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Canada News
AcSB Request for Comment - Financial Standards for Privately Owned Companies |
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Canada’s Accounting Standards Board (AcSB) is asking for feedback on three options that will change financial reporting standards for privately-owned companies.
The proposals are contained in an Invitation to Comment and Discussion Paper released on May 3rd, by the AcSB. Discussion and feedback received during the comment period will inform the board’s decision which, in turn, will significantly impact the way financial reporting is carried out by private companies in Canada.
Following a comprehensive examination of the needs of users of private company financial statements, the AcSB has identified three possible approaches for ensuring high-quality, general purpose GAAP financial statements for private enterprises:
- A top-down approach based on public company GAAP (i.e. International Financial Reporting Standards (IFRS). This approach would entail eliminating and modifying a limited number of IFRS requirements much as is done under the current differential reporting model, although not necessarily with the same results.
- Adoption of the standard proposed by the International Accounting Standards Board for small and medium sized enterprises — the IFRS-SME, with perhaps some modification to address Canadian circumstances.
- An independently developed set of Canadian accounting standards for private enterprises. This approach could involve, to a large degree, a fresh start, but it would share the same conceptual framework that underpins current GAAP and IFRS.
The Discussion Paper identifies the pros and cons of each of these approaches. It also requests input on whether non-GAAP guidance should be developed for those entities without significant external financial statement users.
The AcSB plans to hold roundtable consultations across the country and will carry out a program of communications to make stakeholders aware of the proposals. All members of the public are entitled and encouraged to participate. The comment period for the proposals is six months until October 31, 2007.
The Discussion Paper and Invitation to Comment can be obtained from the AcSB web site at www.acsbcanada.org . For those without Internet access, the documents can be obtained by writing to: Information Services Officer, Accounting Standards Board, 277 Wellington Street West, Toronto, Ontario, M5V 3H2; Fax: 416.204.3412
Canadian Institute of Chartered Accountants (CICA) |
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May 23, 2007
Standards
Employee Future Benefits
A presentation to assist in understanding the recently issued Exposure Draft on Employee Future Benefits has been posted.
May 18, 2007
Standards
Employee Future Benefits
The AcSB has issued a Background Information and Basis for Conclusions document for the March 2007 Exposure Draft, Employee Future Benefits. Comments on the Exposure Draft are requested by June 30, 2007.
May 18, 2007
Standards
20 Questions About the Government Reporting Entity
This guide is useful for elected officials, the media, taxpayers and others as it answers questions about a government's reporting entity - what it is, why it is important and how summary financial statements are put together.
May 18, 2007
Standards
Implementation Plan for Incorporating International Financial Reporting Standards into Canadian GAAP
The AcSB has issued an update to its Implementation Plan, which includes a comparison of IFRSs and Canadian standards as of March 31, 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.
May 18, 2007
Standards
FYI Newsletter May 2007
The May issue of FYI includes an article on the AcSB’s recently issued Invitation to Comment "Financial Reporting by Private Enterprises." Other articles discuss going concern, materiality and financial instruments.
May 15, 2007
Career Development
How to Build a Thriving Family Business Practice
First of Two Offerings - Toronto, ON:
PART ONE: May 28-29, 2007
PART TWO: June 25-26, 2007
This course is designed exclusively for advisors to family-owned businesses. Develop a proven multi-disciplinary approach to advising your family business clients and enhance your role as your clients’ most trusted advisor. Second offering - Fall 2007.
May 15, 2007
Standards
AASB May14, 2007 Decision Summary
An executive summary of discussions and decisions with respect to projects addressed in this meeting.
May 15, 2007
News
17th Conference of the Confederation of Asian and Pacific Accountants, Osaka 2007
CAPA's 17th Conference will be hosted by the Japanese Institute of Certified Public Accountants from October 3 to 5, 2007 in Osaka, Japan. The conference will mark the 50th Anniversary of CAPA.
May 09, 2007
Standards
Assessment of Tangible Capital Assets
The PSAB has issued a Statement of Principles of a new Statement of Recommended Practices (SORP), Assessment of Tangible Capital Assets. The SORP is intended to apply to all governments and government organizations. Comments are requested by June 15, 2007.
May 09, 2007
Standards
Risk Alert, May 2007
This issue of Risk Alert puts in perspective the key changes in the new audit risk standards and provides some useful reminders for auditors as they continue to implement the quality control standards.
