publications and Events and How to Access Them
- An Update on Current IFRS News – including various important EDs or Discussion Papers
Click below for:
IFRS Conversion in the Canadian insurance industry
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Deloitte Canada has published Canadian Insurance Industry: A Clear Path to IFRS Conversion (PDF 159k). This booklet highlights the accounting considerations and other considerations that are important to the insurance industry in Canada when making the transition to IFRSs in 2011. Topics covered include:
- Insurance contracts - product classification
- Insurance contracts - financial statement presentation and disclosure issues
- Insurance contracts - embedded derivatives and unbundling
- Insurance contracts - measurement approach
- Financial instruments
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August 2009 Update
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Deloitte Canada Countdown IFRS transition newsletters
Deloitte Canada has published the August 2009 issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events. Articles in this issue include:
- How Fair is Fair Value?
- 'The Real Deal' – real issues and solutions on IFRS transition relating to Investment Property
- CSA Staff Notice 33-314 Relating to Non-self Regulatory Organizations
- Deloitte Publications and Events and How to Access Them
- An Update on Current IFRS events – including various important EDs and Discussion Papers
Click below for:
The Road to a Cost-Effective Conversion
Canada will require IFRS financial statements for all listed companies starting in 2012, and permit IFRSs for others. Deloitte Canada has been publishing a broad range of guidance materials to help companies address the transition. These include the Countdown to IFRS newsletter (monthly plus special issues, available elsewhere on this page) and a series of booklets on The Road to Cost-Effective Conversion. The third volume in this conversion series – Maximising the Return on Your IFRS Investment – has just been published. It offers suggestions on how companies can reduce the costs of conversion by leveraging internal accounting resources, using external resources strategically, and establishing an IFRS-capable financial reporting function for the long term. The series is available in English and in French. Click to download:
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July 2009 Update
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Deloitte Canada Countdown IFRS transition newsletters
Deloitte Canada has published the July 2009 issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events. Articles in this issue include:
- IFRS Around the World
- The Real Deal – Foreign Exchange
- Public Sector Accounting Board Exposure Draft – Financial Reporting by Certain Government Organizations
- Exposure draft – Financial Instruments: Classification and Measurement
- Deloitte IFRS publications and events
- International Round-up – Updates and News from the IASB
Click below for:
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June 2009 Update
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Deloitte Canada Countdown IFRS transition newsletters
Deloitte Canada has published the June 2009 issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events. Articles in this issue include:
- Using Technology to Manage Accounting and Control Changes Driven by IFRS Changeover
- 'The Real Deal' – real issues and solutions on IFRS transition relating to dual year reporting and reconciliation requirements in 2011
- Private Enterprise Strategy – IFRS or Private Company GAAP
- Deloitte Publications and Events and How to Access Them
- An Update on Current IFRS events – including various important EDs and Discussion Papers
Click below for:
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May 2009 Update
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Canadian Securities Administrators Notice on IFRSs
On 21 May 2009, the CSA issued CSA Staff Notice 52-324 Issues Relating to Changeover to IFRSs (PDF 48k) International Financial Reporting Standards. The Notice is an update on issues related to the changeover to IFRS in Canada, including:
- use of IFRS by a domestic issuer for periods beginning prior to 1 January 2011,
- requirements for interim financial statements in the year of IFRS adoption, and
- reference to IFRS and Canadian GAAP.
Regarding reference to IFRS in Canadian GAAP, the CSA proposes to allow two options for referring to accounting principles in a domestic issuer's financial statements and accompanying auditor's reports:
- refer only to IFRS in the notes to the financial statements and in the auditor's report, or
- refer to both IFRS and Canadian GAAP in the notes to the financial statements and in the auditor's report.
To implement those two options, CSA proposes the following requirements for domestic issuers for annual and interim financial statements relating to financial years beginning on or after 1 January 2011:
- issuers must prepare their annual and interim financial statements in accordance with Canadian GAAP for publicly accountable enterprises,
- issuers must make an explicit and unreserved statement of compliance with IFRSs in the notes to their annual financial statements, and disclose compliance with International Accounting Standard 34 Interim Financial Reporting in their interim financial statements, and
- auditor's reports accompanying an issuer's financial statements must refer to IFRS and be in the form specified by Canadian generally accepted auditing standards for financial statements prepared in accordance with a fair presentation framework.
