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Canada

National Professional Organisation Website: Canadian Institute of Chartered Accountants
National Professional Organisation Website: CGA Canada
National Standard Setter Website: Accounting Standards Board of Canada
Response to IFAC Member Body Survey on Standard Setting and Regulation

Updates

Toronto:

Please remember that publications to which this page has links may be out of date because of new or changed IFRSs or other reasons.

Financial Reporting Framework in Canada

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 by incorporating IFRSs into the CICA Handbook as Canadian GAAP for all publicly accountable profit-oriented enterprises starting in 2011. This includes listed companies and some other classes of enterprises that have relatively large or diverse classes of financial statement users, including investment funds. Years ending 31 December 2010 will be the last year of reporting under current Canadian GAAP. The audit report and basis of presentation note will refer to either (a) conformity with IFRSs or (b) conformity with both IFRSs and Canadian GAAP. With permission of the relevant Provincial securities regulator, some listed companies (but not financial institutions) are permitted to adopt IFRSs before 2011. Canadian public companies whose securities are registered with the US Securities and Exchange Commission are currently allowed to use US GAAP as their financial reporting framework. They will continue to have that option. 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.

Canada's Plan for Incorporating IFRSs into Canadian GAAP: Chronology (Most Recent Items First)

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.

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.

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.

Deloitte (Canada) IFRS Resources

Deloitte (Canada) maintains the following sites in relation to IFRS:

Main Deloitte Canada IFRS site. This site contains recent IFRS-related news, resources, learning tools, hot topics, links and other useful information on the introduction of IFRS in Canada. Click for access to the site in English or French
Center for Corporate Governance. The IFRS specific page contains newsletters, publications, webcasts and other resources related to IFRS. Available in English and French

IFRS in Focus - Canada newsletters

Deloitte Canada publishes the IFRS in Focus - Canada newsletter, which is a round-up of Deloitte's Global IFRS in Focus newsletters supplemented by commentary relevant to Canadian companies.

Date English version (PDF size) French version (PDF size)

November 2011 November 2011 – English (PDF 56k) November 2011 – French (Pleins feux sur les IFRS - Canada) (PDF 57k)

September 2011 September 2011 – English (PDF 53k) September 2011 – French (Pleins feux sur les IFRS - Canada) (PDF 58k)

May 2011 May 2011 – English (PDF 53k) May 2011 – French (Pleins feux sur les IFRS - Canada) (PDF 58k)

Deloitte Canada IFRS transition newsletters

IFRS in Focus Newsletter in French

IFRS on Point Newsletter in French

Deloitte's IFRS Centre of Excellence in Canada publishes French translations of the IFRS on Point newsletters, entitled Le point sur les IFRS. English editions of these newsletters can be found Here.

Date	PDF size
Novembre 2011	131k
Octobre 2011	105k
Septembre 2011	96k
Août 2011	83k
Juillet 2011	91k
Juin 2011	108k
Mai 2011	93k
Avril 2011	87k
Mars 2011	82k
Février 2011	73k
Janvier 2011	89k
Décembre 2010	87k
Novembre 2010	73k

Checklist of Standard-setting Activities in Canada

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.

Newsletter in English (PDF)	Newsletter in French (PDF)
Review the Standard-setting Activities Digest Subscribe to the publication alerts	Consulter le Condensé des activités de normalisation Inscription aux avis de publication

Updates

Please remember that publications to which this page has links may be out of date because of new or changed IFRSs or other reasons.

November 2011 Update

Canadian regulator decides against allowing early adoption of recent IFRSs by certain entities

The Canadian Office of the Superintendent of Financial Institutions (OSFI), an independent agency of the Government of Canada that supervises and regulates Canadian banks, insurers, and federally registered private pension plans, has issued a letter in which it concludes entities which it regulates should not early adopt many standards recently issued by the IASB.

In making its decision, the OSFI considered a number of factors such as industry consistency, OSFI policy positions on accounting and capital, operational capacity and resource constraints of Federally Regulated Entities (FREs), the ability to benefit from improved standards arising from the financial crisis and the notion of a level playing field with other Canadian and international financial institutions. OSFI concluded that FREs should not early adopt the following new or amended IFRSs, but instead should adhere to their mandatory effective dates:

The 'suite of five' standards on consolidation: IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities, IAS 27 Separate Financial Statements, IAS 28 Investments in Associates and Joint Ventures (effective 1 January 2013)
IFRS 13 Fair Value Measurement (effective 1 January 2013)
Amendment to IAS 19 Employee Benefits (effective 1 January 2013)
Amendment to IAS 1 Presentation of Items of Other Comprehensive Income (effective 1 July 2012)

Click for OSFI letter (link to the OSFI website, also available in French).

September 2011 Update

CICA updates assurance guide for transition to IFRS

The Canadian Institute of Chartered Accountants (CICA) has released an updated version of its publication Assurance Implications of the Changeover to IFRSs.

The publication provides guidance to an entity's auditors dealing with significant auditing and assurance matters arising from their clients' changeover from existing Canadian GAAP to IFRSs. For many entities, International Financial Reporting Standards (IFRSs) will replace existing Canadian generally accepted accounting principles effective for interim and annual financial statements relating to fiscal years beginning on or after 1 January 2011.

The eighth edition of the publication contains minor updates to the previous versions and is available on the CICA website (PDF 299k).

Upcoming Canadian IFRS webcast

Deloitte (Canada) is hosting a IFRS quarterly technical update webcast in late September. One of a series of quarterly updates with a focus on combining technical knowledge with practical experience, the webcast will discuss some of those IFRS requirements that are effective for 2011 as well as a review of recently and soon to be issued IFRSs, changes to the IASB project plan, and an update on regulatory matters.

Full details of the webcasts are provided below:

Topic:	Moving ahead in an IFRS world — 2011 IFRS third-quarter technical update
Date and time:	Tuesday, 27 September 2011 at 2:00pm-3:30pm Eastern Time (GMT-05:00)
More information:	Click Here
Registration:	Click Here

August 2011 Update

Canadian banks ask regulators to remember existing reforms when setting reform timetable

The Canadian Bankers Association (CBA) has noted that regulators should carefully monitor the total regulatory burden.