May 04, 2007
Standards AcSB Strategy—Financial Reporting by Private Enterprises
The AcSB has issued an Invitation to Comment (ITC) and accompanying Discussion Paper requesting public comment on the future of financial reporting by Canadian private enterprises. Stakeholders are encouraged to participate in the ITC consultative process. The comment period ends October 31, 2007.
May 04, 2007
Standards
Guide to Preparing Public Performance Reports
This Guide revises and replaces the Public Performance Reporting Assessment Guide.
May 04, 2007
News
Canada’s Accounting Standards Board seeks input on proposals for reporting by private companies
Canada’s Accounting Standards Board (AcSB) is asking for feedback on three options that will change financial reporting standards for privately-owned companies.
May 01, 2007
Standards
Public Performance Reporting Assessment Guide
This Guide is being modified as a result of comments received. It will be reposted as soon as the revisions are finalized.
May 01, 2007
Standards
Government Transfers
The PSAB has issued a Re-Exposure Draft of revised Section PS 3410, Government Transfers. The new proposals take a different approach to recipient government accounting and may have significant fiscal implications for some governments. Comments are requested by September 15, 2007.
May 01, 2007
Standards
Guide to Accounting for and Reporting Tangible Capital Assets
This Guide is a useful reference for local governments implementing Section PS 3150, Tangible Capital Assets, and the new reporting requirements. It contains valuable information on the need for and benefits of accounting for tangible capital assets, implementation considerations and subsequent accounting requirements, and how that information could be linked with ongoing asset management practices.
May 01, 2007
Career Development
In-depth PST Course
May 23-25, Toronto, ON
In association with KPMG LLP
Sales tax experts will provide valuable insight and up-to-date knowledge of the mechanics of PST in the five PST provinces - applications, current interpretations and jurisprudence, proven approaches to reduce risk and cost of PST in your organization and for your clients.
May 01, 2007 Standards
PSAB Bulletin, April 2007
The PSAB newsletter includes a message from the Chair, Terry Paton, and provides an update on ongoing projects.
Update on XBRL Voluntary Filing Program |
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On May 28, 2007, the Canadian Securities Administrators (CSA) announced the launch of the eXtensible Business Reporting Language (XBRL) voluntary filing program. The voluntary program will help the Canadian marketplace gain practical knowledge and experience preparing and using financial statements in XBRL format.
XBRL is an emerging business reporting language designed to make it easier for investors and analysts to quickly access data and analyze information from a greater number of companies. When using XBRL, "tags" are assigned to pieces of data, and these tags provide information about what the data represents. For the voluntary program, the pieces of data are the content of financial statements, such as revenue or net income.
The CSA will make the XBRL financial statements available to the public through SEDAR.com. Issuers wishing to participate in the voluntary program should contact one of the CSA staff members listed on website: www.csa-acvm.ca/html_CSA/xbrl.html.
The US Securities and Exchange Commission have taken similar steps towards encouraging filers to use XBRL in filing their financial information. However, the US regulators are two years ahead of Canada in terms of adopting rule amendments to to enable registrants to submit financial information using the (XBRL) format in specified EDGAR filings. For a heads up discussion of experiences related to tagging and submitting financial data, we encourage our FEI Canada members to view their March 19 Round Table (see agenda http://sec.gov/spotlight/xbrl/xbrlroundagenda-031907.htm) and the archived Web Cast on http://www.connectlive.com/events/secinteractivedata100306/
FEI Members are also encouraged to learn more about XBRL at XBRL Canada on http://www.xbrl.ca/.
From the News Desk of |
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The GST Treatment of Coupons
Officials from Legislative Policy at the Canada Revenue Agency ("CRA") announced some time ago that the CRA policy on the GST/HST treatment of coupons was undergoing revision. Recent rulings issued by the Agency indicate that these changes will be more restrictive in nature than the legislation would appear to support.
The Excise Tax Act defines a coupon as including a voucher, receipt, ticket or other device, but not including a gift certificate or a barter unit. CRA policy indicates that the difference between a gift certificate and a coupon is that a gift certificate carries a stated value for which it is purchased; coupons, on the other hand, are free.
