Corporate Reporting to Stakeholders

Global Accounting Groups Commit to Sustainability Practices

2009-07-07T11:29:00.003-04:00

The Prince of Wales’ Accounting for Sustainability Forum has announced that its 16 global accounting body members have signed the Forum’s five sustainability principles. The forum claims this is the first time that a global group of accounting bodies has committed to a set of sustainability principles. Those principles promote “connected reporting” — reporting that connects an organization’s sustainability impacts with its financial performance more clearly and consistently — and commits participants to collaborative research and training in this area. The signatories include the Canadian Institute of Chartered Accountants (CICA) and the American Institute of Certified Public Accountants (AICPA). (Read the online article at Environmental Leader.)

Getting a global perspective of the accounting profession

2009-06-29T10:53:00.004-04:00

The Global Accounting Alliance (GAA) was formed in November 2005. It is an alliance of the world's leading professional accounting organizations, including the Canadian Institute of Chartered Accountants (CICA). The GAA was created to promote quality services, share information and collaborate on important international issues. As part of this effort, it publishes a bimonthly online journal to which its member organizations, including the CICA, contribute in-depth articles. Read the latest issue of Global Accounting Alliance online journal, including an article on fair value called When The Engine Overheats Don’t Blame The Oil Light by Paul Cherry, Past Chair of Canada’s Accounting Standards Board (AcSB) and Ian Hague, Principal, AcSB.

IFRS conversion creates investor relations opportunity

2009-06-29T09:03:00.000-04:00

Beginning in 2011, all publicly-accountable enterprises in Canada will make the transition to International Financial Reporting Standards (IFRS) – joining more than 100 countries that have already adopted or permit the use of these global standards. For Canadian investor relations (IR) officers, the transition represents an unprecedented communications opportunity. The IR team needs to be involved in order to develop a stakeholder communications plan. Read more in the May/June 2009 issue of the newsletter, IR Focus, published by the Canadian Investor Relations Institute (CIRI).

IASB proposes guidance on management commentary

2009-06-26T13:25:00.000-04:00

The International Accounting Standards Board (IASB) has published for public comment a proposed non-mandatory framework to help entities prepare and present a narrative report, often referred to as management commentary. (Read the IASB Press Release or View the Exposure Draft and Submit a Comment Letter.)

PwC Canada's newsletter on sustainability reporting

2009-06-26T12:39:00.003-04:00

PricewaterhouseCoopers (PwC) Canada has published its inaugural issue of Report Ability, a regular newsletter on sustainability reporting. The goal is to provide useful information to writers and readers of sustainability reports across Canada. (Read Report Ability - Spring 2009.)

IT & IFRS - The European Experience

2009-06-25T11:13:00.004-04:00

The Information Technology Advisory Committee (ITAC) of the Canadian Institute of Chartered Accountants (CICA) has begun producing The ITAC InfoCast. This is a series of podcasts that look at emerging technology issues that impact assurance professionals and the business community at large. The first of these podcasts is about IT&IFRS - The European Experience.

Reducing complexity in corporate reporting

2009-06-17T21:51:00.005-04:00

Two years ago, the UK Financial Reporting Council (FRC) launched a project to review the complexity and relevance of current corporate reporting requirements. Recently, it published Louder than Words: principles and actions for making corporate reports less complex and more relevant. According to the FRC, reporting should be more principle-based. In this regard, the discussion paper sets out a series of communication principles. (Read the FRC Press Release.)

World Congress of Accountants 2010

2009-06-17T21:25:00.002-04:00

The World Congress of Accountants 2010 will take place in Kuala Lumpur, Malaysia from November 8-11, 2010. It is anticipated that approximately 5,000 professional accountants, international regulators, standard setters, government officials and corporate leaders will attend. (For more information, visit the World Congress of Accountants website.)

IFRS Primer for Audit Committees

2009-06-11T12:29:00.001-04:00

The movement toward a single set of high-quality global accounting standards for use by public companies around the world continues to gather momentum through market forces, even with the current noncommittal stance on the US Securities and Exchange Commission (SEC) proposed IFRS Roadmap. Audit committees need to gain an understanding of IFRS and contemplate the company's readiness. A recent AICPA Audit Committee Brief poses questions the audit committee should consider itself and questions it should discuss with management.

