Currently, Canadian registrants must use Canadian GAAP. Foreign registrants may use IAS but then generally must reconcile to Canadian GAAP. Many Canadian companies already prepare US GAAP statements, in additional to Canadian GAAP, because they have US as well as Canadian listings. In Canada, securities markets are regulated provincially rather than nationally. The provincial regulators have published a joint request for comments that is available on this website [Executive Summary, 10k PDF and Discussion Paper, 90k PDF] or on the websites of the Ontario Securities Commission, the Alberta Securities Commission, and the British Columbia Securities Commission.

IASC has asked for comments on its 412-page issues paper by 30 June. Click to (PDF, 519k). Click here for information about IASC's Extractive Industries Project.

SAC will have approximately 30 members and will provide a forum for organisations and individuals with an interest in international financial reporting to participate in the standard setting process. Members will be appointed for a renewable term of three years and have diverse geographic and functional backgrounds. SAC will normally meet three times each year to:

• advise the Board on priorities in the Board's work,
• inform the Board of the implications of proposed standards for users and preparers of financial statements, and
• give other advice to the Board or to the Trustees.

The Trustees expect to complete the selection process for the Advisory Council by early April.

We will also be maintaining a Historical Record of IASB Meeting Agendas.

Meeting on 8 March in Brussels, the Trustees activated Part B of IASC's Constitution and established a non-profit Delaware corporation, named the International Accounting Standards Committee Foundation, to oversee the IASB.

In early June, the IASB will relocate to new offices at 30 Cannon Street in the City of London.

Hunt, Jr.:

I believe we have fallen behind in the area of EDGAR. It has been almost five years since all filings by domestic public companies have been accessible through EDGAR, yet foreign issuers are still not required to file through EDGAR. Foreign issuers compete with domestic issuers to raise capital in our markets, their securities trade in our markets, and yet U.S. investors do not have the same access to material information filed by these issuers.... It is my hope that, by the end of this year, all Forms 3, 4, and 5 [insider securities sales], as well as all foreign issuer filings, will be filed through EDGAR and available on our website.

Click to in PDF format (872k). Go to Background Information on Hong Kong GAAP.

SEC Chief Accountant Lynn Turner has written an article in the Financial Times on The 'Best of Breed' Standards: "Globalising accounting standards challenges the profession to fulfil its obligation to investors".

Click for Background Information or Download.