Deloitte Canada Countdown IFRS transition newsletters
Deloitte Canada has published the May 2009 issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events. Articles in this issue include:
- Managing Costs on Transition to IFRS
- The 'Real Deal' – real issues and solutions on IFRS transition relating to impairment
- Just Released – CSA Staff Notice 52-324 Issues Relating to Changeover to IFRS
- Deloitte Publications and Events and How to Access Them
- An Update on Current IFRS events – including various important ED's or Discussion Papers
Click below for:
Deloitte guide to IFRS 3 in French
May 2009: Deloitte Canada Special Edition IFRS transition newsletter
Deloitte Canada has published a special May 2009 issue of their Countdown newsletter on IFRS transition in Canada. Titled The Taxing Steps Toward Global Convergence: IASB Proposes Changes to Income Tax Accounting, this newsletter discusses the IASB exposure draft proposing amendments to IAS 12 Income Taxes. The comment deadline is 31 July 2009, with a final standard expected to be issued in 2010. Click here for:
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April 2009 Update
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Model IFRS Financial Statements in French
Deloitte (Canada) has published Model IFRS Financial Statements for 2007 in the French language. These model financial statements for the year ended 31 December 2007 illustrate the application of the presentation and disclosure requirements of International Financial Reporting Standards (IFRSs) by an entity that is not a first-time adopter of IFRSs. They also contain additional disclosures that are considered to be best practice, particularly where such disclosures are included in illustrative examples provided with a specific Standard. Click for:
IFRS checklists in French
Deloitte (Canada) has published French language translations of the 2008 IFRS Presentation and Disclosure Checklist for 2008 and the IFRS Compliance Questionnaire for 2008:
Tricia O'Malley will chair AcSB
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Patricia (Tricia) O'Malley has been appointed Chair of the Accounting Standards Board of Canada (AcSB) effective in mid-June 2009. Ms O'Malley had been the first full-time AcSB Chair starting in October 1999 prior to her appointment to the International Accounting Standards Board in January 2001. At the conclusion of her term on the IASB in June 2007, she became the IASB's Director of Implementation Activities, managing IFRIC Interpretations and improvements projects. Before becoming a full-time standard-setter, she was a partner in the National Assurance and Professional Practice Group of KPMG. Canada is adopting IFRSs as Canadian GAAP for publicly accountable enterprises for interim and annual financial statements relating to financial years beginning on or after 1 January 2011.
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Deloitte Canada Countdown IFRS transition newsletters
Deloitte Canada has published the April 2009 issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events. Articles in this issue include:
- The Role of Internal Audit in IFRS implementation
- IASB Income Taxes Exposure Draft: Considerations for Canadian Companies
- 'The Real Deal' – real issues and solutions on IFRS transition relating to business combinations
- Deloitte Publications and Events and How to Access Them
- An Update on Current IFRS events – including various important EDs or Discussion Papers
Click below for:
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March 2009 Update
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Strategic choices in converting to IFRSs
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Deloitte (Canada) has published Strategic Choices on the Conversion to IFRS. This booklet identifies a broad range of issues that companies should consider – many of which are beyond accounting – in developing their plan for conversion to IFRSs. In Canada all publicly accountable profit-oriented enterprises must adopt IFRSs starting in 2011.