In a pre-budget submission to the Canadian House of Commons Standing Committee on Finance, the CBA notes that one of the most significant challenges for the Canadian banking sector over the next few years will be the implementation of numerous global and domestic regulatory, capital and liquidity reforms (such as Basel III). The submission argues too rapid an adoption of reform may place Canadian banks at competitive disadvantage, noting the implementation of other reforms as well as Canada's current transition to IFRSs:

While regulatory reform is taking place in a coordinated fashion, it is not being implemented evenly across countries. In Canada, there is a tendency to impose stricter requirements and to implement those requirements more quickly than elsewhere. This creates additional challenges and potentially negative consequences for Canadian financial institutions that may put them at a competitive disadvantage in international markets. Adding to the burden of regulatory changes, Canadian banks are facing these challenges at the same time that Canada will transition from the current accounting standards (Canadian GAAP) to international accounting standards starting the first fiscal quarter of 2012.

Click for CBA submission (link to CBA website).

July 2011 Update

New 'Disclosure Tip Sheet' from Deloitte (Canada)

Deloitte (Canada) has published a Q2 2011 disclosure tip sheet for calendar year-end companies.

The tip sheet summarises certain key elements to be included in the Q2 2011 interim report. The aim is to assist preparers in checking for these key elements in order to reduce the possibility of presentation and disclosure deficiencies. This document is designed to complement to our IFRS presentation and disclosure checklists.

Click for:

Q2 2011 disclosure tip sheet (English, PDF 52k)
Q2 2011 disclosure tip sheet (French, PDF 55k).

Canada releases basis of conclusions on move to IFRSs

With many Canadian companies currently in their first year of reporting under IFRSs, the Canadian Accounting Standards Board (AcSB) has recently released a publication setting out its rationale and process for adopting IFRSs, rather than alternative frameworks such as United States Generally Accepted Accounting Principles (US GAAP), or retaining a separate domestic Canadian GAAP.

Whilst much of the rationale included in the document is not new or unexpected, it does reveal the AcSB's rationale and is instructive on the issues facing countries when considering their own financial reporting frameworks.

An extract from the document dealing with the decision to adopt IFRSs over US GAAP follows:

The AcSB observed that more Canadian than US publicly accountable enterprises have a small market capitalization... and were less willing to accept the expense and effort of applying detailed and extensive US GAAP. They preferred broad principles within which a company could determine how best to present its financial position and results of operations in a way that meets the needs of its shareholders and lenders...

The AcSB also noted the different nature and purpose of IFRSs compared with US GAAP. The IASB has a global mandate and its structure, due process and composition have been designed with a global perspective. However, US GAAP is not just the standards of the FASB. It is also whatever the US Securities and Exchange Commission (SEC) requires, including a number of rules that are set directly by that organization, and can be costly to monitor and satisfy...

Further, concerns about the extent of rules-based requirements in US GAAP brought about by recent financial scandals had resulted in changes to the US system. These changes increased the active role of the SEC and the potential for regulatory interference in standard setting...

... It was likely that significant differences between US GAAP and other sets of standards would persist for some time while the FASB dealt with its large body of legacy issues. The AcSB concluded that selecting US GAAP would be a more difficult and indirect path to the ultimate goal of global convergence than direct adoption of IFRSs. More importantly, in light of recent developments, it made little sense for entities not already familiar with US GAAP to incur the considerable costs necessary to learn and apply it in its entirety.

Click for access to the full document (link to the AcSB website).

June 2011 Update

Upcoming Canadian quarterly technical update webcast

Deloitte (Canada) is holding a quarterly technical update webcast on Tuesday, 21 June 2011. Discussion will include key issues related to reporting under IFRS (2011 represents the mandatory IFRS changeover for many entities in Canada) – including special tips and reminders for second quarter reporting and an update on recently issued new IFRS standards.

Full details of the webcast are provided below:

Topic:	IFRS quarterly technical update webcast — Moving ahead in an IFRS world
Date and time:	Tuesday, 21 June 2011 2:00PM-3:00PM Eastern Daylight Time (GMT-05:00)
More information:	Click Here
Registration:	Click Here

April 2011 Update

Canadian securities regulators provide guidance on IFRS transition disclosures

The Canadian Securities Administrators (CSA) have published CSA Staff Notice 52-328, Disclosures About Accounting Policies in the Year of Changeover to International Financial Reporting Standards.

This notice responds to specific questions CSA staff have received on disclosure about accounting policies in an issuer's interim and annual Management's Discussion and Analysis (MD&A) in the year of changeover to International Financial Reporting Standards (IFRS).

Click for CSA Staff Notice 52-328 Disclosures About Accounting Policies in the Year of Changeover to International Financial Reporting Standards (link to CSA website).

Canadian securities regulators adopt updated mining disclosure rule

The Canadian Securities Administrators (CSA) have published a new version of National Instrument 43-101 Standards of Disclosure for Mineral Projects, its related form and policy.

The Instrument establishes standards for disclosure of scientific and technical information regarding mineral projects and requires that the disclosure be based on a technical report or other information prepared by or under the supervision of a qualified person. The Instrument does not apply to disclosure concerning petroleum, natural gas, bituminous sands or shales, groundwater, coal bed methane, or other substances that do not fall within the meaning of the term "mineral project" in the Instrument.

The revised mining rule and related amendments eliminate or reduce the scope of certain requirements, provide greater flexibility to mining issuers in certain areas, reflect changes that have occurred in the mining industry, and clarify or correct areas where the previous standards were not having the desired effect.

The IASB's Discussion Paper DP/2010/1 Extractive Activities also contains proposed disclosure requirements in relation to reserves and resources. The IASB is yet to decide whether to add a project on Extractive Activities to its active agenda.

Subject to obtaining all necessary approvals, the new mining rule will come into force on 30 June 2011. Click for National Instrument 43-101 Standards of Disclosure for Mineral Projects (link to CSA website).

Canadian regulator issues guides on IFRS

The Ontario Securities Commission (OSC) has issued two high-level guides on the impacts of IFRS:

Deciphering IFRS - What Analysts Need To Know About IFRS Transition (link to OSC website)
Investing in the New Era - What Investors Need To Know About IFRS Transition (link to OSC website)

The guides outline a number of questions for analysts and investors to consider and are available on the OSC website.