Cloud computing starts to deliver for businesses

2009-06-11T11:32:00.003-04:00

Back in 1990, Bill Gates said that the PC industry would put information at people's fingertips. Nearly 20 years later, cloud computing is starting to deliver that promise. A growing list of big-name companies is bringing to the market hardware and software that open the door to the use of cloud computing to give businesses the information they need, when they need it and where they need it. (For more information, read the article "How Cloud Computing Will Change Business" in BusinessWeek.)

EFRAG - European Survey of Users’ Information Needs

2009-06-02T15:17:00.003-04:00

The European Financial Reporting Advisory Group (EFRAG), together with the national French standard-setter, has issued a report summarizing and analyzing the results of a recent survey of users of financial information. (The survey report is available on the EFRAG website.)

Canada - CSA Staff Notice 52-324 on IFRS changeover

2009-05-21T14:35:00.001-04:00

The Canadian Securities Administrators (CSA) has issued CSA Staff Notice 52-324 which addresses issues regarding the changeover to International Financial Reporting Standards (IFRS). The notice is an update on: use of IFRS by a domestic issuer for periods beginning prior to January 1, 2011; requirements for interim financial statements in the year of IFRS adoption; and reference to IFRS and Canadian GAAP. (Read the CSA Notice 52-324.)

KPMG - Canadian Audit Committee Update 2009

2009-05-06T08:34:00.003-04:00

KPMG has published Canadian Audit Committee Update 2009. Two feature articles discuss current issues. The first article, Current Issues Dominating the Audit Committee Agenda, highlights critical areas — managing through the current economic challenges, the nature of oversight today, overseeing risk and the changing governance landscape. The second article, Audit Committee Evolving Issues focuses on the intersection of two complex processes for management — maintaining effective disclosure controls and procedures, and internal control over financial reporting, while successfully managing the changeover to IFRS. This publication also provides an overview of recent accounting and regulatory changes, enabling audit committee members to identify changes that may affect a company’s financial reporting and to prepare to ask management about their impact.

Canada - Transition to International Financial Reporting Standards

2009-05-04T09:18:00.000-04:00

Regarding the transition to International Financial Reporting Standards (IFRS), Canada's Accounting Standards Board (AcSB) has reviewed the comments received at the roundtable that took place on April 20, 2009 in Montreal. After considering the input received about the challenges of adopting IFRS, the AcSB concluded that there were no compelling arguments that would require delaying the changeover date. It reconfirmed that Canadian GAAP for publicly accountable enterprises will be IFRS for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. (Read the Accounting Standards Board Decision Summary - April 29, 2009.)

2009 Financial Reporting in Canada Under IFRS

2009-05-04T09:15:00.001-04:00

The Canadian Institute of Chartered Accountants (CICA) has recently published 2009 Financial Reporting in Canada Under IFRS. This publication (1,248 pages) aims to help preparers of financial statements, as well practitioners and students, obtain a better understanding of International Financial Reporting Standards (IFRS). It looks at IFRS from a Canadian perspective by examining and explaining IFRS requirements. It illustrates their application using extracts from financial statements of companies that have already adopted IFRS and discussing how those requirements differ under Canadian GAAP.

XBRL US issues interactive data tags for 2009

2009-04-27T11:35:00.004-04:00

XBRL US has published the 2009 edition of the interactive data tags that the Securities and Exchange Commission will accept for coding financial statements in accordance with US generally accepted accounting principles. The “digital dictionary” of interactive tags uses Extensible Business Reporting Language, or XBRL, technology. (View the XBRL taxonomies online.)

Enhancing Our Commitment to a Sustainable Future: 2009 Progress Report

2009-04-24T10:35:00.002-04:00

On Earth Day, 77 Chief Executive Officers from leading Uinted States companies cited their personal and corporate commitments to sustainable business practices in Business Roundtable’s Enhancing Our Commitment to a Sustainable Future: 2009 Progress Report. From developing new energy-efficient technologies to providing safe clean water sources in developing nations to creating business solutions that reduce customers’ and suppliers carbon footprints, Business Roundtable member companies are addressing a vast range of environmental, social and economic issues to help make the world more sustainable. (Listen to what CEOs are doing to support sustainable growth.)