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March 2009: Deloitte Canada IFRS transition newsletter
Deloitte Canada has published a special March 2009 issue of their Countdown newsletter on IFRS transition in Canada. This special edition provides a summary of the exposure draft Adopting IFRSs in Canada, II released on 12 March by the Canadian Accounting Standards Board (AcSB). This is the second IFRS-specific exposure draft released by AcSB and builds on the April 2008 exposure draft. Topics covered include:
- Incorporation of IFRSs into the Handbook
- Proposed definition of a publicly accountable enterprise
- Confirmation of the effective date of IFRSs
- Exposure of new introductory material for the Handbook
- Exposure of changes to IFRSs since the 2007 bound volume (which was exposed in ED I)
- IFRS 1 First-time Adoption of IFRSs
- Emerging Issues Committee (EIC) Abstracts
The comment period ends on 15 May 2009. We hope you find this summary useful and this helps you navigate through the exposure draft. The regular monthly issue of Countdown will be published later in March. Click below for:
Here are the two AcSB exposure drafts themselves:
Deloitte Canada Countdown IFRS transition newsletter – March 2009
Deloitte Canada has published the March 2009 issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events. This edition of Countdown focuses on:
- IFRS disclosures in management discussion and analysis (MD&A)
- The 'Real Deal' – implementation of the financial instruments standards
- Deloitte IFRS publications and events
- International Round-up
Click below for:
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February 2009 Update
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Deloitte Canada Countdown IFRS transition newsletter – February 2009
Deloitte Canada has published the February 2009 issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events. Articles in this issue include:
- Looking back on Australia's IFRS conversion
- An overview of the Public Sector Accounting Standards Board's Invitation to Comment relating to the application of IFRSs to the Public Sector
- 'The Real Deal' – real issues and solutions on IFRS transition relating to property, plant and equipment
- Deloitte publications and events and how to access them
- An Update on Current IFRS events – including various important Exposure Drafts or Discussion Papers
Click below for:
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January 2009 Update
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Deloitte Canada Countdown IFRS transition newsletter – January 2009
Deloitte Canada has published the January 2009 one-year anniversary issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events. This edition of Countdown, which features a fresh look, focuses on:
- Our IFRS predictions for 2009
- The 'Real Deal' – real issues and solutions on IFRS transition
- Deloitte publications and events and how to access them
- An Update on Current IFRS events - including various important Exposure Drafts or Discussion Papers
Click below for:
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December 2008 Update
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Deloitte Canada IFRS transition newsletter
Deloitte Canada has published the December 2008 issue of their Countdown IFRS transition newsletter, to provide a snapshot of where we are now as far as Canada's transition to IFRSs is concerned – both in Canada and in Deloitte. This edition of Countdown focuses on:
- A recap of 2008 IFRS transition news and events
- Deloitte IFRS publications and activities
- Countdown and IFRS Transition Survey
- An Update on Current IFRS events – including various important Exposure Drafts or Discussion Papers
Click below for:
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November 2008 Update
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Deloitte Canada Countdown IFRS transition newsletter – October 2008
Deloitte Canada has published the October 2008 issue of their Countdown IFRS transition newsletter, to provide a snapshot of where we are now as far as Canada's transition to IFRSs is concerned – both in Canada and in Deloitte. This edition of Countdown focuses on:
- IFRS Disclosures in Management's Discussion and Analysis (MD&A)
- Tax Accounting in an IFRS Environment
- Launch of our Countdown and IFRS Transition Survey
- SEC Release of the Proposed IFRS Roadmap
- An Update on Current IFRS events
Click to download:
iGAAP 2008: IFRS for Canada
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Deloitte & Touche LLP (Canada) has developed iGAAP 2008: IFRS for Canada, which has been published by CCH. It is a comprehensive reference book on the convergence of Canadian GAAP with IFRS. It is essential reading for accounting professionals, as well as others who need to understand the implications of Canada's IFRS conversion on their organisation. Written for Canadians by Canadian practitioners, the book provides a roadmap to help companies understand how to effectively transition from Canadian GAAP to IFRS. It can be purchased through www.cch.ca/product.aspx?WebID=2424. |
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October 2008 Update
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Guide de Référence sur les IFRS 2008 (IFRSs in your Pocket 2008)
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Deloitte (Canada) has published Guide de Référence sur les IFRS 2008, a translation into French of our popular IFRSs in your Pocket 2008 Guide. The content of this 109-page booklet is the same as the English version, which means that it includes information about:
- IASB structure and contact details.
- IASB due process.
- Use of IFRSs around the world, including updates on Europe, Asia, USA, and Canada.
- Summaries of each IASB Standard (through IFRS 3 and the amendment to IAS 27) and Interpretation (through IFRIC 14), as well as the Framework and the Preface to IFRSs.
- Background and current status of all current IASB projects.
- IASC and IASB chronology.
- Update on IFRS-US GAAP convergence.
- Other useful IASB-related information.
Click to download Guide de Référence sur les IFRS 2008 (PDF 593k).