March 2011 Update

Update on accounting standards for Canadian not-for-profit entities

The framework followed by Canadian not-for-profit organisations (NPOs) is undergoing change. In September 2010, a new accounting framework was approved by the Canadian Accounting Standards Board (AcSB) and Canadian Public Sector Accounting Standards Board:

NPOs in the private sector – current accounting standards for not-for-profit organisations (the "4400 series of standards", based on Accounting Standards for Private Enterprises) OR International Financial Reporting Standards (IFRSs)
Government NPOs – must adopt Public Sector Accounting (PSA) Standards, but have a choice to continue to apply eight CICA Handbook sections which incorporate current accounting standards for not-for-profit organisations (the "4400 series of standards").

The new requirements apply for fiscal periods beginning on or after 1 January 2012. The Basis of Conclusions on the framework notes future changes are expected to be made on annual or biennial basis, considering changes accounting standards for private enterprises and IFRSs (as relevant).

To assist Canadian NPOs in the transition to the new framework, Deloitte (Canada) has produced two publications, which can be downloaded below.

Click for:

Managing the transition — A new accounting framework for Not-for-Profit Organizations in the private sector (PDF 328k)
Managing the transition — A new accounting framework for government Not-for-Profit Organizations (PDF 352k)
Frequently Asked Questions — Accounting Standards for Private Sector Not-for-Profit Organizations (link to the AcSB website)
Accounting Standards for Not-for-Profit Organizations — Background Information and Basis for Conclusions (published March 2011, link to the CICA website).

Canadian study reveals impact of IFRS transition

A new study by the Certified General Accountants Association of Canada (CGA-Canada), The Effects of IFRS on Financial Ratios: Early Evidence in Canada, outlines the findings from a comparison of the financial statements of Canadian companies that early adopted IFRS and statements prepared under pre-changeover Canadian GAAP. It also examined the key differences between pre-changeover GAAP and IFRS.

The key findings of the study include:

IFRS presents a number of specific characteristics that differentiate it from other accounting regimes – including a 'principle-based approach' and greater reliance on fair value accounting
The impact of IFRS on financial ratios is driven by fundamental differences in application of fair value accounting and consolidation under IFRS and pre-changeover Canadian GAAP, and by a number of other differences
Most of the financial ratios under IFRS present a significantly higher volatility than those computed under pre-changeover Canadian GAAP
The impact of IFRS is subject to the industry effect and the time of the transition
Differences between IFRS and pre-changeover Canadian GAAP do not generally affect cash flows
The exact source of increased volatility in financial ratios under IFRS remains unclear and may represent a future area of research – increased volatility in the Canadian context may be explained by fair value accounting, impairment, revenue recognition, capitalisation, pension and scope of consolidation

Click for CGA-Canada press release (link to CGA-Canada website).

iGAAP: IFRS for Canada (Third edition)

Deloitte (Canada) has released the third edition of Deloitte iGAAP: IFRS for Canada, a comprehensive reference book on the transition of Canadian GAAP to IFRS. It includes expanded Canadian content and reflects current thinking in key industries. Written for Canadians by Canadian practitioners, the book provides a roadmap to help companies understand how to effectively transition from Canadian GAAP to IFRS.

New features in the third edition include:

A chapter on example disclosures of financial instruments drawn from actual financial reports
Standards that became effective in 2010, such as IFRICs, Annual Improvements, and IFRS 9
Guidance on researching IFRS topics
Canadian IFRS issues specific to oil and gas, mining, and rate-regulated industries.

More information about the publication and ordering can be found Here.

2010 IFRS Disclosure and compliance checklists from Deloitte Canada

Deloitte Canada has published Canadian versions (in French) of Deloitte's 2010 IFRS Presentation and Disclosure Checklist and 2010 IFRS Compliance Checklist. The Canadian versions differ 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. The English versions of these checklists were published in February 2011. Click to download:

2010 IFRS Presentation and Disclosure Checklist - French (Macro Enabled) (ZIP of Word .docm file 867k)
2010 IFRS Compliance Checklist - French (Macro Enabled) (ZIP of Word .docm file 1,596k)
All Four English/French Files in a Single ZIP File (ZIP of four Word .docm files 4,683k)

Updated Canadian guides on the changeover to IFRSs

The Canadian Institute of Chartered Accountants (CICA) has published the following new or updated guides dealing with the assurance and other implications of Canada's transition to IFRSs (links are to the CICA website):

Reporting Implications of New Auditing and Accounting Standards (3rd edition) (PDF 749k) – guidance designed to address complex reporting issues that may arise during the period of change to IFRS with a view to promoting consistency in reporting
Reporting on Financial Statements under Canadian Auditing Standards (PDF 184k) – designed to help stakeholders understand the decision-making process followed by the auditor when reporting on financial statements, and the form of auditor's report, under the Canadian Auditing Standards (CASs) which incorporate the complete set of International Standards on Auditing (ISAs)
Assurance Implications of the Changeover to IFRSs (7th edition) (PDF 357k) – designed to provide guidance to auditors dealing with auditing and assurance matters arising from the changeover from existing Canadian GAAP to IFRSs.

February 2011 Update

2010 IFRS Disclosure and compliance checklists from Deloitte Canada

Deloitte Canada has published Canadian versions of Deloitte's 2010 IFRS Presentation and Disclosure Checklist and 2010 IFRS Compliance Checklist. The Canadian versions differ 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:

Canadian roundtable on IASB hedging proposals

The Canadian Accounting Standards Board (AcSB) is facilitating an IASB roundtable on the IASB's exposure draft ED/2010/13 Hedge Accounting.

The roundtable will be held in Toronto from 13:00-15:00 EST on Monday, 28 February 2011 and is designed to provide participants who have reviewed and considered the application of the proposals with the opportunity to share their views before finalising their responses. The discussion will focus on the proposals for non-financial transactions.

Click for press release (link to AcSB website).

Updated Canadian guide to assurance implications of the changeover to IFRSs

The Task Force on Assurance Implications of Changeover to IFRSs of the Canadian Institute of Chartered Accountants (CICA) has published an updated guide for auditors dealing with auditing and assurance matters arising from the changeover from existing Canadian GAAP to IFRSs.

Click here for Assurance Implications of the Changeover to IFRSs (6th edition) (link to CICA website).