In general terms, the GST treatment of a coupon differs depending on the circumstances of its issue and redemption. Where a retailer accepts a manufacturer’s or wholesaler’s coupon with a fixed dollar amount, e.g., "25 cents off", against the purchase of a taxable (but not zero-rated) product, the retailer must collect and remit the GST on the full purchase price and treat the coupon as cash. On reimbursement of the coupon value by the manufacturer or wholesaler, the retailer is made whole, but the manufacturer or wholesaler may then claim a notional input tax credit for 6/106 or 14/114 of the stated coupon value. In this way, the tax credit compensates for the fact that a portion of the GST charged at the till (and remitted to the government) is never collected in cash.
If a retailer accepts its own fixed percentage or fixed dollar amount coupon, it has an option. It can either net the value of the coupon at the till, and collect and remit tax on the net value, or it can treat the coupon as cash, collect and remit tax on the gross amount and subsequently claim an input tax credit for the tax content of the coupon.
All other coupons, e.g., "2-for-1" or "50 cents off 1, a $1.25 off two", must be treated as coupons the value of which must be netted at the till and GST collected and remitted on the net amount. Problems have arisen where vendors institute coupon programs assuming they qualify for notional input tax credit treatment, but on application for rulings after the fact find out they were mistaken. In recent years, CRA rulings on different coupon programs have shown an increased tendency to require the netting approach by denying particular coupons status as fixed dollar or fixed percentage coupons. The result is a tax penalty to the vendor if the netting approach was not used from the beginning.
Loyalty programs allow the accumulation and exchange of points for discounts on product. The CRA has ruled that, while a point could qualify for coupon treatment, the value of the points used on a retail purchase would not qualify for notional input tax credit treatment, but rather must be netted against the purchase price with GST charged on the net amount. Based on this approach, if the retailer had not netted the points on purchase, the retailer is out of pocket for the tax fraction of the coupon value because only the customer would be entitled to a refund of the tax overcharged. If accumulated points were instead exchanged by the customer for a coupon in physical format with a fixed dollar amount, the conditions of the statute appear to be met. However, defying all logic, the CRA has ruled that such a coupon must still be netted at the till.
Coupons that have a stated monetary value but that can be redeemed on both taxable and zero-rated or exempt products fare no better. The CRA believes that only coupons that identify a single, specific product are entitled to notional input tax credit treatment. The CRA will not rule on methodologies to extract from the retailer’s records the value of coupons that have only been used against the purchase of taxable products.
Recently, the CRA considered the status of plastic cards imprinted with an electronic fixed dollar amount. Such cards more commonly appear in stores on sale as gift certificates, and the legislation expressly states that gift certificates are not deemed to be tax-included. However, in certain circumstances, these cards are issued to customers free of charge in compensation for an unsatisfactory shopping experience. Based on CRA policy, free cards should be treated as coupons, but here again the CRA is refusing to rule in favour of the taxpayer.
From a vendor’s perspective, the denial of input tax credits after it has treated coupons as cash and collected and remitted tax on the gross sale amounts to unjust enrichment of the Treasury. The CRA is well aware that no customer would file for refund, yet continues to slant rulings against manufacturers and retailers. Registrants involved in coupon programs should expect to see these interpretations built into any new CRA policy, and should inquire as to the tax status of any coupon program in advance of its implementation.
From the News Desk of |
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Pension Funded Ratios Continue To Improve, Watson Wyatt Analysis Finds
Favourable investment markets have restored pension funding in Canada to the highest level in almost five years, according to an analysis by Watson Wyatt Worldwide.
For a typical pension plan, the pension funded ratio (the ratio of plan assets to plan liabilities) has increased to 98 percent at the end of first quarter of 2007 from 86 percent at the beginning of 2006, on a GAAP (Generally Accepted Accounting Principles) basis. The combination of rising stock markets and a modest increase in bond yields is largely responsible for the improvement.
"These improving funded ratios will be welcomed by CFOs," said Ian Markham, a senior consultant and director of pension innovation at Watson Wyatt. "Smaller deficits will mean a lesser impact on company balance sheets." Under proposed new accounting rules released on March 29, pension fund deficits will have to be reported directly on balance sheets by December 31, 2007, for most companies.
Just a few years ago pension plans were facing a much different situation. In 2002, stock markets and bond yields, which are used to determine liabilities, were falling. As a result, most pension funds saw a decline in their funding status.