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Deloitte Canada Countdown IFRS transition newsletter – October 2008
Deloitte Canada has published the October 2008 issue of their Countdown IFRS transition newsletter, to provide a snapshot of where we are now as far as Canada's transition to IFRSs is concerned – both in Canada and in Deloitte. This edition of Countdown focuses on:
- Credit crunch – economic slowdown driving IFRS accelerated changes
- Acquisition accounting under IFRS – merger and acquisition strategy considerations
- Release of iGAAP 2008 – IFRS for Canada
- An update on current IFRS events
Click to download:
Deloitte Canada credit crisis financial reporting alerts
Deloitte (Canada) has published Understanding Recent Issues under Canadian GAAP, US GAAP, and IFRS Relating to the Credit Crisis and the Potential Impact on Canadian Companies in both English and French. The objective of these Financial Reporting Alerts is to summarise the most significant developments in Canada, the US, and at the IASB and to provide an overview of the major considerations for Canadian Corporations and the implications for senior management, audit committees and boards.
Comprendre les faits récents dans le cadre des PCGR du Canada, des PCGR des États-Unis, et des IFRS dans le contexte de la crise du crédit et de ses retombées éventuelles sur les sociétés canadiennes.
Click to download:
French newsletter on IAS 39 reclassifications
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On 13 October 2008, the IASB published Amendments to IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures. The changes to IAS 39 permit an entity to reclassify non-derivative financial assets out of the 'fair value through profit or loss' (FVTPL) and 'available-for-sale' (AFS) categories in limited circumstances. Such reclassifications will trigger additional disclosure requirements. Deloitte (Canada) has published the French translation of our IAS Plus Newsletter explaining the changes. Click to download:
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September 2008 Update
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Deloitte Canada Countdown IFRS transition newsletter – September 2008
Deloitte Canada has published the September 2008 issue of their Countdown IFRS transition newsletter, to provide a snapshot of where we are now as far as Canada's transition to IFRSs is concerned – both in Canada and in Deloitte. This edition of Countdown focuses on:
- Exposure Draft Alert: Proposed amendments to IFRS 1: First time adoption of International Financial Reporting Standards
- IFRS Project Management – A key success factor for your implementation
- Tips on Applying IFRS 1: A focus on First-time Adoption of International Financial Reporting Standards
- The IFRS Transition Journey: Where are we now?
- International Round-up: Updates and News from the IASB
Click to download:
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August 2008 Update
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Deloitte Canada Countdown IFRS transition newsletter – August 2008
Deloitte Canada has published the August 2008 issue of their Countdown IFRS transition newsletter, to provide a snapshot of where we are now as far as Canada's transition to IFRSs is concerned – both in Canada and in Deloitte. This edition of Countdown focuses on:
- IFRS disclosure in Management Discussion and Analysis (MD&A)
- The impact of the proposed definition of a Publicly Accountable Enterprise (PAE) on the following sectors:
- Profit-oriented non-publicly accountable enterprises (private enterprises)
- Not-for-profit organisations (NPOs)
- Pension plans
- An update on current IFRS events
Click to download:
Discussing an IFRS changeover plan in the MD&A
As part of their programme to provide guidance to clients and others on Canada's transition to IFRSs, Deloitte (Canada) has published How to Monitor a Sea Change: Discussing Your IFRS Changeover Plan in the MD&A. This booklet discusses the contents of a changeover plan and how to explain the plan in a company's 'Management Discussion and Analysis'. A sample changeover plan is included. Click to download English and French versions:
IFRSs and the mining industry
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Publicly accountable entities in Canada are required to switch to IFRSs starting in 2011 (with an option to adopt IFRSs earlier, even in 2008, with approval of the Provincial securities regulator). The transition from Canadian GAAP will be different for every company. However, particular industries will experience common themes and issues. Deloitte (Canada) has published IFRS and the Mining Industry: Top Ten Accounting Issues for Canadian Issuers in both English and French:
This publication provides Deloitte's viewpoints on the following IFRS chageover issues in the mining industry:
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- Impairment
- Mineral resourcee and property, plant and equipment
- Provisions and asset retirement obligations (including decommissioning and restoration costs)
- Business combinations, consolidation, and special purpose entities
- Joint ventures
- Borrowing costs
- Foreign currency
- Financial instruments
- Income taxes
- First-time adoption of IFRSs
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July 2008 Update
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Deloitte Canada Countdown IFRS transition newsletter – July 2008
Deloitte Canada has published the July 2008 issue of their Countdown IFRS transition newsletter, to provide a snapshot of where we are now as far as Canada's transition to IFRSs is concerned – both in Canada and in Deloitte. Among the topics covered in this issue of Countdown are the Canadian Securities Administrators' release of additional guidance relating to early adoption of IFRSs; the release of the IASB revised work plan and implications for Canadian companies; and how to cope with the changes in changeover to IFRSs. As always, there is also an update on current IFRS events. Click to download:
Canadian companies will be able to elect early IFRS adoption
The Canadian Securities Administrators (representing Canada's 13 provincial and territorial securities regulators) have issued a Staff Notice setting out CSA staff views on possible changes to securities rules relating to Canada's transition to IFRSs for publicly accountable entities in 2011. The CSA Staff Notice is No. 52-321 titled Early Adoption of International Financial Reporting Standards, Use of US GAAP, and Reference to IFRS-IASB (PDF 46k). The CSA staff's three principal conclusions are:
- CSA staff are prepared to permit, on a case by case basis, a domestic issuer to prepare its financial statements in accordance with IFRS-IASB for financial periods beginning before 1 January 2011. Permission would depend on the regulator's assessment of how well prepared the company is to deal with the change.
- CSA staff propose retaining the existing option for a domestic issuer that is also a US SEC issuer to use US GAAP.
- It is preferable for securities rules to require a domestic issuer to prepare its financial statements in accordance with IFRS-IASB after the mandatory changeover date, rather than Canadian GAAP, and require an audit report on such annual financial statements to refer to IFRSs as issued by the IASB.
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June 2008 Update
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Deloitte Canada Countdown IFRS transition newsletter – June 2008
Deloitte Canada has published the June 2008 issue of their Countdown IFRS transition newsletter, to provide a snapshot of where we are now as far as Canada's transition to IFRSs is concerned – both in Canada and in Deloitte. Among the topics covered in this issue of Countdown are disclosures about the expected effects of first-time adoption of IFRSs, tax considerations in adopting IFRSs, and the impact on the financial institutions sector. As always, there is also an update on current IFRS events. Click to download:
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May 2008 Update
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Disclosure of expected changes in accounting policies
The Canadian Securities Administrators (CSA) have just released a staff notice addressing IFRS pre-adoption disclosure requirements for Canadian reporting issuers. CSA Staff Notice 52-320 Disclosure of Expected Changes in Accounting Policies Relating to Changeover to IFRSs marks another significant step in Canada's transition to IFRSs. This will help companies assess the expected impact on their next interim and annual Management's Discussion and Analysis. Deloitte (Canada) will provide a more comprehensive analysis of these disclosure requirements in the next edition of the Countdown newsletter. Full details of the proposed timing, nature and extent of the disclosures can be found in the press release issued by the CSA:
Canadian financial institutions may not early-adopt IFRSs
Although the Canadian Securities Administrators have invited comment on whether to permit publicly accountable Canadian entities to adopt IFRSs starting in 2009 – two years earlier than would be required by the Canadian Accounting Standards Board – the Canadian Office of the Superintendent of Financial Institutions (OSFI) has issued a Notice to All Federally Regulated Financial Institutions (FRFIs) (PDF 33k) instructing them not to adopt IFRSs early, mainly for regulatory comparability reasons. There are nearly 500 FRFI's in Canada. The OSFI notice states:
- All FRFIs are considered publicly accountable enterprises and must adopt IFRSs as required in AcSB's plan for fiscal years beginning on or after 1 January 2011.
- No early adoption will be allowed for FRFIs.
- All FRFIs must submit a semi-annual progress review on their plan to adopt IFRSs to OSFI within 30 days of the end of the period.
