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Deloitte
 
Canada | June 5, 2015
Staying on top of financial reporting

Today is a big day for us at Deloitte! We, Clair Grindley and I, on behalf of the firm, are happy to introduce our brand new Centre for Financial Reporting (CFR)! What is CFR? you may ask. Well, it is our new Deloitte financial reporting website that will provide you with comprehensive tailored news and resources for all financial reporting frameworks in Canada. CFR is modelled on Deloitte’s global IAS Plus website but is tailored towards Canadian financial reporting needs. This means coverage of all frameworks in both English and French and a greater focus on news and updates that are most relevant to our Canadian audience.

As part of your role, we know it’s imperative that you stay on top of the latest developments in the financial reporting landscape. In response to your needs, you will find on CFR:

breaking news on financial reporting developments relevant to all Canadian organizations;
summary information and related resources for each standard and for each Canadian financial reporting framework;
a publications library that features our electronic newsletters and technical update webcasts;
relevant tools to help you apply new or complex standards; and
spotlights on our Deloitte subject matter specialists so that you can see our breadth and depth of expertise.

The heart of CFR is our Standards and Projects sections. You will find, organized by financial reporting framework, a high-level overview of each standard, including a history of amendments made to the standard since its incorporation in the CPA Canada Handbook. CFR, also organized by financial reporting framework, provides you with a summary of standard-setting projects, from the day they are approved as official projects to the day they make their way into the handbook. The uniqueness of CFR is the richness of the content. Each summary is supplemented with links to relevant recent news as well as resources that have been developed by Deloitte, including practical guides, learning resources, compliance checklists and Deloitte comment letters.

We want to make CFR your daily go-to site for current, complete and reliable financial reporting information. As such, you will notice, over time, that we will adjust our other communications to ensure you do not get duplicate information. Don’t worry about losing information though! We will keep you apprised of any changes in the way you can receive your financial reporting updates from Deloitte. The goal, is of course, is to provide you with a one-stop shop for all of your Canadian financial reporting needs in a format that is accessible to you at all times, is updated regularly and can provide you with customized information specific to your financial reporting needs.

As usual, we would love to get your feedback on this newsletter and on our new CFR site.

Visit us today at www.cfr.deloitte.ca.



Warm regards,


Chantal Rassart, CPA, CA, CPA (Ill)
Partner | Audit Knowledge Management Officer
 
Clair Grindley, CPA, CA, ACA
Partner | Deputy Leader, Canadian IFRS Centre of Excellence

Standard-setting activities & insights

International Financial Reporting Standards
Public Sector Accounting Standards
Assurance
Canadian standard-setting governance activities

Webcasts & learning resources

Upcoming events
Past events

Publications & tools

Heads Up: SEC proposes rule on pay versus performance
In Focus: 2015 Compliance Trends Survey
2015 Q1 Global CFO Signals™: A runway for growth

Business news highlights

U.S. news
International news
 

Standard-setting activities & insights

International Financial Reporting Standards

AcSB Exposure Draft – Effective Date of IFRS 15 (Proposed amendments to IFRS 15)
On May 28, 2015, the Accounting Standards Board issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by July 3, 2015. Read more

 

IASB issues work plan update
On May 29, 2015, following its May meeting, the International Accounting Standards Board updated its work plan. The revised plan adds a new project on “Changes in accounting policies and estimates,” moves the Exposure Draft on “Clarifications to IFRS 15” and the Draft Interpretation on “Uncertainties in income taxes” back by one quarter, and introduces a new format for reporting on the progress in research projects. Read more

 

IASB proposes revisions to the Conceptual Framework
On May 28, 2015, the IASB published a comprehensive exposure draft (ED) containing proposals for topical areas where it considers a revision and amendment of the existing Conceptual Framework necessary. Included in the ED are proposals to revise the definitions of an asset and a liability, to introduce guidance on measurement and derecognition, and to set a framework for presentation and disclosure. The main ED is accompanied by an ED containing proposals regarding references to the Conceptual Framework in other IASB pronouncements. Comments on both EDs are due October 26, 2015. Read more