January 2011 Update

CICA report on MD&A discussion of IFRS

The Canadian Institute of Chartered Accountants (CICA) has published a special year-end publication produced by staff from CICA's Canadian Reporting Performance Board, which reviews various considerations for companies in preparing their Management Discussion & Analysis (MD&A).

The publication notes the focus for the IFRS changeover discussion in the MD&A should be moving from reporting progress on the IFRS conversion plan to communicating the impact of the changeover. It also emphasises that users will want to understand how much of the change in reported performance in the first quarter of 2011 relates to business issues and how much relates to the change in accounting regime.

Click for CPR Alert Issue 12 (link to CICA website)

Le point sur les IFRS – Édition Décembre 2010

Deloitte (Canada) has published a translation into French of the November 2010 edition of our IFRS on Point Newsletter. IFRS on Point, published at the end of each month, highlights the month's critical financial reporting developments and provides a great way to catch up on the main IFRS-related news stories of the month. Click to download Le point sur les IFRS – Édition Décembre 2010 (PDF 97k).

AcSB extends deferral of implementation of IFRS for investment funds

The Accounting Standards Board (AcSB) extended by one year the deferral of the mandatory changeover to IFRSs for investment companies and segregated accounts of life insurance enterprises. In October 2009, the Canadian Securities Administrators (CSA) proposed amendments that would have required investment funds to transition to IFRS by 1 January 2011. In October 2010, the AcSB deferred the mandatory IFRS changeover date to 1 January 2012 for investment companies in order to give the International Accounting Standards Board (IASB) time to implement the proposed exemption for investment companies from having to consolidate investments they control. The new goal for IFRS implementation for investment funds is now 1 January 2013.

Click for:

Decision summary from the AcSB meeting in January 2011 (link to Canadian Institute of Chartered Accountants website)
Our summary of the IASB's project on consolidation

Modèle d'états financiers préparés en conformité avec les IFRS

Deloitte (Canada) has published a translation into French of the Model IFRS Financial Statements for 2010. Model financial statements in this translation reflect the early adoption of IFRS 9 (as issued in November 2009 and revised in October 2010). Click to download Modèle d'états financiers préparés en conformité avec les IFRS (ZIP 1,881k).

Le point sur les IFRS – Édition Novembre 2010

December 2010 Update

Guide de référence sur les IFRS – Édition 2010 (IFRSs in your Pocket 2010)

Deloitte (Canada) has published Guide de Référence sur les IFRS – Édition 2010. This publication is a translation into French of IFRSs in your Pocket 2010. The content is the same as the English 2010 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, 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 – Édition 2010 (PDF 1,071k, 110 pages).

November 2010 Update

Deloitte Canada IFRS transition newsletters

Deloitte Canada has published the November 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:

Lease accounting: IASB's Exposure Draft may significantly change the financial reporting of leases
The Real Deal — the focus this month is on IFRS 1 and transition to IFRSs
An update on Canadian and international standard setting activities

Click for:

November 2010 Edition Countdown Newsletter – English (PDF 729k)

Canadian regulator provides first-time adoption tips

The Ontario Securities Commission (OSC) of Canada has published Top 10 Tips for Public Companies Filing Their First IFRS Interim Financial Report. With Canada transitioning to IFRS from 2011, the guide is designed as a series of pointers for Canadian public companies to consider in preparing for the transition. Many of the ideas are generic and may be useful to first-time adopters in other jurisdictions as well.

An summary of the tips provided in the guide are outlined below:

Top 10 tips for public companies filing their first IFRS interim financial report

Changes to acceptable accounting principles - clearly identifying accounting principles used in all financial information released
Auditor involvement with regulatory filings - ensure that the financial information released in the first three quarters of 2011 is accurate and will not require restatement after the annual audit
Q1 filing extension for first time IFRS filers - extended by 30 days for the first quarter only
Consequences of missing financial statement filing deadlines - represents a significant breach of Canadian securities law
IFRS financial statement presentation - impact on continuous disclosure rules
Key financial statement notes in the first IFRS interim financial report - should contain sufficient information to enable investors to understand how the transition to IFRS affected previously reported results
Required reconciliations under IFRS 1 - including examples
Management's discussion and analysis (MD∓A) - whether changes in reported results are caused by the adoption of different accounting policies or from changes in underlying business activities
CEO/CFO certification - impacts on standard formats
Prospectus and other offering issues - changes to acceptable accounting principles, auditor involvement with offer documents, and IFRS financial statement presentation in offer documents.

Click for Top 10 Tips for Public Companies Filing Their First IFRS Interim Financial Report (link to OSC website).

Canadian publication and webcast on CSA environmental reporting guidance

On 27 October 2010, the Canadian Securities Administrators (CSA) issued CSA Staff Notice 51-333 Environmental Reporting Guidance. The result of a multi-stakeholder development process, the guidance provides report issuers with important insights into environmental disclosure and compliance requirements.

Deloitte (Canada) recently published Environmental Reporting Guidance: CSA Staff Notice 51-333 - What does it mean, why does it matter and where do you go from here? The report outlines key insights from the new guidelines, provides key questions to consider, and includes a step-by-step response to prepare, implement, and govern effective environmental disclosure. The publication is available in both English (PDF 146k) and French (PDF 846k).

In addition, on Wednesday, 8 December 2010, Deloitte (Canada) will be hosting a webcast in conjunction with Tory’s LLP and the Ontario Securities Commission (OSC) to share perspectives on the guidance. Details are below:

Topic: CSA Staff Notice 51-333 – Environmental Reporting Guidance: How will it affect you?

Date and time: Wednesday, 8 December 2010, 11:00 am - 12:30 pm EST (CA)

More information on the webcast and registration: click here

Click for:

CSA publish IFRS-related update and amendments

The Canadian Securities Administrators (CSA) have published an update to CSA Staff Notice 52-306 Non-GAAP Financial Measures and Additional GAAP Measures to reflect the changeover to International Financial Reporting Standards (IFRS). Specifically, the notice has been amended to include specific guidance to issuers regarding additional GAAP measures required by IFRS.

The CSA also published IFRS-related amendments to National Policy 41-201 Income Trusts and Other Indirect Offerings to reflect the changes to NP 52-306.

