8:00 - 9:00 | |
Registration and Continental Breakfast |
9:00 - 9:10
Welcome and Opening Remarks from the Chair
Chris Thatcher, Senior Manager Audit, Deloitte & Touche LLP
9:10 - 10:10
AcSB Update
Latest Developments from the Accounting Standards Board (AcSB)
Ian Hague, CA, Principal, Accounting Standards Board
- Latest news on the AcSB's plan to adopt International Financial Reporting Standards (IFRS)
- Standards that will change before the changeover date
- Planning for the changeover
- Changes most likely to affect financial institutions
- Questions and answer period
10:10 - 10:30 | |
Networking Break |
10:30 - 11:30
Challenges of Meeting IFRS Implementation and Financial Reporting Deadlines for Financial Institutions
Stuart Hartley, President, FocusROI Inc.
- Examining concerns about 2011 deadline for IFRS
- Ensuring all regulatory and standard setting organizations are on the same page
- Ensuring proper CEO/CFO certification
- Addressing the slow start to educational awareness initiatives and the shortage of resources: how this impedes efficient IFRS implementation
- Revisiting the MD&A as an integral part of the financial reporting process and companion to the financial statement
11:30 - 12:30
Variable Interest Entities: Practical Answers to Difficult Questions
Chris Thatcher, Senior Manager, Audit, Deloitte & Touche LLP
- How do you decide who consolidates variable interest entities (VIEs)?
- Why change the rules
- What are the recent changes in the U.S. and Canada?
1:45 - 2:45
Strategic Design towards IFRS for Financial Institutions
Sandra Mundy, Partner Audit and Assurance Group, PricewaterhouseCoopers Canada
- Overview of IFRS project
- Key implementation timelines and deliverables for which all participants need be ready
- Rules of the road and how they compare to current Canadian and U.S. requirements
- Office of the Superintendent of Financial Institutions Canada (OSFI)'s expectations of Canadian banks to comply with Basel II requirements
2:45 - 3:00 | |
Networking Break |
3:00 - 4:00
Revenue Recognition: Loan Loss Provisions
Erin Taylor, Senior Manager Professional Practice,
KPMG
- Valuation allowance or valuation reserve
- What are accepted norms for loan loss provisioning?
- Main difference between cash basis accounting and accrual basis accounting
- What will change under IFRS
4:00 - 5:00
Financial Instruments Disclosure: Are We There Yet?
Karen Parsons, Regional Director Professional Standards, Grant Thornton LLP
- Reviewing the disclosure provisions of the financial institution statutes
- Valuation methodologies
- Qualitative information about an entities objectives, policies, and processes
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