 

Seven lessons learned from the IFRS adoption in the EU
On May 28, 2015, the Institute of Chartered Accountants in England and Wales (ICAEW) published a report setting out some practical insights and recommendations for policy makers, regulators, standard-setters and other interested parties in jurisdictions that have recently adopted IFRS or are considering doing so. Read more

 

Former Chairmen of IASB and FASB share thoughts on convergence
On May 22, 2015, a recording of an exchange between former International Accounting Standards Board (IASB) Chair Sir David Tweedie and former FASB Chair Robert Herz that had occurred on April 1, 2015, during which they discussed their vision of “Accounting Standards for Global Capital Markets: Past, Present, and Future” at Baruch College in New York City, has been made available. Read more

 

Update on Disclosure Initiative
On May 20, 2015, the IASB released its update on the Disclosure Initiative which is a portfolio of projects designed to improve how information is presented and disclosed in financial reports. Read more

 

ASBJ publishes research paper on the amortization of goodwill
On May 19, 2015, the Accounting Standards Board of Japan (ASBJ) published the Research Paper No.1 “Research on Amortization of Goodwill” with a view to make a contribution to the global discussion regarding how goodwill should be accounted for. Read more

 

Study of the CFA Institute on the role of comprehensive income
On May 18, 2015, the CFA Institute, a global association of investment professionals, published “Analyzing Bank Performance: Role of Comprehensive Income.” The study argues that the information reported on the statement of other comprehensive income (OCI) is an integral part of performance reporting and that there is a need to increase investor attention on OCI statement items. Read more

 

Public Sector Accounting Standards

Accounting for Sovereign Debt Restructurings under IPSASs
On May 21, 2015, the staff of the International Public Sector Accounting Standards Board (IPSASB) released a short audio podcast and an accompanying publication to highlight how International Public Sector Accounting Standards (IPSASs) reflect the accounting consequences of sovereign debt restructuring transactions. Podcast | Accompanying publication

 

Assurance

Staff Consultation Paper No. 2015-01: The Auditor's Use of the Work of Specialists
On May 29, 2015, the Public Company Accounting Oversight Board released a staff consultation paper seeking information to help the staff address the potential need for improvement of PCAOB standards governing the use of the work of specialists. Read more

 

IAASB-FEE April 23 Lunch Debate on Auditor Quality and Auditor Reporting
On May 28, 2015, the International Auditing and Assurance Standards Board (IAASB) released a document that provides a short summary of a roundtable discussion about the need for more transparent auditor reporting and on enhancing audit quality. The event was jointly hosted by the IAASB and the Federation of European Accountants (FEE) on April 23, 2015, in Brussels, Belgium, and was part of a global outreach. Read more

 

IAASB Chairman Discusses Auditing Standards with CNBC Africa
On May 19, 2015, during a recent outreach trip to South Africa, the International Auditing and Assurance Standards Board Chairman Prof. Arnold Schilder was a guest on CNBC Africa's "Closing Bell South Africa" program, where he discussed the new and revised auditor reporting standards and their importance to stakeholders. Read more

 

Canadian standard-setting governance activities

New Vice-Chair of IFRS Foundation Trustees
On May 29, 2015, the IFRS Foundation announced that the Monitoring Board had approved the appointment of Sheila Fraser as Vice-Chair of the Trustees. In addition, three other Trustees were reappointed. Ms. Fraser, former Auditor General of Canada, replaces Harvey Goldschmid, who passed away in February this year, with immediate effect. Read more

 

Minutes of Meeting – April 16, 2015
On May 21, 2015, the Auditing and Assurance Standards Oversight Council released the minutes of its April 16 meeting. The following topics were discussed: (i) Report from the Quality Assurance Committee; (ii) Review of the CPAB Public Report 2014; (iii) Activities of the AASB since the Last AASOC Meeting; (iv) Comments from AASOC Observers; (v) Activities of the CPAB, CSA, IAASB, Independence Task Force, IFAC, OSFI, and PIOB; (vi) AASOC’s Role Regarding Non-Authoritative Guidance; (vii) AASOC’s Terms of Reference; and (viii) Other Administrative Matters. Read more