Click for:

CSA Staff Notice 52-306 (Revised) Non-GAAP Financial Measures and Additional GAAP Measures (link to Ontario Securities Commission website)
CSA Notice of Amendments to National Policy 41-201 Income Trusts and Other Indirect Offerings (link to Ontario Securities Commission website)

CSA issue additional environmental reporting guidance

The Canadian Securities Administrators (CSA) have published CSA Staff Notice 51-533 Environmental Reporting Guidance. The Notice should assist issuers in assessing which information must be disclosed on material environmental matters, such as risks related to weather patterns or environmental legislation. It provides guidance on compliance with disclosure rules in the following areas:

Environmental risks and related matters;
Environmental risk oversight and management;
Forward-looking information requirements as they relate to environmental goals and targets; and
Impact of adoption of International Financial Reporting Standards (IFRSs) on disclosure of environmental liabilities.

The Staff Notice notes that IFRSs contain some important differences from Canadian GAAP for recognition and measurement of provisions (including environmental provisions) and offers a detailed comparison. Click for CSA press release (link to CSA website) and CSA Staff Notice 51-533 (link to Ontario Securities Commission website)

October 2010 Update

Deloitte Canada IFRS transition newsletters

Deloitte Canada has published the October 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:

Principles-based accounting: The application of judgement in the application of IFRS principles
The Real Deal — the focus this month is on Events after the Reporting Period
An update on Canadian and international standard setting activities

Click for:

October 2010 Edition Countdown Newsletter – English (PDF 808k)
October 2010 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 756k)

Canadian securities regulators introduce amendments to oil and gas disclosure

The Canadian Securities Administrators have introduced amendments to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and related forms, which are designed to improve and clarify the disclosure of oil and gas reporting issuers.

The proposed amendments fall into three broad categories:

amendments for clarification
amendments to codify existing staff guidance and practice
added requirements to enhance reliability of certain disclosure of reserves and resources other than reserves.

One aspect of the amendments is to create rules for the guidance that had previously been provided for the disclosure of reserves and resources other than reserves. The amendments will come into force across Canada on December 30, 2010. Click for press release (link to CSA website).

The IASB earlier this year formally released DP/2010/1 Extractive Activities, which also proposes disclosure of reserves and resources information. In our comment letter on DP/2010/1 (PDF 82k), we noted the importance of the IASB and regulators applying the same reserve and resource definitions and disclosures to avoid the need for multiple and costly reserve and resource calculations under differing frameworks.

New Accounting Alert from Deloitte Canada

Deloitte (Canada) has published Accounting Alert: Changes to CSA securities rules for IFRS changeover (PDF 91k). This publication addresses changes to the Canadian Securities Administrators (CSA) securities rules for IFRS changeover. A French translation is also available: Alerte comptable: Modifications relatives aux IFRS apportées aux règlements sur les valeurs mobilières (PDF 96k)

Canadian publication on improving the quality of IFRS financial statements

Deloitte (Canada) has published Enhancing the quality of IFRS financial statements (PDF 153k). This publication presents 10 easy ways to improve the quality of IFRS financial statements, including how information is presented, the level of detail provided and the linkages between disclosures. Overriding considerations such as the use of 'plain English' and clear explanations are also discussed.

CSA delay implementation of IFRS for investment funds

The Canadian Securities Administrators (CSA) published an update regarding their plans for requiring adoption of IFRS by Canadian investment funds. In October 2009, the CSA proposed amendments that would have required investment funds to transition to IFRS by 1 January 2011. The Accounting Standards Board (AcSB) recently decided, however, to defer the mandatory IFRS changeover date for investment companies in order to give the International Accounting Standards Board (IASB) time to implement the proposed exemption for investment companies from having to consolidate investments they control. The CSA would prefer that the proposed IASB consolidation exemption be in place before requiring investment funds to transition to IFRS; the new goal for IFRS implementation for investment funds is now 1 January 2012.

Click for:

Decision summary from the AcSB meeting in September 2010 (link to Canadian Institute of Chartered Accountants website)
CSA Staff notice concerning the adoption of IFRSs by investment funds in Canada (link to British Columbia Securities Commission website)
Our summary of the IASB's project on consolidation

The AcSB has also proposed a two-year delay in the IFRS implementation for rate-regulated activities.

CSA publish IFRS-related amendments to various national instruments

The Canadian Securities Administrators (CSA) have published IFRS-related amendments to a number of national instruments and companion policies with the intention of reflecting the transition to IFRS and updating accounting terms and references. Generally, the amendments affect continuous disclosure rules, prospectus rules, certification rules, registration materials and smaller changes to various instruments. Assuming that all required Ministerial approvals are granted, the amendments will come into force on 1 January 2011.

Click for:

CSA press release (link to CSA website)
IFRS-related amendments to securities rules and policies (link to the Ontario Securities Commission's website, PDF 992k)

September 2010 Update

Deloitte Canada IFRS transition newsletters

Deloitte Canada has published the September 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:

Strategizing the final stages of IFRS conversion programs
Operating segments
An update on Canadian and international standard setting activities

Click for:

September 2010 Edition Countdown Newsletter – English (PDF 904k)
September 2010 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 756k)

August 2010 Update

Deloitte Canada IFRS transition newsletters

Deloitte Canada has published the August 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:

Enhancing the comparability of IFRS financial statements
Canadian Securities Administrators (CSA) review on IFRS transition disclosures
Summary of Deloitte IFRS publications, webcasts, and other IFRS-related events
An update on international standard setting activities and IFRS developments in Canada

Click for:

August 2010 Edition Countdown Newsletter – English (PDF 768k)
August 2010 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 1,661k)

IIROC proposes to harmonise regulatory financial reporting standards with IFRS

A proposal published by the Investment Industry Regulatory Organization of Canada (IIROC) on 27 August 2010 shows that IFRS is infiltrating more widely than just financial reporting to become the global accounting language. The proposal is for moving to International Financial Reporting Standards (IFRSs) for regulatory reporting albeit with some departures in certain areas, which are, however, "limited to only situations where the effort and cost to converge outweigh the regulatory value or benefit of complying with IFRS". The proposal is available on the IIROC's website; comments are due within 60 days of the publication of the notice.