PwC - 11 Reporting Tips

2009-04-21T15:01:00.002-04:00

According to PricewaterhouseCoopers (PwC), there are 11 simple actions to make corporate reporting more accessible and effective, which is crucial in the current environment. PwC has updated the publication 11 Reporting Tips and added real examples to show how each tip might be implemented in practice. There are also quotes from investors explaining what they want from company reporting. (For more information, visit the PwC website.)

Responding to allegations of corporate wrongdoing

2009-04-21T14:01:00.004-04:00

Most companies face issues relating to corporate wrongdoing at one time or another. The CICA publication 20 Questions Directors Should Ask about Responding to Allegations of Corporate Wrongdoing provides questions a director should ask about the company's response to allegations of corporate wrongdoing. In addition, the document relates a number of public examples of corporations which have faced allegations of corporate wrongdoing and dealt with them with varying degrees of success. (Read the CICA Media Release.)

Canada - Webinar on IFRS 1

2009-04-20T11:13:00.002-04:00

Recognizing the significant effort needed to make the transition to International Financial Reporting Standards (IFRS), IFRS 1 was developed to help first-time adopters. A free webinar will be held on April 27, 2009 at 12:30pm to provide an overview of IFRS 1, including choices available and how they may impact the financial statements. The speakers will provide perspectives on IFRS 1 in practice – application of the rules and insights relevant to the Canadian environment. Communication is important throughout the transition process and so the session will also review relevant MD&A disclosure leading up to the changeover. The webinar series is made available by the Canadian Institute of Chartered Accountants (CICA) and is open to everyone. (Register for the Report on Industry free webinar and also access the archives of the webinar series.)

XBRL Canada Webinar on XBRL and IFRS

2009-04-14T14:30:00.003-04:00

XBRL Canada will host an interactive webinar April 15, 2009 to discuss the impact of XBRL and IFRS adoption on the regulatory environment for Canadian companies as seen by the Securities and Exchange Commission (SEC) and the Canadian Securities Administrators (CSA). There is no charge for this event. For more information, read the CICA Media Release or visit the XBRL Canada Blog.

IT risk, IFRS and XBRL top concerns for internal audit

2009-04-14T08:34:00.002-04:00

Gaining a better understanding of IT risk, International Financial Reporting Standards (IFRS) and extensible business reporting language (XBRL) top the "to do" list for internal audit executives this year, according to the 2009 Internal Audit Capabilities and Needs Survey conducted by Protiviti, a global business consulting and internal audit firm. The survey also shows information security is on the top concerns list, but indicates that internal auditors are becoming more comfortable with the data security and privacy measures companies are implementing.

O'Malley appointed Chair of Canada’s Accounting Standards Board

2009-04-13T11:06:00.001-04:00

Patricia O'Malley, FCA, will take over as Chair of Canada’s Accounting Standards Board (AcSB) effective June 2009. She had served as Chair of the AcSB from October 1999 until her appointment to the International Accounting Standards Board (IASB) in January 2001. In June 2007, on completion of her term on the IASB, she became the IASB's Director of Implementation Activities, managing IFRIC Interpretations and improvements projects. (Read the Announcement.)

Guide to IFRS in Canada - 2009

2009-04-13T10:50:00.000-04:00

The 2009 edition of The CICA's Guide to IFRS in Canada is now available. This reference guide provides an overview of the key aspects of the adoption of IFRS. Included in the guide is a comparison of Canadian standards to the related IFRS, as at July 31, 2008. The comparison highlights the key differences and notes any work in process that may affect the standard in thefuture. The comparison is organized in the order of the current Canadian standards. A table of IFRS in numerical order, cross-referenced to the CICA Handbook, and a table of IFRS with no current Canadian GAAP equivalents are also included. The guide contains helpful information on effects of the adoption of IFRS and implementation tips.

IASC Foundation issues IFRS Taxonomy 2009

2009-04-07T15:36:00.000-04:00

The International Accounting Standards Committee (IASC) Foundation has released the IFRS Taxonomy 2009 and published the Due Process Handbook for XBRL Activities for public comments. (Read the Press Release.)