IFRS Get Ready Mc Graw-Hill Ryerson May

IFRS – Get Ready Mc. Graw-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 • • • The Changing Landscape of Canadian Standards Impact on CA Education IFRS Resources A Manageable Task! Questions?

IFRS Resources Available for Academics • • • 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 Non. Profits • Auditing Standards

Changing Landscape – IFRS Getting to the Other Side 2009 -2011 • • 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 • • • 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) Elements of IFRS during transition Applies IFRS where essentially replicated within current standards The IFRS Conceptual Framework Applies the IFRSs NOT essentially replicated Compares / explains the differences 2007 Map for 2008 Map for 2009 Map for 2010 UFE 2010 Map for 2008 UFE 2009 UFE 2011 UFE Level A Level A N/A Level B / Limited Body of IFRSs* Level A/ Full Body of IFRSs* Level A, B Level C (nonroutine) Level B, C

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)

Impact on Uniform Final Exam (UFE) Elements of IFRS during transition Applies IFRS where essentially replicated within current standards The IFRS Conceptual Framework Applies the IFRSs NOT essentially replicated Compares / explains the differences 2007 Map for 2008 Map for 2009 Map for 2010 UFE 2010 Map for 2008 UFE 2009 UFE 2011 UFE Level A Level A N/A Level B / Limited Body of IFRSs* Level A/ Full Body of IFRSs* Level A, B Level C (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 N/A Applies CASs where applicable N/A Level A

IFRS Resources Available for Academics • • • 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, Pricewaterhouse. Coopers • 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. 2. 3. • • 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) • • 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 Conferences CICA 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 Conferences Provincial 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

Website www. cica. ca/IFRS

Website www. cica. ca/IFRS

IFRS Resources Available for Academics • • • 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 Ac. SB bulletins CICA E-learning – Free Introduction to IFRS CAAA 2008 session videos Attend One or More In-Person Training Opportunities PICA 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

Others. . . ? • Role specific resources - Academics CFO, VP Finance, Controller Audit Committee members Investors • Industry-specific resources - Oil & Gas Banking Real Estate Mining Manufacturing

IFRS Resources Available for Academics • • • 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