IFRS for SMEs not an option for Canadian private enterprises

In its Strategic Plan, issued in January 2006, the Canadian Accounting Standards Board (AcSB) noted that "one size does not necessarily fit all" and decided to pursue separate strategies for public enterprises, private enterprises and not-for-profit organizations. In May 2007, the AcSB published an Invitation to Comment (ITC) and accompanying Discussion Paper to solicit stakeholders’ views as to the best approach for developing standards for private enterprises. The ITC identified three possible approaches to developing private enterprise GAAP:

a top-down approach based on public enterprise GAAP (i.e., IFRSs) but providing for differences on a number of topics;
adoption of the IFRS for Small and Medium-sized Entities (IFRS for SMEs);
an independently developed set of standards.

Based on the responses to the ITC the AcSB decided in May 2008 to develop a set of "made in Canada" financial reporting standards for private enterprises, which were finally published in 2009. Private enterprises in Canada now have the choice between the newly developed, simpler and more limited version of Generally Accepted Accounting Principles (GAAP) and the full International Financial Reporting Standards (IFRS). The IFRSs for SMEs is not an option available to Canadian private enterprises.

In order to assist the AcSB in maintaining and improving the accounting standards for private enterprises, the AcSB established the Private Enterprises Advisory Committee in 2010. The Committee normally meets four times a year, and a summary of discussions of each Committee meeting is made available after each meeting. The meeting notes of the first meeting of the Committee are now available on the AcSB's website. Click for:

AcSB's strategic planning for private enterprises site
Private Enterprises Advisory Committee's site
Meeting notes from the first meeting of the Private Enterprises Advisory Committee (PDF 76k)

Canada proposes delay in adoption of IFRSs by investment companies

As part of its project on consolidated financial statements, the International Accounting Standards Board (IASB) has announced it will propose, subject to comments received on exposure, that investment companies should be exempted from consolidation and should account for controlling interests in other entities at fair value.

Various Canadian stakeholders, including regulators and those from the investment and insurance industries, have raised concerns about whether the revised standard, including the investment company exemption, will be issued in time for the mandatory adoption of IFRSs by Canadian publicly accountable enterprises for interim and annual financial statements relating to annual periods beginning on or after 1 January 2011.

The Canadian Accounting Standards Board (AcSB) is therefore proposing that investment companies can continue to apply the current accounting standards for an additional year. Adoption of IFRSs will be mandatory for interim and annual financial statements relating to annual periods beginning on or after 1 January 2012. The AcSB decided that the proposed deferral of the IFRS changeover date should be limited to those entities expected to qualify for the IASB’s proposed exemption from consolidation.

Click for:

The AcSB's Exposure Draft (PDF 78k, link to the AcSB's website)
Our project page on Consolidation

The AcSB has also proposed a two-year delay in the IFRS implementation for rate-regulated activities.

July 2010 Update

Deloitte Canada IFRS transition newsletters

Deloitte Canada has published the July 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:

Beyond the audit committee: What boards do (and do not) need to know about IFRS
The Real Deal – the focus this month is on Discontinued Operations
An update on international standard setting activities

Click for:

July 2010 Edition Countdown Newsletter – English (PDF 439k)
July 2010 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 1,491k)

Canada proposes a two-year delay in IFRS implementation for rate-regulated activities

During the Board meeting in July 2010 the IASB noted that it seemed unlikely for the Board to reach a decision concerning the accounting for rate-regulated activities that would allow a solution to be found in time for the adoption of IFRSs by Canada. The IASB considered four alternatives of how to move forward with the project:

a "fast-tracked" standard,
an interim solution for pending initial adopters of IFRS while later considering a longer term solution,
an amendment to IFRS 1 to permit the continued use of previous national GAAP for rate regulated activities for first time adopters, or
continue with the existing project under its current timeframe.

The IASB finally agreed to continue its current project under the existing timeframe without amending IFRS 1.

The Canadian Accounting Standards Board (AcSB) has now reacted by proposing a two-year delay in IFRS implementation for qualifying entities with rate-regulated activities since "Financial statement preparers in Canada currently recognizing regulatory assets and regulatory liabilities require certainty about how they should account for the effects of the actions of their rate regulator when adopting IFRSs for the first time." The new implementation date would be 1 January 2013, with earlier application permitted.

Click for:

The AcSB's Exposure Draft (PDF 91k, link to the AcSB's website)
Our project page for rate-regulated activities

CICA guide on IFRS transition

The Canadian Institute of Chartered Accountants (CICA) has published The IFRS Changeover: A Guide for Users of Financial Reports. The guide is designed to help users of external financial reports better understand the potential impacts of Canada's transition to International Financial Reporting Standards (IFRS). Deloitte (Canada) Partner, Peter Chant, participated in the preparation of the publication.

The guide has been published by the CICA's Canadian Performance Reporting Board and is available online at www.cica.ca/cpr.

Canadian Securities Administrators publish review of IFRS transition efforts

On 23 July, the Canadian Securities Administrators (CSA) published IFRS Transition Disclosure Review, which discusses the quality of issuers' disclosures about their transition to IFRSs. This review focuses on issuers' disclosures related to its IFRS transition efforts. Click here to view the press release.

Canadian guide to interim financial reporting

Deloitte (Canada) has published IAS 34 – Interim financial reporting: A Canadian perspective, a comprehensive reference source on interim financial reporting for financial statement preparers and users with a working knowledge of Canadian GAAP and securities requirements. The guide is available in English and French.

The guide includes suggested model interim financial statements for a Canadian issuer in the post-IFRS changeover regime. These are based on the model interim financial statements provided in our global publication but tailored so that they look and feel, to the user, much more like the Canadian interims they have seen in the past without taking away from the mandatory IAS 34 requirements.

