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International Financial Reporting Standards
Resources and Tools
This section provides a library of IFRS-related publications, tools and other resources that we believe will help in understanding and using IFRS. While most will be relevant to all enterprises dealing with IFRS, some are tailored to a particular industry that faces special issues.
The items are organized by their focus:
A) Understanding IFRS
IFRS Briefing
KPMG ongoing Canada
Our IFRS newsletter is designed to keep you informed about IFRS news and developments occurring internationally and in Canada. It provides commentary on how IFRS will affect Canadian publicly accountable enterprises.
IFRS Conversion: Implications for CEO and CFO Certifications
KPMG April 2009 Canada
Successfully managing the transition to IFRS while maintaining effective disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR) will be a challenge. This publication focuses on some of the DC&P and ICFR issues that certifying officers of non-venture issuers should be considering during the various phases of IFRS transition.
IFRS compared to Canadian GAAP (Second Edition 2008/9)
KPMG December 2008 Canada
This publication is intended to assist you in understanding the significant differences between IFRS and Canadian GAAP.
New Accounting for Business Combinations and Non-controlling Interests
KPMG August 2008 Canada
The proposed new accounting standards for business combinations and non-controlling interests represent significant change from current Canadian standards.
IFRS: The quest for a global language
KPMG June 2007 UK
A range of senior industry, accounting and regulatory figures give their views on the implementation to date of International Financial Reporting Standards, and the challenges that lie ahead.
IFRS: An Overview
KPMG IFRG August 2009 International
An executive summary of the key requirements of IFRS.
IFRS compared to US GAAP
KPMG IFRG August 2009 International
This publication is intended to assist you in understanding the significant differences between IFRS and US GAAP. The free overview publication is an abridged version for easy reference.
IFRS in Brief / Briefing Sheets
KPMG IFRG ongoing International
KPMG's monthly newsletter and its supplements provide ongoing insights into developments in IFRS - new standards and interpretations, IASB and IFRIC meetings, and specific issues or requirements
Accounting Research Online
KPMG updated regularly International
KPMG's comprehensive library of accounting, auditing and financial reporting guidance and literature is available through annual subscription. Register for a 15-day free trial.
New on the Horizon
KPMG IFRG ongoing International
New on the Horizon publications consider the requirements of IASB Exposure Drafts. They include a discussion of the key elements of the proposed requirements and respective observations.
First Impressions
KPMG IFRG ongoing International
First Impressions are prepared for new standards or significant amendments to existing standards. These publications include a discussion of the key elements of the new requirements and highlight areas that may result in a change of practice.
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B) Making the transition to IFRS
The Clock is Ticking - Accounting for Taxes in Your IFRS Conversion Plan
KPMG January 2010 Canada
On Thursday, January 21, 2010, KPMG presented a webcast discussion on the implications of IFRS conversion on income taxes. Find out about some of the common IFRS conversion issues related to income taxes that many companies are facing today.
KPMG Webcast on IFRS ConversionThe impact of IFRS on systems and processes: what you need to know
KPMG December 2009 Canada
Preparing your company's systems and processes for IFRS and dual reporting can be a major challenge. Addressing the issue sooner rather than later can help save you time, money and frustration in the long run.
IFRS Now - The technology issue
KPMG October 2009 KPMG International
This issue discusses the effects of IFRS on IT systems and key considerations in the IFRS conversion process. Additionally, there is a discussion regarding the importance of including Internal Audit during the process.
Managing the Transition to IFRS: Positioning for success
KPMG September 2009 Canada
In the fifth publication in this series, we help you to evaluate your progress to date and determine what actions you should take and how quickly to do so. For those who appear to be moving more slowly, we emphasize the importance of undertaking a systematic and detailed analysis of the gaps between IFRS and Canadian GAAP.
The IFRS Journey to Readiness: Part 2
KPMG September 2009 Canada
In the midst of the global recession many Canadian publicly listed companies have made good headway in scoping and assessing the impact of converting to IFRS.
IFRS – Time to accelerate?