 

Invitation to Comment – AcSB 2016-2021 Draft Strategic Plan
On May 20, 2015, the Accounting Standards Board (AcSB) issued an Invitation to Comment on its next strategic plan, which outlines the AcSB’s vision, how it will operate and the broad policy objectives that will guide its standard-setting activities. Stakeholders are encouraged to submit their comments, on the form provided, by September 17, 2015. Read more

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Webcasts & learning resources

Upcoming events

Date Title
June 16, 2015 The Base Erosion and Profit Shifting Initiative: Individual Country Approaches
Deloitte U.S. Dbriefs webcast
Even in advance of its finalization, the OECD's BEPS initiative is already influencing local country tax legislation. These changes have caused, and could cause more, significant controversy around pricing of intercompany transactions resulting in structural changes to financing global operations and treasury functions. The initiative's finalization may produce greater demands on already constrained tax department resources.
 
Register
 
Date Title
June 17, 2015 IASB live web presentation on proposed changes to the Conceptual Framework
IASB webinar
On June 17, 2015, IASB Chairman Hans Hoogervorst and IASB Technical Director Peter Clark will introduce the Exposure Draft, which was published on May 28, 2015, and answer questions from the public.
 
Register
 
Date Title
June 17, 2015 Developments in ASPE and NFPO Standards: 2015 Mid-Year Update
AcSB webinar
Tune in to this webinar to hear about what is happening with accounting standards for private enterprises and not-for-profit organizations.
 
Register
 
Date Title
June 22, 2015 A Conceptual Framework and Reporting Model for the Public Sector
CPA Canada webinar
Tune in to this webinar to learn about the third Consultation Paper issued by the Conceptual Framework Task Force. PSAB’s Conceptual Framework Task Force recently issued its third and final Consultation Paper, “Conceptual Framework Fundamentals and the Reporting Model.” Responses to this and previous Consultation Papers will be analyzed and debated in the development of a future due process document issued by PSAB. By participating in this webinar, you will enhance your understanding of:
the key principles for a revised conceptual framework being proposed;
the proposed reporting model for the public sector; and
the next steps in the project.

Ensure that you review Consultation Paper 3 and related resources before the webinar.

 
Register
 

Past events

Date Title
June 5, 2015 Revised Standard on Engagements to Review Historical Financial Statements: Re-Exposure Draft
AASB webinar
Tune into this webinar to hear about what is being proposed and how you can provide input to the Auditing and Assurance Standards Board’s Re-exposure Draft of CSRE 2400, Engagements to Review Historical Financial Statements.
June 4, 2015 Amplified Intelligence: Power to the People
Deloitte U.S. Dbriefs webcast
Analytics techniques are growing in complexity, allowing companies to apply machine learning and predictive modeling to gain insight from increasingly vast and complex data sets. Although in its early stages, artificial intelligence is also now a reality. The more promising application, however, is not replacing workers but instead augmenting their capabilities.