Click for:

IAS 34 – Interim financial reporting: A Canadian perspective (English, PDF 684k, July 2010, 95 pages)
IAS 34 – Information financière intermédiaire: Le point de vue canadien (French, PDF 777k, July 2010, 100 pages)

Canadian Securities Administrators publishes results of its continuous disclosure review program

On 7 July 2010, the Canadian Securities Administrators (CSA) published CSA Staff Notice 51-3324 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2010 (PDF 137k). The Notice summarises the results of the CSA's continuous disclosure (CD) review program, which included the following issue-oriented reviews:

Certification
IFRS Transition Disclosure
Executive Compensation
Mining Technical Disclosure
Oil and Gas Technical Disclosure
Going Concern
Asset Impairment
Forward-Looking Information
Press Releases
Defined Benefit Pension Plans
Complaints

June 2010 Update

Updated comparisons of IFRSs and Canadian GAAP

The Accounting Standards Board (AcSB) of Canada has adopted a strategy to replace Canadian standards with International Financial Reporting Standards (IFRSs) for publicly accountable enterprises by 1 January 2011. Other enterprises may also elect to adopt IFRSs. To assist those affected by this strategy in becoming familiar with differences between Canadian standards and IFRSs, the AcSB staff has prepared an unofficial comparison between the more significant aspects of IFRSs and Canadian standards as of 31 December 2009. The comparison also identifies the currently active standard-setting projects of the IASB, FASB, and AcSB and comments on the extent to which the work in process is expected to eliminate existing differences:

English: Detailed (Narrative) Comparison of IFRSs and Canadian GAAP (PDF 840k, 130 pages)
French: Detailed (Narrative) Comparison of IFRSs and Canadian GAAP (PDF 1,099k, 137 pages)
More information about Transition to IFRSs in Canada

Deloitte Canada IFRS transition newsletters

Deloitte Canada has published the June 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:

Controls Over Development and Reporting of IFRS Financial Information
The Real Deal – the focus this month is on Revenue Recognition
An update on International standard setting activities
Progress report identifying and explaining changes to the FASB and IASB – joint projects
Updated IASB workplan (including IASB-only projects)
Exposure draft on Revenue from contracts with customers.

Click for:

June 2010 Edition Countdown Newsletter – English (PDF 1,213k)
June 2010 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 1,632k)

May 2010 Update

Deloitte Canada IFRS transition newsletters

Deloitte Canada has published the May 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:

The Rules of the Game – Making your opinion count in the development of IFRSs
The Real Deal – the focus this month is on Related Party Disclosures
An update on International standard setting activities

Click below for:

May 2010 Edition Countdown Newsletter – English (PDF 1,615k)
May 2010 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 1,728k)

April 2010 Update

Deloitte Canada IFRS transition newsletters

Deloitte Canada has published the April 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:

The Opening Act - our perspectives on the Opening IFRS Balance Sheet
The Real Deal - Practical application tips and examples from LightYear on the Opening IFRS Balance Sheet
An update on international standard setting activities

Click below for:

April 2010 Edition Countdown Newsletter – English (PDF 2,008k)
April 2010 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 1,787k)

March 2010 Update

Deloitte Canada IFRS transition newsletters

Deloitte Canada has published the March 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:

Assessing and Building IFRS Financial Literacy Across the Organization
The Real Deal – the focus this month is on Provisions, Contingent Liabilities and Contingent Assets
An update on International standard setting activities

Click below for:

March 2010 Edition Countdown Newsletter – English (PDF 1,262k)
March 2010 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 1,023k)

February 2010 Update

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:

February 2010 Edition Countdown Newsletter – English (PDF 1,127k)
February 2010 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 680k)

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.

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.

Click to download the study IFRS Transition Disclosure Review (Staff Notice 52-718) (PDF 442k).

January 2010 Update

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:

January 2010 Edition Countdown Newsletter – English (PDF 1,421k)
January 2010 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 1,423k)

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 differ 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:

2009 IFRS Presentation and Disclosure Checklist - English (Macro Enabled) (ZIP of Word .docm file 736k)
2009 IFRS Presentation and Disclosure Checklist - French (Macro Enabled) (ZIP of Word .docm file 833k)
2009 IFRS Compliance Checklist - English (Macro Enabled) (ZIP of Word .docm file 1,526k)
2009 IFRS Compliance Checklist - French (Macro Enabled) (ZIP of Word .docm file 1,866k)
All Four Above Files in a Single ZIP File (.zip file 4,965k)

December 2009 Update

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:

December 2009 Edition Countdown Newsletter – English (PDF 1,483k)
December 2009 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 1,467k)

November 2009 Update

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:

November 2009 Edition Countdown Newsletter – English (PDF 1,296k)
November 2009 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 1,783k)

Deloitte Canada webcast on IFRSs

The first of January 2010 will be the date of transition to IFRSs for many Canadian publicly accountable entities – signalling 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

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:

20 things to do before 2010 (English) (PDF 207k)
Vingt choses à faire avant 2010 (French) (PDF 204k)

October 2009 Update

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:

October 2009 Edition Countdown Newsletter – English (PDF 1,354k)
October 2009 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 1,345k)

September 2009 Update

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:

September 2009 Edition Countdown Newsletter – English (PDF 1,815k)
September 2009 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 1,860k)

IFRS Conversion in the Canadian insurance industry

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

August 2009 Update

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:

August 2009 Edition Countdown Newsletter – English (PDF 2,062k)
August 2009 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 1,751k)

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:

English – The Road to Cost-Effective Conversion:

Volume 1 Scoping the Effort - English (PDF 591k)
Volume 2 Strategic Choices on the Conversion to IFRS - English (PDF 298k)
Volume 3 Maximising the Return on Your IFRS Investment - English (PDF 228k)

Français – Le Chemin vers une Conversion Efficiente:

Volume 1 La conversion des PCGR du Canada aux IFRS - Français (PDF 1,397k)
Volume 2 Au-delà de la conformité: des choix stratégiques pour le passage aux IFRS - Français (PDF 331k)
Volume 3 Maximiser votre investissement dans les IFRS - Français (PDF 281k)

July 2009 Update

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:

July 2009 Edition Countdown Newsletter – English (PDF 2,664k)
July 2009 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 2,313k)

June 2009 Update

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:

June 2009 Edition Countdown Newsletter – English (PDF 1,661k)
June 2009 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 1,590k)

May 2009 Update

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:

May 2009 Edition Countdown Newsletter – English (PDF 1,994k)
May 2009 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 1,743k)

Deloitte guide to IFRS 3 in French

Deloitte Canada has published Regroupments d'Enterprises et Changements dans les Participations: Guide portant sur la version révisée des normes IFRS 3 et IAS 27 (PDF 561k). This is the French translation of our English language publication Business Combinations and Changes in Ownership Interests: A Guide to the Revised IFRS 3 and IAS 27 (PDF 647k. This guide deals mainly with accounting for business combinations under the 2008 revision to IFRS 3. Where appropriate, it deals with related requirements of IAS 27 (Revised 2008) – particularly as regards the definition of control, accounting for non-controlling interests, and changes in ownership interests. Other aspects of IAS 27 (such as the requirements to prepare consolidated financial statements and detailed procedures for consolidation) are not addressed. There are 16 chapters plus appendices that (a) compare the 2008 versions of IFRS 3 and IAS 27 (2008) with their predecessors, and (b) identify the continuing differences between IFRSs and US GAAP.