Pension Funded Ratios at Highest Level in Nearly Five Years. *
* Assets invested in a growth portfolio (60% Equities, 40% Bonds); 50% of liabilities are for active members, and 50% for pensioners
"The big focus of plan sponsors in the last few years has been managing volatility in costs, and many have considered changes in plan design" said David Burke, retirement practice director of Watson Wyatt’s Canadian offices. "While this spotlight will continue, improvement in pension funding will give plan sponsors some room to pause for reflection and consider other aspects of their retirement decisions, including the human capital risks of altering plans."
About the Pension Barometer
The Pension Barometer reflects the combined impact of investment performance and interest rates on the funded ratio of a typical Canadian pension plan, measured on a GAAP accounting basis. Despite the correction in stock markets in February, this typical pension plan remains in a much improved position compared to the beginning of 2006.
Key messages are:
- Pension plans broadly held their own for three years after Canadian equity markets bottomed in September, 2002, but there has been a significant net improvement since December 2005.
- Since December 2005, aggressively invested funds (i.e. those with a higher commitment to equities) have fared better than more conservatively invested funds with a lesser commitment to equities. All have performed better than long term expectations.
- As a result, with interest rates little different at March 30, 2007 than they were at December 31, 2005, there has been a general improvement in funded ratios since January 1, 2006
- The funded ratio of the typical plan on an accounting basis, which was 86% at December 31, 2005 has improved to 98% at March 30, 2007.
From the News Desk of |
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Environmental and Corporate Social Responsibility Reporting
An Interview With Frank D’Andrea, Senior Manager,
Corporate Accounting – Hydro One.
What are the most significant challenges in reporting on the environment/corporate sustainability?
Inherently, one of the most difficult challenges in corporate sustainability reporting (CSR), is definitional, mostly because CSR has traditionally been viewed as being separate from a company’s primary business. The challenge is formidable because it requires a philosophical change in organizational thinking. Economic performance, environmental integrity and social contribution are interrelated, and must be linked to business strategy and decision analysis.
Some have argued that cost and information overload are barriers to reporting. While this is in part true, the underlying concern is in the diversity of reporting practices and views toward sustainability reporting. Unlike financial reporting, sustainability issues have an unavoidable subjective element with respect to social performance indicators. Thus, globally accepted reporting guidelines are necessary that are flexible and not overly burdensome and that would allow for comparison of performance among companies. Pivotal to this reporting framework is the development of objective performance measures.
What external accounting and reporting framework, if any, do you use and why?
At Hydro One, we support our industry’s environmental commitment and responsibility program, and believe that reporting on the efficiency with which we transmit and distribute electricity sends an important message to regulators, investors and customers.
For our external accounting and reporting framework, we look to reference provided by the Canadian Institute of Chartered Accountants (CICA) to guide our corporate disclosure on environmental, social and governance factors.
As a public issuer, we have mandatory reporting requirements and thus follow securities requirements with respect to disclosure in our management, discussion and analysis (MD & A). However, we view these as a minimum standard for disclosure and would supplant our reporting. As stewards of the Province’s massive and complex electricity transmission and delivery system, we need to manage our operations safely and responsibly, in a way that garners public trust. It is thus only fitting that we report back to our stakeholders in a meaningful way to demonstrate our commitment to them.
What are the benefits/shortcomings of the reporting framework, if any?
The difficulty in any CSR reporting framework is that, in part, some disclosures are voluntary. Further rigorous guidance is needed to allow for a common framework for disclosure, and to measure the extent to which material issues have been identified and addressed. Certainly, there have been significant developments in standardized sustainability reporting such as the Global Reporting Initiative guidelines. However, the guidelines are intended to help present a balanced a reasonable picture of CSR performance as well as promote comparability of sustainability reports. But they are not a code or a performance standard. The challenge lies in tying information on sustainability programs to the financial statements.
In your review, have there been any significant developments in environmental/sustainability reporting over the last few years?
There are been several significant developments in the CSR reporting area. The GRI Sustainability Reporting Guidelines represent one of the best approaches for achieving the goal of standardized sustainability reporting. The AA1000 Assurance Standard compliments the GRI reporting guidelines and other approaches to reporting CSR policies.
A number of non-authoritative sources are also available which allows companies to identify, manage and measure the CSR performance and in the end, report back to their stakeholders. The Corporate Responsibility Assessment Tool, developed by the Conference Board of Canada, and The Good Company Guidelines, developed by Canadian Business for Social Responsibility are two noteworthy examples.
