2013-04-12 AC Insights - Spring 2013

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AC Insights provides audit committee members with a summary of financial reporting developments for public companies using IFRS or US GAAP, how those developments might affect their companies and things they may want to think about.

In this IFRS edition, we outline the new standards that are applicable for Canadian public companies in the first quarter of 2013 and the publications we have published to assist companies in preparing their Q1 2013 interim financial reports. There were no new standards issued by the IASB during the first quarter of 2013 and the hedging standard has still not been issued. We also provide an update on the new revenue standard which is expected to be issued by the IASB in Q2 of 2013. This edition also outlines regulatory developments that have occurred during the most recently completed quarter.

AC Insights Spring 2013 – IFRS Edition (460 KB)
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In the US GAAP edition, we outline the accounting standards updates that were issued by the FASB to clarify or amend certain existing standards. The changes to the presentation and disclosure of reclassifications of amounts out of accumulated comprehensive income are expected to affect many companies. We also provide an update on the new revenue standard which is expected to be issued by the FASB in Q2 of 2013. This edition also outlines regulatory developments that have occurred during the most recently completed quarter.

AC Insights Spring 2013 – US GAAP Edition (469 KB)
Download the full PDF.

For more information on any topics, please speak to your PwC engagement team. Our Accounting Advisory Services team would be pleased to discuss with you how they may be able to help your company implement any new IFRS standards.