IFRS – Get Ready
McGraw-Hill Ryerson
May 1, 2009
Overview of IFRS Resources
Available for Academics
Gordon Beal, CA
Principal, Transition to International Standards,
Canadian Institute of Chartered Accountants
IFRS Resources Available for Academics
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The Changing Landscape of Canadian Standards
Impact on CA Education
IFRS Resources
A Manageable Task!
Questions?
IFRS Resources Available for Academics
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The Changing Landscape of Canadian Standards
Impact on CA Education
IFRS Resources
A Manageable Task!
Questions?
The Changing Landscape of
Canadian Standards
• IFRS
• Private Enterprise
GAAP
• GAAP for NonProfits
• Auditing Standards
Changing Landscape – IFRS
Getting to the Other Side
2009-2011
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Individuals
Canadian Business
Academic Community
The CA Profession
Transition to IFRS – Current State
• Deferral and
Denial?!?
• Economic situation…
• Overwhelmed!
• Where do we begin?
IFRS Resources Available for Academics
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The Changing Landscape of Canadian Standards
Impact on CA Education
IFRS Resources
A Manageable Task!
Questions?
Impact on Education
• Core Competency of
CAs
• Impact on Uniform Final
Exam (UFE)
• Regional Delivery
System
• Impact on Curriculum
• For YOU from the CA
Profession
Core Competency of CA Profession
• Core to the
• All CAs are expected to have an entry-level capability in
performance measurement (including financial reporting)
and assurance
• Whether students are working in a publicly accountable
enterprise environment or private enterprise environment or
public sector
• Students now in university/college will write professional
exams in 2009 and beyond with an increasing expectation
of knowledge and application of international standards
Impact on Uniform Final Exam (UFE)
Normal circumstances: circumstances where:
The entity, situation, event or transaction is of a size or degree of complexity likely to
be encountered by an entry-level CA, and
• The entity is a business in the private sector, formed as a proprietorship, as a
partnership, as a private corporation; or
• The entity is a small public corporation, or a division of a large public
corporation; or
• The entity is in the public sector or is a not-for-profit organization or a division of
either; or
• The entity is an individual
For qualification purposes, CA candidates are expected to demonstrate specified
levels of proficiency in normal circumstances. Proficiency levels that are assigned
to the competencies in this document set out what should be reasonably expected
of the entry-level CA candidate at the point of writing the UFE.
Impact on Uniform Final Exam (UFE)
Impact on Uniform Final Exam (UFE)
2008 Map for
2009 Map for
2010 Map for
2008 UFE
2009 UFE
2010 UFE
2011 UFE
Level A
Level A
Level A
Level A
The IFRS Conceptual
Framework
N/A
Level A
Level A
Level A
Applies the IFRSs NOT
essentially
replicated
N/A
Level B /
Limited Body of
IFRSs*
Level A/
Full Body of
IFRSs*
Level A/
Full Body
of IFRSs*
Elements of IFRS
during transition
Applies IFRS where
essentially
replicated within
current standards
Compares / explains
the differences
2007 Map for
Level C
Level A,B
Level A,B
Level C (nonroutine)
LevelC (nonroutine)
Level B,C
Impact on 2009 Uniform Final Exam (UFE)
Level B unless otherwise noted
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IAS 1 – Presentation of financial statements
IAS 2 – Inventories (level A for converged portion)
IAS 7 – Cash flow statements
IAS 8 – Accounting policies, changes in accounting estimates and errors
IAS 10 – Events after the balance sheet date
IAS 16 – PP&E (revaluations method – level C)
IAS 18 – Revenue
IAS 23 – Borrowing costs
IAS 36 – Impairment of assets (goodwill – level C)
IAS 38 – Intangible assets (goodwill – level C)
Impact on Uniform Final Exam (UFE)
2008 Map for
2009 Map for
2010 Map for
2008 UFE
2009 UFE
2010 UFE
2011 UFE
Level A
Level A
Level A
Level A
The IFRS Conceptual
Framework
N/A
Level A
Level A
Level A
Applies the IFRSs NOT
essentially
replicated
N/A
Level B /
Limited Body of
IFRSs*
Level A/
Full Body of
IFRSs*
Level A/
Full Body
of IFRSs*
Elements of IFRS
during transition
Applies IFRS where
essentially
replicated within
current standards
Compares / explains
the differences
2007 Map for
Level C
Level A,B
Level A,B
Level C (nonroutine)
LevelC (nonroutine)
Level B,C
For Further Understanding . . .
Impact on Regional Delivery Systems
• CA development is about learning and development
through our regional education programs
– UFE is the ultimate ‘summative evaluation’ for certification
– The UFE will NOT test everything
• CA development through regional programs includes
‘formative’ assessment as CA students progress
• CASB, ASCA, OSA and PEP all have signed off – will do
their part
– To supplement the preparedness of students graduating in any
one year and to prepare them for the CA profession
Impact on Curriculum
• A Changing Landscape of Canadian Standards in a
changing world
- IFRS is becoming THE international standard
- Private enterprise GAAP is going to continue
• Opportunity to refresh course content
- Teach fundamental concepts
- Introduce international perspectives into curricula
• Broaden students minds beyond standards compliance
- Teaching how to make judgements
• Preparing students for a new future…today!
Last point - Impact of CASs on UFE
Elements of ISAs
during
transition
2007 Map for
2008 UFE
2008 Map for
2009 Map for
2010 Map for
2009 UFE
2010 UFE
2011 UFE
Compare / explain
the differences
Level C
Level C
N/A
N/A
Applies CASs
where
applicable
N/A
N/A
Level A
Level A
IFRS Resources Available for Academics
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The Changing Landscape of Canadian Standards
Impact on CA Education
IFRS Resources from CA Profession
A Manageable Task!
Questions?
IFRS Resources from CA Profession
• Teaching Supplements
• Web-based Learning
• Resources /
Publications
• Courses / Conferences
• Transition Website
IFRS Teaching Supplements
• Deloitte, Ernst & Young,
KPMG,
PricewaterhouseCoopers
• Teaching support for next
two years
• Highlighting impact of
IFRS on each topic
• Free of charge To ALL
academics
IFRS Teaching Supplements
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Three CD’s
1.
2.
3.
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Introductory & intermediate
topics
Advanced topics
IFRS Questions & Answers
pack
Third CD not available to
students
All subject to copyright
Web-based Learning
E-Learning – Introduction to IFRS (FREE)
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An introduction for almost
anyone starting their IFRS
learning
Four modules
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Overview
Brief comparison of IFRS and
Cdn GAAP
Disclosure
Planning and Implementation
A brief tour…
Resources and Publications
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Topic-specific
Introductory and advanced
Meeting a variety of user
needs
Downloadable or available
in hard-copy
Courses and Conferences
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CICA courses include:
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IFRS Immersion Course – Part I (4-day)
In-depth IFRS 1 Course: First-time adoption (3-day)
Provincial Institute courses include:
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IFRS topic/standard-specific courses
Industry-focused IFRS courses
Range of new courses available Fall 09 (includes 1 day
IFRS 1 course)
Courses and Conferences
CICA courses include:
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IFRS Immersion Course – Part I (4-day)
Transition to IFRS - IFRS 1 Course - First-time adoption (3-day)
Introduction of IFRS: Implications for Cdn Business (Free e-learning)
IFRS Immersion Course – Part II (coming soon)
Provincial Institute courses include:
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Cdn GAAP-IFRS Comparison
IFRS - A Survey of the Standards (2-day)
IFRS - Financial Statement Presentation
Industry-focused workshops (1-day)
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Oil & Gas
Mining
Financial Institutions
Real Estate
Courses and Conferences
Provincial Institute Courses (cont’d):
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Topic/standard-specific courses include:
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Revenue
Property, Plant & Equipment
Impairment of Assets and Intangible Assets
Provisions and Contingencies
Income Taxes
Financial Instruments
IFRS 1 - First-time adoption
Employee Benefits & Stock Compensation
Business Combinations and Consolidations
For more information and to register for IFRS courses and events go to
http://www.cica.ca/ifrseducation
Website
www.cica.ca/IFRS
Website
www.cica.ca/IFRS
IFRS Resources Available for Academics
•
•
•
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•
The Changing Landscape of Canadian Standards
Impact on CA Education
IFRS Resources from CA Profession
A Manageable Task!
Questions?
A Manageable Task!
• What can you do?
• Others
- For the Beginner
- For the Intermediate
- For the Advanced
• No matter what their role
• We can do This!
What can you do?
Become Aware
www.cica.ca/IFRS
CICA Guide to IFRS in Canada
AcSB bulletins
CICA E-learning – Free Introduction to IFRS
CAAA 2008 session videos
Attend One or More
In-Person Training
Opportunities
PICA Offerings
CICA Offerings
CAAA / AAA Education Sessions
www.cica.ca/IFRS
Plan & Implement SelfStudy
Exposure Draft
Your favorite reference text/publications
CICA E-Learning
www.cica.ca/IFRS
Ongoing Support
Financial Reporting in Canada under IFRS
Firm materials
Potential CICA IFRS newsletter / blog
AAA Commons
www.cica.ca/IFRS
Augment the curriculum
CA Profession Teaching Supplements
Financial Reporting in Canada under IFRS
CAAA Education Sessions
AAA Commons
UFE Candidate Competency Map 2009
www.cica.ca/IFRS
Others. . .?
• Role specific resources
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Academics
CFO, VP Finance, Controller
Audit Committee members
Investors
• Industry-specific resources
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Oil & Gas
Banking
Real Estate
Mining
- Manufacturing
IFRS Resources Available for Academics
•
•
•
•
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The Changing Landscape of Canadian Standards
Impact on CA Education
IFRS Resources from CA Profession
A Manageable Task!
Questions?
Questions?
Gordon Beal, CA
Principal,
Transition to International Standards,
Canadian Institute of Chartered Accountants
Tel.: 416-204-3432
gord.beal@cica.ca