Most recently, the National Round Table on the Environment and the Economy (NRTEE) launched its Capital Markets and Sustainability report. NRTEE recommends stronger links between sustainability factors and investment decisions, and notes that capital markets need to be better equipped with information and analytical tools, as well as incentives, to invest in a sustainable future.
Has the current environmental agenda, Kyoto, Canadian or US agenda, changed the way you think/act in reference to environmental issues?
Environmental agendas continue to dominate the media. As individuals, we cannot be taken aback by some of the strong messages we receive on our climate change. It is not surprising then that Al Gore’s current messaging on the climate and the environment makes us step back, and take to heart, what is happening all around us.
Just recently, Canada changed its own direction with respect to the Kyoto protocol, which dictated 6% reductions in Green House Gas (GHG) emissions from 1990 levels and all by 2012. Now, Canada will aim to reduce its heat-trapping emissions by 20% by 2020.
At Hydro One, we actively manage all of GHG emissions, and assess all of our programs and projects on how impact intensive they are on our environment. Committees of the Board monitor our compliance with applicable regulatory requirements, environmental legislation, and health and safety standards and policies. Environmental issues are part of our everyday thinking: we owe this to our customers, our shareholder and all of our business partners.
What more can the accounting bodies/institutes do to make the environmental/sustainability accounting and reporting more relevant, comprehensive and uniform across industries?
A major goal of the GRI is to improve the comparability, verifiability and consistency of social and environment reports. The accounting bodies/institutes need to take two critical steps to help achieve this. First, there needs to be an education outreach program for capital issuers to increase the understanding of CSR issues, and that should form part of the MD & A section of financial reports. The program should be consultative and involve governments, regulators, academics and other interested parties. The second step is to develop a meaningful platform for comparisons of criteria other than financial performance. While much guidance is available, the accounting bodies/institutes have the capability to develop uniform reporting metrics to enhance comparability and consistency.
Will your environmental/sustainability management change over the next few years, and if so, how and why?
Our environmental/sustainability management will not change in the future, as much as it will evolve to future regulatory and legislative changes imposed on our business, as well as be responsive to our key stakeholders in terms of what they expect from us.
From a reporting perspective, we will continue to monitor best practices in the area, and will be an active participant where opportunity arises to influence reporting guidelines.
The growth of sustainability reporting is likely to grow as stakeholders continue to demand corporate transparency, and is expected to intensify due to increasing pressures on global environment and social systems, as well as enhanced societal awareness of sustainability issues. At Hydro One, we are well positioned to meet the current and future sustainability information requirements of all our stakeholders.
Frank D’Andrea is member of the FEI Canada Committee on Corporate Reporting.
International News
A View from America: AS2 is dead, long live AS5 |
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Canadian filers also listed on US exchanges were given a much need break this month. On May 24, 2007, the Public Company Accounting Oversight Board (PCAOB) adopted Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements, to replace its much reviled internal control auditing standard, Auditing Standard No. 2.
Auditing Standard No. 2 has often been criticized as the culprit that prompted dramatic increases in audit fees for advanced filers in the US, as they scrambled to meet the CFO certification requirement of SOX 404. According to the PCAOB, Audit Standard No 5. has been designed to increase the likelihood that material weaknesses in internal control will be found before they result in material misstatement of a company’s financial statements, and, at the same time, eliminate procedures that are unnecessary. The final standard also focuses the auditor on the procedures necessary to perform a high quality audit that is tailored to the company’s facts and circumstances.
Some observers suggest that AS5 will have a significant impact on the way companies assess and report on their internal controls going forward, the extent of the internal control audit and ultimately, the overall audit cost and complexity. It has also been suggested that AS5 could go so far as to repair the creeping degeneration of the auditor-management relationship in the US, while at the same time maintaining auditor independence, and continuing to ensure that the best interests of the investor are upheld through a thorough and reasonable audit of internal controls.
Is AS5, really the panacea thus described, or alternatively, do we believe those that suggest nothing much will change? (i.e. Until auditors liability changes in the US, the auditors will continue to use a check-list approach to the internal control audit, management will continue to evaluate and maintain internal controls to facilitate the minimum audit requirements, more judgement in the audit will only lead to more acrimony, and ultimately, what goes up - as in audit fees, will not be coming down. )
Some evidence suggests that since the May 16th 2006 PCAOB guidance ( the original guidance that proposed the revisions to AS2, and hence the substance of AS5, ) seems to suggest that audit fees for 404 may already have come down somewhere between 10% and 25%.
