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Details

  • Service: Audit, KPMG Enterprise
  • Industry: International Financial Reporting Standards (IFRS)
  • Type: Business and industry issue, Regulatory update
  • Date: 12/11/2012

Focus on Financial Reporting – 2012 Annual Update 

 After many years of anticipation, the implementation of a new or revised financial reporting framework by Canadian entities is nearly complete. All Canadian organizations, with the exception of those that apply US GAAP, have adopted or will be adopting one of the five different financial reporting frameworks issued or approved by the Accounting Standards Board (AcSB) and the Public Sector Accounting Board (PSAB).

Going forward, Canadian organizations will have to focus on the changes to each of the financial reporting frameworks as the AcSB and PSAB continue to modify standards in order to achieve greater user relevance, and the IASB and FASB continue to work together in an attempt to converge significant standards.

 

Focus on Financial Reporting provides information to help boards of directors, audit committee members, corporate management, and other interested parties to identify and address recently released Canadian, International, and US regulatory and financial reporting developments that may affect their organizations.


In this edition:


  • Publicly Accountable Enterprises
    • Update on IFRS
    • Canadian Regulatory Developments Applicable to All Issuers
    • US GAAP Update & US Regulatory Developments
  • Private Enterprises
  • Not-for-Profit Organizations
  • Public Sector Enterprises
  • Pension Plans

The information in this edition of Focus on Financial Reporting is based on pronouncements released prior to November 15, 2012. For pronouncements released after this date, please refer to the official document in question, or contact your KPMG adviser.

 

 Contact Us

Robert G. Young

Robert G. Young

Partner, Department of Professional Practice, KPMG LLP

416-777-8338

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