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April 2008 Update
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Deloitte Canada Countdown IFRS transition newsletter – April 2008
Deloitte Canada has released the April 2008 issue of their Countdown IFRS transition newsletter, to provide a snapshot of where we are now as far as Canada's transition to IFRSs is concerned – both in Canada and in Deloitte. This issue of Countdown focusses on (a) the proposed definition of Publicly Accountable Enterprises (PAEs) in order to help entities determine whether they are 'in or out' of IFRSs; (b) commentary on certain legal implications to enterprises transitioning to IFRSs; and an update on current IFRS events. Click to download:
Deloitte Canada Countdown IFRS transition newsletter – Special Edition
Deloitte Canada has released a special issue of their Countdown IFRS transition newsletter, to provide a snapshot of where we are now as far as Canada's transition to IFRSs is concerned – both in Canada and in Deloitte. This issue of Countdown focusses on comments from the chair of the Canadian Accounting Standards Board (AcSB); information about AcSB's new omnibus exposure draft Adopting IFRSs in Canada; an interview with Ian Hague of the AcSB staff regarding the transition to IFRSs; and IFRS events. Click to download:
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March 2008 Update
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Deloitte Canada Countdown IFRS transition newsletter – March 2008
Deloitte Canada has released the second issue of a new Countdown IFRS transition newsletter, to provide a snapshot of where we are now as far as IFRS is concerned – both in Canada and in Deloitte. This issue of Countdown focusses on the initial stages of IFRS implementation to help Canadian companies determine their priorities. Articles cover the transition journey: where are we now?; IFRS implementation planning; conversion activities; conference activities (including a 14 April 2008 webcast on IFRSs in Canada); and IFRS impacts beyond financial reporting. Click to download:
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February 2008 Update
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Deloitte Canada Countdown IFRS transition newsletter – February 2008 (Inaugural Issue)
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Deloitte Canada has released its first issue of a new Countdown IFRS transition newsletter, to provide a snapshot of where we are now as far as IFRS is concerned – both in Canada and in Deloitte. This issue includes a convergence timeline for a calendar year entity and links to various Deloitte IFRS convergence activities. Future issues will focus on updates on IFRS convergence in Canada, related Deloitte activities, technical briefings, and tips and tools to assist Canadian companies and others in the IFRS transition. Click to download:
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Canada confirms 2011 as transition date to IFRSs
The Canadian Accounting Standards Board (AcSB) has confirmed that use of International Financial Reporting Standards (IFRSs) will be required in 2011 for publicly accountable profit-oriented enterprises. IFRSs will replace Canada's current national GAAP for those enterprises. These include listed companies and other profit-oriented enterprises that are responsible to large or diverse groups of stakeholders. The official changeover date is for interim and annual financial statements relating to financial years beginning on or after 1 January 2011. Private companies (non-publicly accountable enterprises), and not-for-profit organisations are not required, but are permitted, to adopt IFRSs in 2011. Click for AcSB Press Release (PDF 50k).
February 2008: IFRS concept paper from Canadian securities regulators
The Canadian Securities Administrators (CSA) – the consortium of the provincial securities regulators in Canada – has invited public comment on CSA Concept Paper 52-402. The Concept Paper discusses securities regulation issues relating to Canada's upcoming adoption of IFRSs. The Accounting Standards Board (AcSB) of Canada proposes to that all Canadian publicly accountable enterprises must adopt Canadian IFRS equivalents by 1 January 2011. As CSA rules refer to Canadian generally accepted accounting principles established by the AcSB, the CSA is considering the need for amendments to those rules and is seeking feedback on three main issues:
- Use of IFRSs by domestic issuers before 1 January 2011. CSA members are leaning toward allowing the use of IFRSs starting in 2009, two years ahead of the AcSB's mandatory changeover.
- Use of US GAAP by domestic issuers. Currently, Canadian companies that are registered with the US SEC are allowed to use US GAAP rather than Canadian GAAP. The CSA members have tentatively concluded not to allow a domestic issuer to use US GAAP starting in 2009 except existing US GAAP users could continue doing so for up to five years (that is, through 2013).
- Reference to IFRSs instead of Canadian GAAP in CSA securities rules. The AcSB's current plan is to import IFRSs into Canadian GAAP and to continue using the term 'Canadian GAAP'. The CSA members do not agree with that terminology and believe that the auditor's report should refer to IFRSs as adopted by the IASB rather than to Canadian GAAP. CSA acknowledges that changes to some laws may be required.
Comments on the Concept Paper should be sent by 13 April 2008. Click to download:
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January 2008 Update
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Deloitte guidance on transition to IFRSs in Canada
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Canada has announced a plan to fully converge Canadian accounting standards with IFRSs by 2011. To assist Canadian publicly accountable entities in the task of making the transition to IFRSs, Deloitte & Touche (Canada) has published The Conversion of Canadian GAAP to IFRSs: Volume One – Scoping the Effort in both English and French. This guide – the first in a series – focuses on scoping and planning for the journey to IFRSs. Subsequent volumes will address in increasingly greater detail other aspects of the road ahead, with more specific guidance on issues as they become more relevant to the timing of the process. Click to download:
An appendix to the report contains a summary analysis of Canadian/US GAAP differences by topic. We have posted the report with the kind permission of the Canadian Institute of Chartered Accountants. Click to download Reported Canadian/US GAAP Differences (PDF 191k).
