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Program Agenda: Conference Day One
Tuesday, September 28, 2010
| 8:00 - 9:00 |
Registration and Continental Breakfast |
8:00 - 9:00 |
9:00 - 9:15
Welcome and Opening Remarks from the Chair
Massood Oroomchi , Partner, FinEx Group
9:15 - 9:45
Opening Keynote
Transforming Capital Markets: Accounting Policies, Audit Standards, and Securities Regulation in 2011
Cameron McInnis, Chief Accountant, Ontario Securities Commission
Canada's capital markets are taking a significant step forward as we join the international movement to adopt a single set of high quality globally accepted accounting and auditing standards. In this opening keynote presentation, Mr. McInnis, Chief Accountant of the Ontario Securities will discuss his perspectives on Canada's transition to International Financial Reporting Standards, the opportunities that it presents and the challenges that we face as Canada moves closer to accomplishing this significant transformation.
9:45 - 10:45
Existing and Proposed New Rules and Revisions from the SEC
Paul Beswick, Deputy Chief Accountant, Chief Accountant's Office, Securities & Exchange Commission
- Establishing and enforcing accounting and auditing policy
- Enhancing transparency and relevancy of financial reporting
- Improving professional performance of public company auditors
- Promoting fair presentation and credibility of financial statements used for investment decisions
- International reporting and disclosure issues
- Responsibilities of cross-border issuers
- Interpretations of SEC reporting requirements
- Securities laws with respect to accounting, auditing, and financial issues
| 10:45 - 11:00 |
Networking Break |
10:45 - 11:00 |
11:00 - 12:00
Disclosure Examples: Focus Areas in 2010 for Regulators and Examples of Corporate Files
Kelly Gorman, Corporate Finance Office, Ontario Securities Commission
Lisa Enright, Manager, Corporate Finance Office, Ontario Securities Commission
- Continuous disclosure (CD) review program
- Reporting and disclosure issues associated with market conditions
- Disclosure of pension funding obligations for issuers with defined benefit pension plans
- Compliance with new accounting requirements related to financial instruments disclosures
- Compliance with new accounting requirements for inventory
- Qualitative and quantitative criteria to identify issuers and improve their disclosure to meet CSC requirements
- IFRS-related amendments to Corporate Finance rules and the
- Results of recent targeted review focused on IFRS transition disclosures provided by public companies
| 12:00 - 1:15 |
Luncheon Break |
12:00 - 1:15 |
1:15 - 2:15
Information Session with the OSC, ASC and AMF: New Developments and Current Obligations
Lara Gaede, Chief Accountant, Alberta Securities Commission
Sylvie Anctil-Bavas, Chief Accountant, Autorité des marchés financiers du Québec
Marion Kirsh, Associate Chief Accountant, Ontario Securities Commission
- Amendments to National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards, National Instrument 51-102 Continuous Disclosure Obligations and prospectus rules as a result of the transition to IFRS
- Non-GAAP performance measures
- Continuous Disclosure Reviews of IFRS transition disclosure in 2010 interim filings
- Expectations for year end 2010 and first quarter 2011 filings
- Status on other IFRS-related proposed amendments including investment funds
2:15 - 3:15
Key Changes to Existing IFRS: Update from the Accounting Standards Board
Rebecca Villmann, Principal, Canadian Accounting Standards Board
- Applying IFRSs in Canada
- Key changes to existing IFRS
- Latest developments regarding IFRS convergence
- Advantages early adopting new IFRS and amendments
- Exposure drafts in the pipeline
- How Canadians can influence IFRS
| 3:15 - 3:30 |
Networking Break |
3:15 - 3:30 |
3:30 - 4:30
Comparing U.S. GAAP to IFRS: What Are Your Financial Disclosure Responsibilities?
Andrew Macartney, Partner, National Securities Services, Deloitte & Touche LLP
- Understanding responsibilities for cross-border issuers
- Key initiatives of the SEC
- Relationship between the SEC and the IASB
- IFRS versus U.S. GAAP
- What's next?
4:30 - 5:30
Financial Statements and Note Disclosure under IFRS
Chris Boland, Principal, Boland Professional Corporation
- Examples of how to report under IFRS compared to CGAAP
- Review of all financial statements formats and choices
- Review of note disclosures and choices
- Examples of IFRS financial statements from Europe
- Review of mock financial statements prepared by various CA firms
- Review of IFRS financial statements from early adopters
- Understanding the relationship between the MD&A and the notes
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