ifrs – get ready overview of ifrs resources available for academics gordon beal, ca principal,...

IFRS – Get Ready

Overview of IFRS Resources Available for Academics

Gordon Beal, CAPrincipal, Transition to International Standards,Canadian Institute of Chartered Accountants

McGraw-Hill RyersonMay 1, 2009

IFRS Resources Available for Academics

• The Changing Landscape of Canadian Standards

• Impact on CA Education

• IFRS Resources

• A Manageable Task!

• Questions?

• IFRS• Private Enterprise

GAAP• GAAP for Non-

Profits• Auditing Standards

The Changing Landscape ofCanadian Standards

Changing Landscape – IFRSGetting to the Other Side

• Individuals • Canadian Business• Academic Community• The CA Profession

2009-2011

Transition to IFRS – Current State

• Deferral and Denial?!?

• Economic situation…• Overwhelmed!• Where do we begin?




• IFRS Resources


• 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 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

Core Competency of CA Profession

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)


Elements of IFRS during transition

2007 Map for

2008 UFE

2008 Map for

2009 UFE2009 Map for


2011 UFE

Applies IFRS where essentially

replicated within current standards

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/ALevel B /

Limited Body of IFRSs*

Level A/ Full Body of

IFRSs*

Level A/ Full Body of IFRSs*

Compares / explains the differences

Level C Level B,CLevel A,B

Level C (nonroutine)

Level A,B

LevelC (nonroutine)

Impact on 2009 Uniform Final Exam (UFE)Level B unless otherwise noted

• 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)


Elements of IFRS during transition

2007 Map for

2008 UFE

2008 Map for



2011 UFE

Applies IFRS where essentially

replicated within current standards

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/ALevel B /

Limited Body of IFRSs*

Level A/ Full Body of

IFRSs*

Level A/ Full Body of IFRSs*

Compares / explains the differences

Level C Level B,CLevel A,B

Level C (nonroutine)

Level A,B

LevelC (nonroutine)

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 UFE2009 Map for 2010 UFE

2010 Map for 2011 UFE

Compare / explain the differences

Level C Level C N/A N/A

Applies CASs where

applicableN/A N/A Level A Level A




• IFRS Resources from CA Profession


• 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• Three CD’s

1. Introductory & intermediate topics

2. Advanced topics

3. IFRS Questions & Answers pack

• Third CD not available to students

• All subject to copyright

Web-based LearningE-Learning – Introduction to IFRS (FREE)

• An introduction for almost anyone starting their IFRS learning

• Four modules - Overview

- Brief comparison of IFRS and Cdn GAAP

- Disclosure

- Planning and Implementation

• A brief tour…

Resources and Publications

• Topic-specific• Introductory and advanced• Meeting a variety of user

needs • Downloadable or available

in hard-copy

Courses and Conferences

• CICA courses include:- IFRS Immersion Course – Part I (4-day)

- In-depth IFRS 1 Course: First-time adoption (3-day)

• Provincial Institute courses include:

- IFRS topic/standard-specific courses- Industry-focused IFRS courses- Range of new courses available Fall 09 (includes 1

day IFRS 1 course)

Courses and ConferencesCICA courses include:• 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:• Cdn GAAP-IFRS Comparison• IFRS - A Survey of the Standards (2-day)• IFRS - Financial Statement Presentation• Industry-focused workshops (1-day)

– Oil & Gas – Mining– Financial Institutions– Real Estate

Courses and ConferencesProvincial Institute Courses (cont’d):• Topic/standard-specific courses include:

– 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

www.cica.ca/IFRS

Website






• 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 Self-Study

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

http://www.cica.ca/IFRS










Others. . .?• Role specific resources

- Academics

- CFO, VP Finance, Controller

- Audit Committee members

- Investors

• Industry-specific resources- Oil & Gas

- Banking

- Real Estate

- Mining

- Manufacturing






• Questions?

Questions?

Gordon Beal, CAPrincipal,

Transition to International Standards,Canadian Institute of Chartered Accountants

Tel.: [email protected]

ifrs – get ready overview of ifrs resources available for academics gordon beal, ca principal,...

Documents

ca education ifrs resources

changing landscape ifrs

elements of ifrs

current standards level

uniform final exam ufe

c level

ca principal

ca candidates