KPMG July 2009 Canada
If your company’s changeover project needs to be accelerated or changed, where should you focus your attention? This publication highlights some critical areas in which companies investing time now will reap dividends later, by mitigating risks throughout the transition process and taking pressure out of their “135-day crunch” in 2011.
The IFRS Journey to Readiness: Part 1
KPMG June 2009 Canada
Based on a KPMG survey of Canadian publicly accountable enterprises preparing for IFRS, this white paper investigates how prepared these companies feel. The first survey was conducted between December 2008 and February 2009. Financial professionals at 120 Canadian companies were asked to gauge what stage their company was at in their IFRS conversion projects.
Overseeing IFRS Transition – Implications for CEO/CFO control certifications
KPMG April 2009 Canada
Reprinted from the 2009-01 issue of Canadian Audit Committee Update, this article considers the audit committee's oversight of an enterprise's transition to IFRS and some of the questions that directors should be asking about the possible ramifications for the CEO and CFO certifications throughout this changeover.
Managing the Transition to IFRS: Moving forward
KPMG January 2009 Canada
In the fourth publication in this series, we review some factors to consider in deciding whether to move to IFRS on January 1, 2011 or to make an earlier changeover and, for SEC registrants, whether to report in US GAAP or IFRS. We also examine significant challenges for your changeover plans.
The Effects of IFRS on Information Systems
KPMG September 2008 Canada
IFRS conversion has posed a significant challenge to those organizations that have undertaken it in almost 100 countries worldwide. Many companies have found that, while their conversion initially appeared to be an accounting challenge, it quickly evolved into a multifaceted business initiative involving systems and processes, people and change management, and other business considerations.
IFRS Transition—What Audit Committees Should Be Asking
KPMG Audit Committee Institute June 2008 Canada
Reprinted from the 2008-01 issue of Canadian Audit Committee Update, this article considers the audit committee's oversight of an enterprise's transition to IFRS and some of the questions that directors should be asking.
Managing the Transition to IFRS: Clearing the path to 2011
KPMG April 2008 Canada
This publication addresses the possible changes the CSA is signalling and their potential impact, particularly on Canadian SEC registrants. It also focuses on how Canadian GAAP will change into IFRS and what enterprises should be doing to reach their end goal of "IFRS—business as usual"
The Transition to IFRS: The past need not be the future
KPMG Audit Committee Institute December 2007 Canada
Reprinted from the 2007-02 issue of Canadian Audit Committee Update, this article focuses on how audit committee members need to consider the changeover to IFRS from the perspective of current financial reporting, similarities and differences moving forward, and accounting policy choices available.
Managing the Transition to IFRS: Special considerations for SEC registrants
KPMG September 2007 Canada
This special supplemental publication in our IFRS series focuses on the options that SEC registrants have — whether to adopt US GAAP or IFRS as their primary basis of accounting and when to do so. It provides both questions to ask and insights to guide those decisions.
The Transition to IFRS: Implications for the Audit Committee
KPMG Audit Committee Institute June 2007 Canada
Reprinted from the 2007-01 issue of Canadian Audit Committee Update, this article considers Canada's upcoming transition to International Financial Reporting Standards from the perspective of the audit committee's role as well as the implications for the board and other board committees.
Managing the Transition to IFRS: The journey to 2011
KPMG May 2007 Canada
This publication focuses on the upcoming transition in Canada, its timing and how enterprises should be beginning to prepare. It describes what companies in Europe and Australia learned from their experience in 2005 and how our transition may be smoother in some ways but more challenging in others.
Canadian Accounting Standards Bulletins
Accounting Standards Board of Canada ongoing Canada
Bulletins elaborate on the strategy for publicly accountable enterprises, private companies and not-for-profit organizations.
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C) Applying IFRS
Accounting Research Online
KPMG updated regularly International
KPMG's comprehensive library of accounting, auditing and financial reporting guidance and literature is available through annual subscription. This service includes, in a searchable format, many publications listed below, including those only available for purchase. Register for a 15-day free trial.
