For Canadian public entities, 2013 will be the first year that entities will be adopting a significant round of changes to IFRSs since adopting IFRS in 2011. New standards become effective for consolidation of subsidiaries, accounting for joint arrangements, disclosures about interests in other entities and measurement and disclosures about fair values. In addition, amendments have been made to several standards including the accounting for employee benefits and disclosures about offsetting of financial instruments. Complying with the requirements for reporting these changes in interim financial statements is proving to be deceptively challenging.
Attached is our publication which addresses some of the challenges in preparing interim financial reports for the first quarter of 2013. In this publication, we: