Australia. Parliament. Joint Committee of Public Accounts and Audit, author, issuing body

AICPA

AICPA

Wulf, Inge

The apex court has pulled up ex-Army chief V K Singh for his comments on its verdict.

Interview with John W Epling, MD, MSEd, Task Force member and co-author of Preexposure Prophylaxis for the Prevention of HIV Infection: US Preventive Services Task Force Recommendation Statement

CCH IFRS Webinar Series 2008 - Seminar 5

Significant differences can be expected in general financial statement presentation, as a result of the adoption of IFRS into Canadian GAAP. Such differences will include changes in both the presentation of a company’s balance sheet and income statement, such as differences in the nature of components presented, current and non-current classifications, presentation of line items, and required disclosures. Such changes will impact a company’s traditional key performance measures and ratios, and provide investors with new types of information. Typically, annual financial statements prepared under IFRS will be considerably longer than those prepared under previous rules, entailing considerably more disclosures. A thorough and early understanding of the impacts adoption of IFRS will have on financial statement presentation will be essential for managing stakeholder relations during and after the transition to IFRS. 

New rules for financial statement users

With the transition to International Financial Reporting Standards in Canada, accountants, financial analysts and advisors, corporate finance professionals, institutional and individual investors and other financial statement users will need to re-educate themselves in understanding and interpreting financial statements issued by public companies.

Under IFRS traditional performance measures such as key financial ratios or income measures have the potential to change simply due to changes in accounting figures. In the UK for example, when their transition to IFRS occurred, some companies went from a profit to a loss position and vice versa, simply due to changes in accounting rules, rather than performance.

Description and explanation of how financial statements will change under IFRS

IFRS Literacy: Understanding the New Financial Statements provides a description and explanation of how financial statements will change under IFRS, along with valuable expert analysis and insight into true financial statement literacy in the post-IFRS transition market. The content of this work focuses on practical application and analysis of IFRS-based statements, drawing upon actual examples from both the Canadian and international financial markets. In its electronic subscription format, this content is updatable and fully searchable.

IFRS Impact highlights key differences under previous Canadian GAAP

Each chapter includes highlighted comments on the impact of IFRS on particular financial statement items. This commentary feature highlights key differences of financial statements prepared under IFRS from those issued under previous Canadian GAAP, noting common changes in accounting policies, amounts, disclosures and presentation. Extracts from published financial statements illustrate these differences.

Unique Canadian perspective for Canadian readers

IFRS Literacy: Understanding the New Financial Statements provides a unique Canadian perspective for Canadian readers, and is designed to appeal to a broad cross-section of financial statement users, including accountants, financial analysts and advisors, corporate finance professionals, and institutional and individual investors.

Topical coverage includes:

• Basic Building Blocks of Financial Statements
• Values and Limitations of Key Performance Ratios
• Assessing Risk and Measurement Uncertainties
• Management’s Discussion and Analysis (MD&A)
• Identifying "good" companies and fairly-priced stocks
• Specific impacts of transition to IFRS

About the Author

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