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Will the IASB’s proposed new IFRS on Consolidated Financial Statements improve financial reporting in Canada? Share your views at a roundtable on Thursday, February 19, 2009. - The International Accounting Standards Board (IASB) has issued an Exposure Draft, “Consolidated Financial Statements,” for comment by March 20, 2009. The Exposure Draft proposes improvements to:
- the definition of “control” and its application to all entities — that is, entities in which a reporting entity holds voting rights, or through other arrangements, has the power to direct the activities of the entity to generate returns (for example, special purpose entities); and
- disclosures, including information about off-balance sheet entities.
The roundtable is an opportunity for interested parties who have reviewed and considered the application of the proposals in Canada to discuss their views with the AcSB Chair and staff. The AcSB is also pleased to announce that IASB staff involved in the development of the proposals, and some AcSB members, will attend the roundtable. The discussions will serve to make the IASB aware of Canadian views on this topic and assist the AcSB in developing an informed comment letter to the IASB. The roundtable will be held from 11.00-13.00 EST on Thursday, February 19, 2009 in Toronto. Arrangements can be made for some interested parties located outside of Toronto to participate. To participate in this roundtable, register by contacting Florita Dinglasan at florita.dinglasan@cica.ca or Marites Alvarez at marites.alvarez@cica.ca by Friday, February 13, 2009. When registering, please identify your organization and location. In case of oversubscription, the AcSB might need to limit attendance to one individual per organization. |