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:

May 2009 Special Edition Countdown Newsletter – English (PDF 1,008k)
May 2009 Special Edition Countdown Newsletter – French (Compte à Rebours) (PDF 749k)

April 2009 Update

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 Model Financial Statements for 2007 in the French Language (PDF 2,948k).
IFRS Model Financial Statements for 2007 in English (PDF 700k).

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:

Questionnaire sur la conformité aux Normes internationales d'information financière 5,240k)
English version: IFRS Compliance Questionnaire for 2008
Liste de contrôle sur la présentation et les informations à fournir relativement aux Normes internationales d'information financière (PDF 2,935k)
English version: IFRS Presentation and Disclosure Checklist for 2008

Tricia O'Malley will chair AcSB

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.

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:

April 2009 Edition Countdown Newsletter – English (PDF 1,760k)
April 2009 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 1,791k)

March 2009 Update

Strategic choices in converting to IFRSs

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.

Strategic Choices on the Conversion to IFRS (English) (PDF 2,020k)
Des Choix Strategiques au Moment de la Conversion aux IFRS (French) (PDF 325k)

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:

March 2009 Edition Countdown Newsletter – English (PDF 1,702k)
March 2009 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 1,767k)

February 2009 Update

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:

February 2009 Edition Countdown Newsletter – English (PDF 2,241k)
February 2009 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 2,378k)

January 2009 Update

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:

January 2009 Edition Countdown Newsletter – English (PDF 2,333k)
January 2009 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 1,949k)

December 2008 Update

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:

December 2008 Edition Countdown Newsletter – English (PDF 820k)
December 2008 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 529k)

November 2008 Update

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:

November 2008 Edition Countdown Newsletter – English (PDF 634k)
November 2008 Edition Countdown Newsletter – French (Compte à Rebours) (PDF 391k)

iGAAP 2008: IFRS for Canada

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.

October 2008 Update

Guide de Référence sur les IFRS 2008 (IFRSs in your Pocket 2008)

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).

Deloitte Canada Countdown IFRS transition newsletter – October 2008

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:

October 2008 Edition Countdown Newsletter - English (PDF 653k)
October 2008 Edition Countdown Newsletter - French (Compte à Rebours) (PDF 710k)

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:

Financial Reporting Alert (PDF 338k)
Alerte sur l'information financière (PDF 320k)

French newsletter on IAS 39 reclassifications

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:

Modifications à l'IAS 39 et à l'IFRS 7 – Le Reclassement de Certains Actifs Financiers (PDF 223k, Français)
Amendments to IAS 39 & IFRS 7 – Reclassification of Financial Assets (PDF 97k, English)

September 2008 Update

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:

September 2008 Edition Countdown Newsletter - English (PDF 613k)
September 2008 Edition Countdown Newsletter - French (Compte à Rebours) (PDF 726k)

August 2008 Update

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:

August 2008 Edition Countdown Newsletter - English (PDF 445k)
August 2008 Edition Countdown Newsletter - French (Compte à Rebours) (PDF 544k)

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:

How to Monitor a Sea Change (PDF 243k)
Comment Surveiller un Changement Profond (PDF 225k)

IFRSs and the mining industry

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:

IFRS and the Mining Industry: Top Ten Accounting Issues for Canadian Issuers (PDF 264k).
Les IFRS et le Secteur Minier: Les dix questions comptables de l'heure Pour les émetteurs canadiens (PDF 492k).
This publication provides Deloitte's viewpoints on the following IFRS chageover issues in the mining industry:

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

July 2008 Update

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:

July 2008 Edition Countdown Newsletter - English (PDF 567k)
July 2008 Edition Countdown Newsletter - French (Compte à Rebours) (PDF 572k)

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.

June 2008 Update

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:

June 2008 Edition Countdown Newsletter - English (PDF 444k)
June 2008 Edition Countdown Newsletter - French (Compte à Rebours) (PDF 424k)

May 2008 Update

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:

CSA Press Release – English (PDF 153k)
CSA Press Release – French (PDF 56k)

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.

April 2008 Update

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 focuses 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:

April 2008 Edition Countdown Newsletter - English (PDF 462k)
April 2008 Edition Countdown Newsletter - French (Compte à Rebours) (PDF 437k)

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 focuses 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:

Special Edition Countdown Newsletter - English (PDF 403k)
Special Edition Countdown Newsletter - French (Compte à Rebours) (PDF 436k)

March 2008 Update

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 focuses 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:

Countdown Newsletter - English (PDF 238k)
Countdown Newsletter - French (Compte à Rebours) (PDF 360k)

February 2008 Update

Deloitte Canada Countdown IFRS transition newsletter – February 2008 (Inaugural Issue)

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:

Countdown Newsletter - English (PDF 368k)
Countdown Newsletter - French (Compte à Rebours) (PDF 414k)

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:

CSA Concept Paper (PDF 62k)
CSA Press Release (PDF 131k)

January 2008 Update

Deloitte guidance on transition to IFRSs in Canada

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:

The conversion of Canadian GAAP to IFRSs: Volume One – Scoping the Effort (PDF 505k)
La conversion des PCGR du Canada aux IFRS: Volume 1 – Évaluation du travail (PDF 1,091k)

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).

Guide de référence sur les IFRS 2007

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.

October 2007 Update

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.

May 2007 Update

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:

Implementation Plan for Incorporating International Financial Reporting Standards into Canadian GAAP (PDF 400k).

March 2007 Update

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:

Comparison of IFRSs and Canadian GAAP as of 31 March 2007 (PDF 164k).

August 2006 Update

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

January 2006 Update

Strategic Plan

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.

November 2005 Update

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).

April 2005 Update

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.

February 2005 Update

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.

September 2004 Update

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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