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Program Agenda: Conference Day One
Tuesday, September 29, 2009
| 8:00 - 8:50 |
Registration and Continental Breakfast |
8:00 - 8:50 |
8:50 - 9:00
Welcome and Opening Remarks from the Chair
Chris Boland, CA, CMA, Boland Professional Corporation; former General Manager, Finance, Canada Post Corporation
9:00 - 10:00
Regulatory Update
Canadian Accounting Standards Board Update: Key Issues That Will Impact You over the Next Year
Ian Hague, Principal, Accounting Standards Board of Canada
- Latest developments regarding IFRS adoption
- Other key AcSB activities
- Matters to consider on changeover to IFRS
- Tackling the moving target of IFRS
| 10:00 - 10:10 |
Networking Break |
10:00 - 10:10 |
10:10 - 11:00
Canadian Securities Regulatory Update: OSC, ASC, and Autorité des marchés financiers du Québec (AMF)
Marion Kirsh, Associate Chief Accountant, Ontario Securities Commission
Fred Snell, Chief Accountant, Alberta Securities Commission
Sylvie Anctil-Bavas, Chief Accountant, Autorité des marchés financiers du Québec
- Recent updates from the CSA
- Panel discussion between OSC, ASC, and AMF
- Regulatory perspectives on changeover to IFRS
- Current developments and latest IFRS considerations
- Tips and strategies from the regulators
11:00 - 12:00
Securities Exchange Commission Regulatory Update
Andrew Macartney, Partner, National Office, SEC Services Group, Deloitte & Touche LLP
- SEC initiatives
- turmoil in the markets
- IFRS
- technology
- industry and other
- division of corporation finance
- Rules and regulations
- Foreign Issuer Reporting Enhancements (FIRE)
- Frequent SEC comments
| 12:00 - 1:00 |
Luncheon Break |
12:00 - 1:00 |
1:00 - 2:00
Recent IASB Developments and Their Implications
Ian Hague, Principal, Accounting Standards Board of Canada
Karen McCardle, Principal, Accounting Standards Board of Canada
- Overview of the proposed changes to CICA Handbook Sections 1581, Business Combinations, and 1600, Consolidated Financial Statements
- IASB Work Programme, with an emphasis on projects likely to affect Canadian companies close to IFRS changeover:
- reducing off-balance sheet reporting: consolidations and derecognition
- financial instruments and fair value
- financial statement presentation
- distinguishing liabilities from equity
- lease accounting
- non-financial liabilities
| 2:00 - 2:10 |
Networking Break |
2:00 - 2:10/nobr> |
2:10 - 3:10
What Your Auditors Will Be Focusing On: Developments at the Public Company Accounting Oversight Board (PCAOB) and Canadian Public Accountability Board (CPAB)
Mary Sjoquist, Special Counsel, Public Company Accounting Oversight Board
Paul Lohnes, Vice-President, Canadian Public Accountability Board
- What are the most common things the CPAB and PCAOB require auditors to correct? What companies need their auditors to watch out for the most
- Recent trends and developments at the Canadian Public Accountability Board
- News from the Public Company Accounting Oversight Board
- What are they on the lookout for the most?
- New developments in internal controls
- New standards and others under consideration
- Developments in the supervisory model and recent enforcement activity
3:10 - 4:10
IFRS 1: First-Time Adoption of International Financial Reporting Standards
Jeremy Jagt, Partner, Grant Thornton LLP
- Specific timelines and requirements for IFRS convergence as determined by AcSB and CSA
- IFRS 1 exemptions and exceptions for the first year of adoption
- Likely IFRS 1 adjustments for the significant differences between IFRS and Canadian GAAP
- Other implications to accounting and operating systems, bank covenants, MD&A etc.
- Sample disclosures
4:10 - 4:50
Case Study
Best Practices in IFRS Conversion
Chris Boland, CA, CMA, Boland Professional Corporation; former General Manager, Finance, Canada Post Corporation
- Moving beyond planning: looking at implementation from a strategic project management perspective
- Current IFRS: dealing with the choices available within
- existing standards
- The European lesson
4:50 - 5:30
Case Study
Best Practices in Accounting for Property, Plant, and Equipment (PP&E) - IAS 16
Chris Boland, CA, CMA, Boland Professional Corporation; former General Manager, Finance, Canada Post Corporation
- Key differences from Canadian GAAP
- Component accounting benchmarking
- Useful lives and Amortization considerations, pitfalls and early adoption
- Usefulness of IFRS 1 choices for PP&E
- Practical solutions to retrospective application
- Lessons learned from Europe
- Examples of PP&E application and disclosure: best practices
- PP&E impact on other standards: investment properties, impairment, intangible, leases
- Impacts on IT and accounting systems
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