Insights into IFRS: Practical guide to International Financial Reporting Standards (Sixth edition, 2009-10)
KPMG IFRG September 2009 International
Organized by topic and extensively cross-referenced to the individual standards, Insights into IFRS emphasizes the application of the standards in practice and explains KPMG’s views on many interpretive issues. It is based on questions that have arisen around the world and includes many illustrative examples to clarify the practical application of the standards that were in issue at 1 August 2009. Revised annually. (Purchase)
Illustrative Financial Statements
KPMG IFRG ongoing International
Intended to assist enterprises in preparing financial statements in accordance with IFRS, this series illustrates financial statements for a fictitious multi-national corporation.
Disclosure Checklists
KPMG IFRG ongoing International
By identifying the disclosures required, these publications are designed to assist you in preparing financial statements in accordance with IFRS.
IFRS Practice Issues
KPMG IFRG ongoing International
These publications address practical application issues that an entity may encounter when applying IFRSs. They may include discussion of selected requirements, interpretative guidance and illustrative examples.
IFRS Handbooks (purchase only)
KPMG IFRG ongoing International
These publications provide comprehensive analysis of a specific standard and addresses practical application issues that an entity could be expected to encounter within the standard. The Handbooks include extensive interpretative guidance.
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D) Industry-specific issues and analysis
Accounting under IFRS: Telecoms
KPMG January 2010 International
This publication addresses practical application issues that a telecom may encounter in applying IFRSs.
IFRS – Insurance Newsletter Issue 2
KPMG December 2009 International
IFRS – Insurance Newsletter Issue 1
KPMG November 2009 International
Impact of IFRS on the Banking Industry
KPMG November 2009 Canada
The Application of IFRS: Mining
KPMG November 2009 International
2009 Financial Statements of Canadian Banks
KPMG September 2009 Canada
Illustrative Financial Statements: Canadian Full Cost Oil and Gas Industry
KPMG March 2009 Canada
The Application of IFRS: Power and Utilities
KPMG December 2008 International
This publication is based on a review of consolidated financial statements of 25 power and utility companies from 16 countries.
IFRS and the Canadian Lottery and Gaming Industry
KPMG November 2008 Canada
Impact of IFRS on the Oil & Gas Industry
KPMG November 2008 Canada
Impact of IFRS on the Real Estate Industry
KPMG October 2008 Canada
Impact of IFRS on the Media Industry
KPMG October 2008 Canada
Impact of IFRS on the Communications Industry
KPMG October 2008 Canada
The Application of IFRS: Oil and Gas
KPMG October 2008 International
Impact of IFRS on the Energy Services Industry
KPMG October2008 Canada
Impact of IFRS on the Retail Industry
KPMG September 2008 Canada
Impact of IFRS on the Power and Utilities Industry
KPMG September 2008 Canada
Impact of IFRS on the Mining Industry
KPMG September 2008 Canada
IFRS and Canadian Property and Casualty Insurers
KPMG July 2008 Canada
IFRS and Canadian Life Insurers
KPMG July 2008 Canada
IFRS and the Canadian Software Industry
KPMG June 2008 Canada
IFRS and the Canadian Electronics Industry
KPMG June 2008 Canada
Assessing the Impact—Adoption of IFRS 6: Exploration for and Evaluation of Mineral Resources by Oil and Gas Companies
KPMG April 2007 International
Global Mining Reporting Survey
KPMG 2006 International
First Impressions: IFRS 6 Exploration for and Evaluation of Mineral Resources
KPMG 2006 International
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E) Article reprints
Prepare for IFRS Now
KPMG, December 2009, Canada
This article was originally published by the Financial Post on December 4, 2009.
Groundwork Laid for IFRS Conversion, KPMG Survey Reveals
KPMG, October 2009, Canada
This article was originally published in CAmagazine by the Canadian Institute of Chartered Accountants, Toronto in October, 2009. This article delves into the findings of a survey, conducted between June and July 2009, by KPMG LLP entitled The IFRS Journey to Readiness: Part 2.
Impact of IFRS on the Lottery and Gaming Industry
KPMG, March 2009, Canada
This article was originally published in Canadian Gaming Business in March 2009.
Converting IFRS in IT
KPMG, February 2009, Canada
This article was originally published in Canadian Underwriter in February 2009.
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