The mainstay of the symposium were presentations of six research papers each followed by roundtables on the topic presented and key speeches summing up the discussions.

Research papers

• The first research paper was dedicated to non-GAAP financial indicators and the question of whether they are representative strategic governance. The paper is available in French original and English translation on the ANC's website.
• The second research paper discussed the theoretical foundations of the accounting representation of performance in a stakeholder and territorial approach. A French version and an English translation can be accessed on the ANC's website.
• The third research paper on the impact of accounting and prudential standards for financial intermediaries on long-term capital investment is again available in French and English on the ANC's website. The roundtable discussed the question of whether the long-term perspective can or must be integrated. Key speaker Linda Mezon (AcSB, Canada) concluded the session by providing insights from the Canadian perspective. She explained that in Canada it is believed that one can only get so many uses out of financial statements, therefore financial statements in Canada are understood not to be "be all and say all". Rather, financial statements are seen as a starting point on which others can build. She concluded that building too many expectations into financial statements bears the danger of making them not useful for anybody.
• The presentation of the fourth research paper “Marking to Market versus Taking to Market” (French version and English translation) was followed by a roundtable that discussed alternatives to mark to market and relevance and fairness.
• The fifth research paper used a study a sample of European companies over ten years to discuss performance measures and components of OCI and their volatility and impact (French version and English translation).
• The sixth and final research paper was dedicated to recognizing environmental issues in performance measurement. This paper is also available in French and English.

The publication is a tool to help audit committees assess a company’s implementation of the new revenue recognition standard. It is organized into four sections:

• Understanding the New Revenue Recognition Standard – What Is It?
• Evaluating the Company’s Impact Assessment – How Will Revenue Recognition Change?
• Evaluating the Implementation Project Plan – How Do We Need to Prepare?
• Other Implementation Considerations – What Else Do We Need to Consider?

In addition to key questions for audit committees, the tool offers a list of resources on revenue recognition.

Review the publication on the CAQ's website.

The Advisory is in response to the September 2016 International Accounting Standards Board (IASB) approved amendment to the IFRS 4, Insurance Contracts allowing companies whose activities are predominately connected with insurance to defer the application of IFRS 9, Financial Instruments before January 1, 2021.

Review the press release and Draft Advisory on the OSFI's website.

In a recently released tool for the Audit Committees, the Center for the Audit Quality stated that it is “urgent that audit committees understand how management is assessing the impact of the new revenue recognition standard”. ASC 606 (which is based on ASU 2014-09, Revenue from Contracts with Customers) is effective starting with annual reporting periods beginning after December 15, 2017. Early adoption is permitted for fiscal periods beginning after December 15, 2016. The implementation is expected to have a material impact across the broad range of the industries.

Review the blog on the Audit Analytics' website.

As EFRAG notes, the IASB decided unanimously at its October 2016 meeting while discussing the Conceptual framework project that the Conceptual Framework should acknowledge that in financial reporting standards asymmetry may sometimes arise as a consequence of requiring the most useful information.

EFRAG supports the decision but believes that such an acknowledgement by itself is not sufficient and that the Conceptual Framework should also include guidance regarding the use of asymmetry when developing recognition and measurement principles. EFRAG quotes examples and also points out that in some cases potential guidance has already been developed by the IASB staff.

Review the letter on the EFRAG's website.

ESMA has not yet released the detailed technical rules that will govern this vital digitization effort. XBRL International are particularly pleased to hear that the use of iXBRL will mean that securities filings in Europe will involve a single, integrated document that can be read by humans and at the same time digitally consumed by systems to assist in analysis and comparison. 

iXBRL is used by many regulators, including, most notably, HMRC and Companies House in the UK, the Danish Business Authority, the Japanese FSA, and the US Securities and Exchange Commission. Much of this data is already available, see a UK example and a US example.

The SEC has still not approved the IASB Taxonomy, so reporting issuers filing using IFRS with the SEC should not file xbrl exhibits.

Review the press release and the feedback statement detailing responses to the consultation paper on the ESMA's website.

Mr. Golden explained that after winding down its bilateral working relationship with the IASB, the FASB chose a new approach to achieve greater comparability of global standards: (i) through the continued development and improvement of GAAP, (ii) by actively participating in the development of IFRS, and (iii) by enhancing relationships and communications with other national standard-setters.

In the context of strengthened relationships with other national standard-setters, Mr. Golden mentioned individual meetings with standard-setters from Canada, Japan, China, South Korea and other countries and explained that the FASB expects to have joint meetings with them in 2017 to talk about respective priorities and future initiatives. He concluded: "Such relationships help us improve financial reporting, while at the same time bringing us all closer to common solutions around the globe."

Review the full transcript of the speech on the FASB’s website.

The following topics are addressed:

• Loan guarantee fees
• Contract costs — impairment testing
• Contract costs — interaction of impairment testing with guidance in other topics
• Provisions for losses on construction-type and production-type contracts
• Scope of Topic 606
• Disclosure of remaining performance obligations
• Disclosure of prior-period performance obligations
• Contract modifications example
• Contract asset versus receivable
• Refund liability
• Advertising costs
• Fixed-odds wagering contracts in the casino industry
• Cost capitalisation for advisors to private funds and public funds

Review the press release and ASU on the FASB’s website.

In October 2016, the AcSB hosted members of the International Accounting Standards Board (IASB). They were in town to take part in the IASB’s 2016 Research Forum, held in conjunction with an annual conference of Canada’s pre-eminent academic accounting journal, Contemporary Accounting Research.

The visit provided a golden opportunity for the AcSB to demonstrate its commitment to its stakeholders — by connecting them directly with the IASB. The AcSB hosted or took part in a variety of events that enabled Canadians to share their views and receive information to support their application of IFRS.

Review the article on the AcSB's website.

In his speech, Mr. Hoogervorst noted the need for the IASB to develop additional guidance on pension scheme designs to adapt to recent developments. In addition, he commented that the IASB’s liability measurement approach is well accepted and that they “reject calls to fundamentally change pension accounting to eliminate or reduce pension deficits.” Further, he provided his views on macro-economic policies. He stated:

A return to more normal interest rates will reduce the pension liability and will be beneficial for the long-term health of the pension system. But even then, short-term pain seems inevitable, because a lot of damage has been done. While the pension liability will be reduced, there will probably be short-term harm to both your bond and stock portfolios. This is another reason why I do not believe that our accounting for the pension liability exaggerates the problem.

Review the full tran­script on the IASB’s website.