Accounting Standards: - PowerPoint PPT Presentation

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  1. Accounting Standards: New Directions

  2. The Current Situation in Canada

  3. Accounting Standards Oversight Council

  4. Now GAAP Requirements # of Entities

  5. Access to Accounting Resources

  6. New Strategic Directions

  7. New Strategy • Public companies • Cdn GAAP = International standards • lengthy transition period ( 5 years, possibly longer) • Private companies • Comprehensive re-examination of financial reporting model based on user needs

  8. Timeline : public companies • Detailed AcSB work plan June 06 • Checkpoint review Apr-Sept 08 • Changeover to IFRS April 2011???

  9. Private Companies • Research underway on users & user needs • Internal vs external users • “significant” external users • “exempt” entities • First phase to be completed Sept 06 • International developments • AICPA/FASB • IASB SME project

  10. One scenario ? GAAP Requirements # of Entities

  11. Another Scenario GAAP Requirements Capitalization of Entities

  12. Communications • Ongoing communication is critical • Detailed implementation plans to be published on the website • Communications program targeting key messages and key stakeholder groups • Research program will involve contacts with many in the private business sector

  13. Responding to Standards Overload • AcSB is slowing pace of change • Delayed effective dates • Financial instruments • More implementation guidance? • More co-ordination among standard setters, regulators and others

  14. QUESTIONS??www.acsbcanada.org