From the News Desk of |
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CFOs Weigh in on Mergers and Acquisitions
Financial Executives Expect Moderate M&A Activity in Next 12 Months
Corporate marriages may be on the rise through the end of the decade, a new survey suggests. Twenty-seven percent of CFOs polled recently said they expect the number of corporate mergers and acquisitions (M&As) overall to increase in the next 12 months. In a follow-up survey, 48 percent of CFOs polled said they anticipate greater M&A activity in the next two to three years.
The surveys were developed by Robert Half Management Resources by an independent research firm and includes responses from 1,400 CFOs from a stratified random sample of U.S. companies with 20 or more employees.
CFOs were asked, "Do you think corporate merger and acquisition activity will increase, decrease or stay the same over the next 12 months?" Their responses:
| Increase significantly | 5% |
| Increase somewhat | 22% |
| No change | 65% |
| Decrease somewhat | 1% |
| Decrease significantly | 1% |
| Don’t know/no answer | 6% |
| 100% |
In a related survey, CFOs were asked, "Thinking about your industry, in the next two to three years, do you expect the amount of activity in the following to increase, decrease or stay the same?" Their responses:
| Increase | Decrease | Stay the same | Does not apply | Don’t know/no answer | |
| Mergers | 28% | 2% | 55% | 14% | 1% |
| Acquisitions | 20% | 2% | 60% | 16% | 2% |
| Consolidations | 13% | 2% | 66% | 18% | 1% |
| Initial public offerings | 8% | 3% | 57% | 30% | 2% |
| Publicly traded companies going private | 8% | 4% | 53% | 33% | 2% |
| Leveraged buyouts | 7% | 2% | 54% | 33% | 4% |
Among industries, the greatest amount of merger activity is expected to take place in the transportation and finance sectors in the next two to three years, according to executives polled. Forty-four percent and 42 percent of CFOs, respectively, in these industries said they expect merger activity to increase within the next few years.
Technical Summaries of International Financial Reporting Standards |
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As of 1 January 2007
Note: These summaries cover International Financial Reporting Standards, International Accounting Standards, and Interpretations issued on or before 1 January 2007.
Framework Summary
IASB has a conceptual framework underlying its financial reporting standards and interpretations, the Framework for the Preparation and Presentation of Financial Statements (the Framework). The Framework sets out the concepts that underlie the preparation and presentation of financial statements for external users.
IFRS and IASB Summaries
IASB publishes its Standards in a series of pronouncements called International Financial Reporting Standards (IFRSs). It has also adopted the body of Standards issued by the Board of the International Accounting Standards Committee (IASC). Those pronouncements continue to be designated "International Accounting Standards" (IASs). This section provides summaries of the Standards issued as at 1 January 2007.
Framework Summary
Framework for the Preparation and Presentation of Financial Statements
IASB Board Discussions – May 15 |
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The IASB met on May 15 to discuss:
- Post Employment Benefits:
- Financial Statement presentation:
- Conceptual Framework:
- IAS 37 Deliberations:
- Financial Instruments puttable at fair value and obligations arising on liquidation
- Update on IFRIC activities
- Annual improvements process
- Leases
- IFRS 2 Share-based payment
For a copy of the summary of Board decisions/discussions for May please see:
http://www.iasb.org/NR/rdonlyres/BA7CEE51-FC2D-4CE8-8D55-8E8BE8B29EA9/0/Upd0705.pdf
Please visit the FEI Canada IFRS resource centre at
http://www.feicanada.org/resources/feic_resources/ifrs.html
IFRS Resource Centre
In an effort to help our members stay up-to-date on IFRS developments, and to provide them with a central reference point for information on the conversion process, FEI Canada has begun an IFRS Resource Centre.
A work in progress, this section of the FEI Canada website will include recent announcements from the IASB and the AcSB, industry-specific overviews of the impact of IFRS, tools and other resources to use in the conversion process, and analysis of the conversion process from our strategic partners and other thought leaders in the area of IFRS.
The IFRS Resource Centre will be updated as new information becomes available. We also encourage you to pass along any information you may have come across that would be of use to your colleagues.
Your feedback on the site is greatly encouraged. As it grows, we anticipate that it will change and become more dynamic.
Please click here for the IFRS Resource Centre.
Please send any comments, suggestions and/or resources to dgraham@feicanada.org.