In May 2011, the International Accounting Standards Board (IASB) has published the following five new standards dealing with group issues and off-balance sheet activities:

  • IFRS 10, Consolidated Financial Statements;
  • IFRS 11, Joint Arrangements;
  • IFRS 12, Disclosure of Interests in Other Entities;
  • IAS 27 (Amended), Separate Financial Statements;
  • IAS 28 (Amended), Investments in Associates and JointVentures.

This special edition of IFRS Newsletter informs you about the new standards and the implications they may have.

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Federal budget March 22, 2011

Canadian Finance Minister, James M. Flaherty, gave his sixth budget speech today entitled A Low-Tax Plan for Jobs and Growth.

The deficit in 2010-11 is projected to be more than 25% lower than it was in 2009-10, and it is projected to shrink more than 25% again in 2011-12. The deficit is projected to continue to decline to $0.3 billion in 2014-15. It is expected that there will be a surplus of $4.2 billion in 2015-16.

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These various publications address International Financial Reporting Standards (IFRSs) and are designed to keep you apprised of new and topical issues that may be relevant to your enterprise’s IFRS transition process.

We have pleasure in enclosing Deferred tax – A Chief Financial Officer’s guide to avoiding the pitfalls, an application guide by the IFRS team at Grant Thornton International Ltd.

International Financial Reporting Standards (IFRS) IAS 12, Income Taxes (IAS 12) is not new. However, for many finance executives, the concepts underlying the computation of deferred tax are not intuitive. IAS 12 takes a mechanistic approach to the computation but also requires significant judgement in some areas. Also, applying the concepts of IAS 12 requires a thorough knowledge of the relevant tax laws. For all these reasons, many Chief Financial Officers (CFOs) find the calculation of a deferred tax provision causes significant practical difficulties.

The guide is intended for CFOs of businesses that prepare financial statements under IFRS. It illustrates
IAS 12’s approach to the calculation of deferred tax but is not intended to explain every aspect of the standard in detail.

Rather, it summarizes the approach to calculating the deferred tax provision in order to help CFOs prioritize and identify key issues. To assist CFOs with these application issues, the guide also includes interpretational guidance in certain problematic areas of the deferred tax calculation.

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We have pleasure in enclosing Financial Instruments on Display – Illustrative Disclosures and Guidance on IFRS 7, an application guide by the IFRS team at Grant Thornton International Ltd (Grant Thornton International).

International Financial Reporting Standard IFRS 7, Financial Instruments: Disclosures (IFRS 7), is not new – it came into effect for annual periods beginning on or after January 1, 2007. Nonetheless we think this guide can be very useful.

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