IFRS- coming soon! Paul Cherry Chair Accounting Standards Board.

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Presentation transcript:

IFRS- coming soon! Paul Cherry Chair Accounting Standards Board

2 The Decision Process 2 Invitations to Comment: Numerous roundtables across Canada Public meetings with Oversight Council AcSB implementation plan: Jan/06 Posted on web; comments invited Transition date 2011 Transition date confirmed: March/08 Progress review Roundtables Public meeting with AcSOC

3 Why Change? Improve access & reduce costs of capital Reflects globalization of capital markets Canada < 3% of global market Make Canada more attractive to foreigners Facilitate financial reporting External reporting Internal reporting

4 Who Is Affected Mandatory: If publicly accountable and profit-oriented Optional: Private profit-oriented Not-for-profit Prohibited: Pension plans

5 Definition of “Publicly Accountable” Securities currently outstanding & traded in a public market as defined in s. 1300; or Hold financial assets as fiduciary to a broad group of outsiders Not incidental to your business More precise than the definition in the Omnibus ED issued earlier in 2008

6 Crucial Dates Date of transition: beginning of earliest period presented in first IFRS F/S Eg., 1/1/2010 for Dec 31 y/e Need a full IFRS opening B/S Affects interim reports, too Ie, you must be fully IFRS compliant in Q1

7 IFRS-1, First-time Adoption Some once-in-a lifetime choices ED of amendments to IFRS 1 [Sept 25/08] Full cost method Rate – regulated operations

8 What You Need to Do In-depth IFRS training; Individual implementation plans MD&A disclosures Monitor active IASB projects

9 Early Adoption In 2009, only with CSA approval: Must demonstrate you are ready A few companies have already got approval “IFRS per IASB” since not yet Cdn GAAP In 2010: when all IFRSs have been incorporated into Canadian HB

10 Will the US Adopt IFRS ? SEC accepts IFRS for foreign companies No reconciliation to US GAAP [2007] FASB/IASB MOU updated [2008] SEC proposal to require IFRS [Sept 08] Optional for certain large filers 2010 Mandatory: phase-in “Roadmap” to be published later this month?

11 The Current Credit Crisis Fair value measurement Major changes unlikely re when to use FV More implementation guidance is needed Enhanced disclosures- ED issued FASB proposals Elimination of “Qs”: delayed 1 year Adding qualitative criteria to FIN-46R IASB revising IAS 27/SIC 12

12 Status Report “On track” for 2011 Current market conditions are an unexpected challenge But no reason to alter our strategy US is committed to convergence But timing may slow down Our strategy makes sense whatever US does

13 Next Steps for the AcSB Second “mini” omnibus ED Incorporates subsequent changes in IFRSs Preface with general explanatory material Revised definition of “publicly accountable”

14 Questions?