Financial Reporting Release, August 2013

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What’s new when it comes to Canadian public company financial reporting? It’s all a matter of perspective, because depending on who you ask, either nothing is new, or a lot is.

The IASB continues to work away on important projects, most jointly with the US—revenue, leases, impairments of loans and trade receivables, insurance contracts, fair valuing debt securities, and hedging.

The IASB has also not yet made significant progress in its efforts to become the world’s sole purveyor of global accounting standards. China, Japan, India and especially the US continue to resist the siren call of IFRS. Europe, the original and still the biggest user of IFRS, has announced it’s going to reconsider the terms of its relationship with IFRS.

Canada, after years of trying, may finally manage to bring rate-regulated enterprises within the scope of IFRS. Or not. But a proposal for a meaningful solution is at hand. Or is it? Has the IASB come up with the changes it’s been promising to rationalize and improve financial statement disclosures? It really does depend on how you look at things.

Specific topics in this issue include:

  • Towards a single global GAAP
  • IFRS in Canada
  • IFRS in the US
  • Towards global GAAP convergence
  • Fair value measurement
  • The conceptual framework
  • Disclosure
  • Auditor reporting
  • Enhancing audit quality

Download the full report to learn more.