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Guide de référence sur les IFRS 2007
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Deloitte & Touche (Canada) has published Guide de référence sur les IFRS 2007 (PDF 588k, 98 pages) – a French translation of IFRSs in your Pocket 2007. It includes a foreword from Ken Wild (Deloitte Global IFRS Leader); a description of the IASB structure; biographies of IASB members; an IASC/IASB chronology; table on use of IFRSs around the world; summaries of all IFRSs including Interpretations up through 30 June 2007; overviews of all IASB agenda projects; and more. Click here to go to our page listing this and many other Deloitte IFRS Publications. |
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October 2007 Update
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CICA website on transition to IFRSs and ISAs
The Canadian Institute of Chartered Accountants has launched a New Website that Focuses on Transition to IFRSs and ISAs. It can be accessed through the Transition to International Standards icon located below the menu in the left column of the CICA Home Page www.cica.ca, and from the homepages of the Canadian provincial institutes. CICA developed the new website to help its members prepare for a smooth and effective transition:
- from Canadian GAAS to International Standards on Auditing (ISA) for periods after December 15, 2009
- from Canadian GAAP to International Financial Reporting Standards (IFRS) for publicly accountable enterprises for periods beginning on or after January 1, 2011; and,
- to a new strategy for Financial Reporting by Private Enterprises.
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May 2007 Update
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Updated plan for incorporating IFRSs into Canadian GAAP
In May 2007, the Accounting Standards Board of Canada published an update to its Implementation Plan for Incorporating International Financial Reporting Standards into Canadian GAAP. The plan envisions a changeover to the new standards of 1 January 2011. The plan includes a comparison of IFRSs and Canadian standards as of 31 March 2007, as well as the AcSB's expectations as to which IFRSs are likely to be adopted in Canada before the changeover to IFRSs for publicly accountable enterprises.
Click to download:
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March 2007 Update
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Comparison of Canadian GAAP and IFRSs at 31 March 2007
The staff of the Accounting Standards Board of Canada (AcSB) has prepared a high-level comparison of current Canadian standards and IFRSs. Its purpose is to provide information about the extent of similarity between Canadian GAAP and IFRSs. We are grateful to the AcSB for allowing us to post the comparison on IAS Plus.
The comparison covers significant differences only and does not include all of the differences that might arise in a particular entity's circumstances. It is not intended for use in preparing financial statements. To understand fully the implications of applying and preparing financial statements in accordance with IFRSs, users of this comparison and financial statement preparers should refer to the standards themselves. AcSB staff is also maintaining a more detailed comparison for those interested in comparison at a technical level. It is available on the AcSB's Website.
Click to download:
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August 2006 Update
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Implementation Plan
In January 2006, the Accounting Standards Board of Canada (AcSB) adopted its Strategic Plan for the Direction of Accounting Standards (PDF 139k). The Plan includes the decision to move financial reporting for Canadian publicly accountable enterprises to a single set of globally accepted high-quality standards, namely, International Financial Reporting Standards (IFRSs), as issued by the International Accounting Standards Board (IASB).
The AcSB has now published a more detailed Implementation Plan for Incorporating International Financial Reporting Standards into Canadian GAAP (PDF 373k). The Implementation Plan identifies key decisions that the AcSB will need to make as it implements the Strategic Plan for publicly accountable enterprises. Although the Implementation Plan may be revised and updated as circumstances warrant, currently it envisions 2010 as the last year that publicly accountable enterprises will report under current Canadian GAAP and 2011 as the first year of reporting under a complete set of IFRS-based Canadian standards. Because some current Canadian standards are already IFRS-based, and because others will become IFRS-based before 2011, the changeover to IFRS-based Canadian standards is likely to be more gradual, rather than abrupt, for most enterprises.
