www.TheGAAP.net Q4 2009
Editor Articles Events
From The Editor

Season's Greetings and all of the best for 2010 from Paul J. Calleri, our sponsors authors and production team.

Welcome to the final 2009 edition of the IFRS Zeitgeist, the quarterly publication. 2009 was a challenging year for most of us and an eventful year as well. As 2010 is upon us, most of us have another challenge and that is IFRS. Learning IFRS, understanding how it impacts businesses that we support and finally implementing it in such a way that the transition is fairly smooth from our previous accounting practices. IFRS is not only for accountants although they bear the brunt of being the expert, IFRS applies to anyone who has a neccessity to understand and work with Financial Statements. So do not wait until the last minute to start getting up to speed on IFRS, even if it does not currently apply. IFRS is transforming traditional accounting and will eventually impact us all. This knowledge affects your business career at many levels, this could become a valuable criteria for a new job, for participating in business evaluations or a myriad of other accounting tasks.

In this issue we discuss "How to Learn IFRS; FAST". The IFRS Zeitgeist Newsletter will continue to assist all Canadian accountants and those affected by IFRS to have the information required to help organizations attain a successful IFRS transition. The lineup of authors has some of the leading authorities on IFRS. Their organizations are very focused on providing a wide range of information and expertise to assist as the countdown continues towards the official date of January 1, 2010 to begin comparitives and January 1, 2011 for the IFRS transaction.

In addition this issue contains the third of a four part series written by Mike Morley. You can read all four articles in the series together if you have missed any of the previous ones. And we are happy to announce that with IFRS transformation looming, Mike has a new bootcamp in Toronto on January 21st and 22nd. 2010 available to help those of us who need to become knowledgeable quickly. See the details below and register quickly. The third article also being a timely one is from Karine Benzacar on "Accounting for New Financial Statements".

We thank our sponsors, highlighted in this newsletter, who assist TheGAAP.net to bring you this important information.

Paul J. Calleri, CMA of Paul J. Calleri Consulting is TheGAAP.net Founder.

Paul offers his accounting and management expertise to companies on a contractual basis. Click here to see how Paul can help your organization!

Paul is also the editor for TheGAAP.net website and associated newsletters - The Business Zeitgeist and The IFRS Zeitgeist.

His vision: To provide a repository of timely accounting topics.
Featured IFRS Articles

How To Learn IFRS; FAST!
Submitted by Paul J. Calleri, CMA Principal at Paul J. Calleri Consulting.

This year most of us have another challenge and it is IFRS. "The Canadian Accounting Standards Board has set January 1, 2011 as the official date for publicly accountable enterprises to begin using International Financial Reporting Standards (IFRS)." This was stated on our website TheGAAP.net. In addition 2010 comparatives will be required for use in the 2011 statements. For the Full article.

Relevance: The Third Principle of
International Financial Reporting Standards (Part 3 of 4)
Submitted by Mike Morley, a Certified Public Accountant,
holding the top credit designations in Canada, the US and the UK.

Accountants certainly have a challenge to meet when it comes to applying the IFRS principle of Relevance.

The four guiding principles of IFRS are "Clarity", "Reliability", "Relevance" and "Comparability". We have already discussed "Clarity and Reliability", in this issue we examine the third principle, "Relevance". For the Full Article

Accounting for new Financial Statements IFRS
Submitted by Karine Benzacar, Managing Director of Knowledge Plus Corporation.

After years of figuring out how balance sheets and income statements work, non-financial
executives are in for a big surprise. When International Financial Reporting Standards
(IFRS) come to Canada in January, 2011, the look and feel of the financial statements
as we know them are likely to change substantially. For the Full Article
IFRS Events

IFRS Boot Camp in Toronto with Mike Morley - January 21st and 22nd, 2010

Are you ready for the changeover from GAAP to IFRS?
2010 is almost here and it is time to prepare your initial balance sheet and set your IFRS policies. To help you jump start the transition process Mike Morley is offering a special 2-day IFRS Boot Camp in Toronto on January 21-22 which might be of interest to you or others in your company.

First Time Adoption of IFRS

January 21st., 2010 in Toronto

Writing Policy for International Financial Reporting Standards

January 22nd., 2010 in Toronto

Each workshop qualifies for continuing education points
for CMA, CGA, CA, and the Canadian Institute of Credit.

Every registration, from either TheGAAP.net visitors or of The IFRS Zeitgeist readers, receives a free copy of Mike Morley's IFRS Simplified book from TheGAAP.net. This way you get to participate in an important seminar with Mike while receiving his wisdom to take away and continue the knowledge transfer. So please register using the code PJC106 and email us at the same time the date you registered for and we will mail you the book upon your completion of the course.
The cost for one day is $695 plus tax or take both classes for $1195 plus tax.
Breakfast, lunch, and coffee and tea will be provided.
For more information about course content and registration information, click here now.

Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience.
An entertaining and informative speaker and trainer, Mike is the author of:

  • “IFRS Simplified”  which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.
  • “Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.
  • “Credit for Canadians” which explains how the Canadian consumer credit industry works.
  • “Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.

Knowledge Plus IFRS Training Seminars

The GAAP.net has teamed up with Knowledge Plus, whose Managing Director Karine Benzacar is another of TheGAAP.net IFRS authors, to offer our subscribers and visitors a full $50 off Knowledge Plus IFRS Training Seminars. All you have to do to take advantage of this incredible offer is register for a seminar that fits your schedule, and enter promotional code PJC001 when prompted - that's it. To see the upcoming schedule, click here and register now!

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