Learn how advanced analytics can help amplify human intelligence, rewire business processes, and reshape organizations.
May 28, 2015 Environmental, Social, and Governance Performance: Market Developments Regarding Measurement, Disclosures, and Evaluation
Deloitte U.S. Dbriefs webcast
Investors and companies face scores of sustainability and credit ratings methodologies utilizing environmental, social, and governance (ESG) data. The Global Initiative for Sustainability Ratings (GISR) aims to drive transparency and rigor in ratings products to accelerate adoption and integration of pertinent ESG factors into equity and credit markets. What should financial executives know?
Hear from the GISR about what's driving demand for increased transparency around ESG topics.
May 27, 2015 Q2 IFRS Financial Reporting Update
Deloitte webcast
In this Q2 update, our Deloitte presenters, combine technical knowledge with applied experience and discuss some key accounting issues, including an update on the IFRIC’s latest activities, a focus on the new revenue standard, as well as updates on the leases project and the IASB project plan.
May 20, 2015 Now Trending – Technology Developments Impacting CFOs in 2015
Deloitte U.S. Dbriefs webcast
With the rate of technological change continuing to increase exponentially, the way businesses operate is being irreversibly transformed. What emerging technology-enabled trends have the potential to reshape how finance organizations operate in the near- and long-term? Which technologies should financial executives prioritize for investment across the organization?
Hear results of Deloitte research to understand emerging trends in technology and their potential impacts on finance organization performance and investment priorities.
April 13, 2015 IFRS and Global Standards: A Canadian Perspective
CPA Canada webinar
CCPA Canada discussed the work of the International Accounting Standards Board to establish IFRS as the global standard for financial information, as well as the role that Canada plays in influencing the development of international standards. The webinar was hosted by the Chair of the Accounting Standards Board, Linda Mezon. Her guests were IASB Chair Hans Hoogervorst, and IASB member Stephen Cooper.
March 30, 2015 Consolidations, Joint Arrangements and Investments
AcSB webinar
In September 2014, the Accounting Standards Board (AcSB) issued two new standards for private enterprises, Section 1591 and Section 3056. Participants heard about why these projects were undertaken to understand what has changed for private enterprises.
March 19, 2015 Management’s Discussion and Analysis: Guidance on Preparation and Disclosure
AcSB webinar
This free webinar provides guidance on how best to prepare, present and review a useful MD&A to maximize value for current or future investors, analysts, lenders and other creditors. It also discusses the MD&A disclosure principles and reporting framework and provides practical insights on preparing and issuing the MD&A.
 
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Publications & tools

Heads Up: SEC proposes rule on pay versus performance

Publication date: May 2015
This Heads Up discusses the SEC's recently issued proposed rule, Pay Versus Performance, which would require a registrant to disclose the relationship between executive compensation actually paid and the financial performance of the registrant. The proposal, which is intended to improve shareholders' ability to objectively assess the link between executive compensation and company performance, raises a number of interesting questions and challenges.

Read more
 

In Focus: 2015 Compliance Trends Survey
A collaboration between Deloitte and Compliance Week

Publication date: May 2015
While this year's survey data shows a clear trend toward a more empowered chief compliance officer (CCO) with a higher position in the organization, concerns and challenges related to subsidiary compliance organizations appear to persist. In addition, technology solutions continue to fall short of compliance needs. Perhaps with the stronger alignment of the CCO with executive management, the new-found authority may position CCOs to make progress in these areas in the coming year.

Read more
 

2015 Q1 Global CFO Signals™: A runway for growth

Publication date: May 2015
This quarter, while levels of uncertainty are on the rise, many global CFOs have had the opportunity and the wherewithal to focus on corporate growth. And judging by the results of the 17 countries reporting in the Q1 2015 edition of Global CFO Signals, they intend to take full advantage.

For several quarters now, CFOs globally have shared similar concerns. With some of those fears tempered this quarter and others being managed, the evidence of optimism is apparent in the strength in sentiment in several countries. While CFOs continue to eye growth, the importance of defensive strategies remains strong throughout.

Read more
 
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Business news highlights

We continuously review relevant business e-publications and below is a selection of newsworthy items we believe you will find interesting and relevant.

U.S. news

Date Publication Article
2015/05/27 Bloomberg SEC Should Require Political-Spending Reports, Ex-Chairs Say
2015/05/20 The Wall Street Journal Why Liquidity-Starved Markets Fear the Worst
2015/05/20 Accounting Today Herz and Tweedie Reflect on Convergence Efforts
2015/05/20 Journal of Accountancy
SEC
SEC proposes new reporting requirements for investment companies and advisers
Review the proposed rule: Investment Company Reporting Modernization (506-page PDF file)
2015/05 FEI Magazine In this issue:
After the M&A Boom: Now Comes the Hard Part
Budgeting for the Real Costs of International Expansion
Revenue Recognition Buys Time, But Not Less Work
Table of contents
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International news

Date Publication Article
2015/05/15 European Parliament Conflict minerals: MEPs ask for mandatory certification of EU importers
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Chief Editor

Chantal Rassart Chantal Rassart, CPA, CA
Partner | Audit Knowledge Management Officer

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