Implementation Advisory Committee Holds First Meeting
On 16 August 2006, the IFRS Advisory Committee of the CICA held its first meeting and discussed the Accounting Standards Board (AcSB) Implementation Plan, including the definition of a publicly accountable enterprise, regulatory issues and disclosure. Click for an Summary of Discussions at the Meeting (PDF 28k).
Future meetings of the IFRS Advisory Committee will be held on:
- 3 November 2006
- 18 December 2006
- 3 May 2007
- 28 June 2007
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January 2006 Update
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Strategic Plan
In January 2006, Canada's Accounting Standards Board (AcSB) ratified a new Strategic Plan for the Direction of Accounting Standards (PDF 139k) that will significantly affect the way financial reporting will be carried out in Canada in the future. The AcSB will pursue separate strategies for three major categories of reporting entities: public companies, private businesses and not-for-profit organisations.
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- For public companies, the AcSB's objective is to move to a single set of globally accepted high-quality standards. The AcSB has concluded that this objective is best accomplished by converging Canadian GAAP with International Financial Reporting Standards (IFRSs) over a transitional period. Australia and the European Union have already adopted IFRS and other countries have convergence programs underway. The AcSB will develop and publish a detailed implementation plan for achieving convergence later this year. The AcSB expects that the transition period will take approximately five years, but the precise timing will depend on many factors, and will be continuously monitored throughout the process. At the end of that period, Canadian GAAP will cease to exist as a separate, distinct basis of financial reporting for public companies.
- For private businesses, the AcSB has begun, as a matter of urgency, a comprehensive examination of their financial reporting needs and will determine the most appropriate model for meeting those needs.
- For not-for-profit organisations, the AcSB will continue to apply those elements of GAAP for profit-oriented enterprises that are applicable to their circumstances, and develop other standards dealing with the special circumstances of the not-for-profit sector.
The AcSB recognises that some Canadian public companies that have significant market followings in the United States might prefer to use US GAAP. The Canadian Securities Administrators already permit those Canadian public companies that are SEC registrants to use US GAAP instead of Canadian GAAP.
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November 2005 Update
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November 2005: Canada Proposes Audit Convergence with ISAs
The Canadian Auditing and Assurance Standards Board (AASB) has issued an invitation to comment on its proposed new standard-setting approach for the period 1 April 2006 to 31 March 2009. The proposed new approach envisions the convergence of Canadian Auditing and Assurance standards with the International Standards on Auditing (ISAs) and pronouncements of the International Auditing and Assurance Standards Board (IAASB) in the medium term. Comments requested by 14 March 2006. Click to Download the Invitation to Comment titled Auditing and Assurance Standards in Canada–Maintaining high standards in a global environment: A new standard-setting approach (PDF 516k).
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April 2005 Update
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April 2005 – Invitation to Comment on Draft Strategic Plan
In April 2005, the Canadian Institute of Chartered Accountants' Accounting Standards Board (AcSB) issued an Invitation to Comment on its draft strategic plan Accounting Standards in Canada: Future Directions. The draft plan includes the AcSB's proposal to follow separate strategies for public companies, private businesses, and not-for-profit organisations.
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February 2005 Update
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AcSB Presentation to ASOC
On 10 February 2005, the AcSB made a presentation to its oversight body, the Accounting Standards Oversight Council, outlining its vision of the future of accounting standards in Canada. Broadly described, AcSB's proposal – which must be considered by the AcSB's constituents and by Canadian regulators – would involve adopting IFRSs in full as Canadian GAAP while allowing those entities that want to do so to use US GAAP. The transition to IFRSs would be made over a five-year period. The AcSB proposals would be set out in a new invitation to comment that is expected to be published by 31 March 2005.
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September 2004 Update
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September 2004 – Invitation to Comment on Accounting Standards in Canada
In September 2004, the Accounting Standards Board of Canada published an invitation to comment on its five-year plan for the period 2005-2010. The possibility of adopting IFRSs in Canada was one possible outcome. The invitation identified four key issues – whether Canada should:
- maintain its own standard-setting capability;
- maintain its own GAAP or adopt either US GAAP or International Financial Reporting Standards (IFRSs), the standards of the International Accounting Standards Board (IASB);
- maintain the current strategy of working to support the international convergence of accounting standards while harmonizing with US GAAP; and
- consider modifying current GAAP requirements to provide better information to the users of financial statements of various different types of entities through, for example, a wider application of differential reporting.
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