Commission staff working document - Accompanying document to the first Report to the European Securities Committee and to the European Parliament on convergence between International Financial Reporting Standards (IFRS) and third country national Generally Accepted Accounting Principles (GAAPs) {COM(2007) 405 final}
Date: 2007-07-06
Institutions: European Commission
Subjects: accounting, accounting system, capital market, financial market, information, international standard, report













EUR-Lex - 52007SC0968 - EN






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52007SC0968

Commission staff working document - Accompanying document to the first Report to the European Securities Committee and to the European Parliament on convergence between International Financial Reporting Standards (IFRS) and third country national Generally Accepted Accounting Principles (GAAPs) {COM(2007) 405 final}  /* SEC/2007/0968 final */  








[pic] | COMMISSION OF THE EUROPEAN COMMUNITIES |Brussels, 6.7.2007SEC(2007) 968COMMISSION STAFF WORKING DOCUMENT Accompanying document to theFIRST REPORT TO THE EUROPEAN SECURITIES COMMITTEE AND TO THE EUROPEAN PARLIAMENT on convergence between International Financial Reporting Standards (IFRS) and third country national Generally Accepted Accounting Principles (GAAPs) {COM(2007) 405 final}US GAAP ANNNEX 1SIGNIFICANT ISSUES ACCORDING TO CESR ADVICE[pic][pic][pic] OTHER ISSUES WHICH WERE NOT SIGNIFICANT OR NOT IDENTIFIED IN CESR ADVICE BUT ON WHICH THERE IS A CONVERGENCE PROJECT[pic] [pic]ANNEX 2[pic][pic][pic][pic][pic][pic]ANNEX 3:Implementation Plan for Incorporating IFRSs into Canadian GAAPCalendar of Implementation Goals (As of June 30, 2006)2006 • Expose definition of publicly accountable enterprises• Initial meetings with Canadian Securities Administrators to initiate dialogue about disclosure requirements for transition to IFRSs• Initial discussions with the SEC to determine if it will consider an exemption for comparative year financial information, similar to that provided for countries adopting IFRSs in 2005• Determine policy for what, if any, modifications can be made to an IFRS on adoption into Canadian GAAP• Consider treatment of Canadian standards that will have no IFRS equivalent at the changeoverStandards anticipated to be adoptedAccounting Changes* (effective January 1, 2007)Earnings per Share* (effective 2007)Financial Instruments — Disclosures* (effective October 1, 2007)* Standards anticipated to be adopted in substantially the same wording as IFRS counterpart2007 • Define criteria for assessment during Progress Review• Expose disclosures required prior to adoption• Determine basis for exposing existing IFRS for adoption into Canadian GAAPStandards anticipated to be adoptedBusiness Combinations* (effective January 1, 2009)Going Concern*Income Taxes* (effective 2008)Inventories* (effective July 1, 2007)Joint Ventures*Liabilities and Equity** Standards anticipated to be adopted in substantially the same wording as IFRS counterpart 2008 • Complete progress review• Announce changeover timing• Finalize disclosures required prior to adoption• Issue omnibus exposure draft of existing IFRSsStandards anticipated to be adoptedConsolidations*Government Grants*Internally Developed Intangible Assets*Fair Value Measurement** Standards anticipated to be adopted in substantially the same wording as IFRS counterpart2009 • Determine rules of procedure for the exposure of IFRS after changeover• Finalize process for translation to both official languagesStandards anticipated to be adopted beyond 2008Financial Statement Presentation*Impairment*Insurance Contracts*Research and Development Costs*Revenue Recognition** Standards anticipated to be adopted in substantially the same wording as IFRS counterpartSource: Accounting Standard Board of Canada