Standards Update CUSPAP, IVS & IFRS

AIC – ConferenceMontreal – May 2009

Standards UpdateCUSPAP, IVS & IFRS

Ray Bower, AACILouis Poirier, AACI

Presentation Outline

• Standards Committee Overview

• National Standards / Harmonization

• IVS

• IFRS

• What Lies Ahead

Standards Committee

• Standing Committee

• Members

• Current and Future Tasks

Standards Committee

• Four Standards have been developed: • Ethics Standard • Appraisal Standard • Review Standard • Consulting Standard

• Rules provide minimum performance Standards • Comments clarify, interpret, explain and elaborate on the Rules, and form

an integral part of the Standards; for the purpose of these Standards, their application is compulsory.

• Practice Notes offer advice, examples and resolution; their application is not compulsory.

• Definitions form an integral part of the Standards; for the purpose of these Standards, their application is compulsory.

National Standards / Harmonization

• End of 2007 through early 2008 AIC and OEAQ (Order) study harmonization.

• AIC and Order Standards Compared.

• Study similarities and differences and discuss moving forward with National Standard.

• Simultaneously, our end goal is to achieve IVS (International Valuation Standards) compliance, while working toward a national standard, and respect provincial rules.

• This way, anyone provincially compliant is national and international compliant.

• Step One: Comparison AIC & Order

• Key Similarities, Differences. Prescriptive vs Descriptive.

• Internationally more Descriptive. Order and USPAP more Prescriptive.

• Though Should: Descriptive. Though Shall: Prescriptive

• Findings presented to respective Boards.

The Documents

Also the “Order’s” Standards

AIC and IVSC

• International Standards Valuation Council

CUSPAP, IVS, IFRS and the Economy.

• AIC / Order report to Boards

• A member initiative compares CUSPAP to IVS

• IFRS key dates are approaching

• Summer 2008: Economic Meltdown

Board Motion

WHEREAS the AIC Board of Directors has recognized the need for valuation standards that address emerging valuation requirements (IFRS) and diversification of the scope of work available to AIC members…...

BE IT RESOLVED that the AIC adopt IVS as their professional standard in sufficient time for full compliance with IFRS by January 1, 2010.

Present Day

• Standards IVS Sub-Committee is struck

• Working Orders

• IVS Compliancy Document

• IFRS Best Practices

Next Steps

• Exposure Draft finalized and IVS / IFRS compliance directives.

• Committee to coordinate with standards and education to develop new education components for next CPD cycle.

• Continue to coordinate with Order.

• Stakeholder Communication

Exposure Draft

• Available on AIC Web site at this link: www.aicanada.ca/cmsPage.aspx?id=262

• Key elements of the draft

• IVS compliancy

• Additional standards relative to VFR (Valuation for Financial Reporting).

Exposure Draft

Exposé Sondage

Intended Outcome

• Single National Set of Standards

• Stakeholder Community with Clear Understanding of

Standards

• Clear Message to International Community

• Canadian Valuers Become Leaders

What do you have to do?

• Review Exposure Draft and Best Practices for Compliancy

• Implement Necessary Changes

• Continue to Adhere to CUSPAP with IVS add-ons

Assembly or Strata?

Thank You

• Questions?

Standards Update CUSPAP, IVS & IFRS

Documents

AP30B: New IFRS Standards—IFRS 13 Fair Value Measurement

GAAP IFRS: Which standards to choose

IFRS 3 – 2021 Issued IFRS Standards (Part A)

Changes to CUSPAP 2010 and IVS/IFRS

IFRS / IVS UPDATE IFRS 13 Fair Value Measurement

International Financial Reporting Standards (IFRS) · the transition to International Financial Reporting Standards (IFRS) ... •Non application under IFRS of ... IFRS • Incurred

International Financial Reporting Standards, IFRS (IAS)

International Financial Reporting Standards ("IFRS")

IFRS – Review of New Standards IFRS 10, IFRS 11 & IFRS 12 · 2011. 10. 25. · IFRS – Review of IFRS 10, Consolidations, IFRS 11, Joint Arrangements and IFRS 12, Disclosure of

Transition to IFRS standards - L'Oréal · PDF fileTransition to IFRS standards ... Financial statements established in accordance with IFRS/IAS standards existing at December 31st,

daichung.vn · Introduction iii Contents Introduction 1 Glossary 3 IVS Framework 6 General Standards IVS 101 Scope of Work 9 IVS 102 Investigations and Compliance 12 IVS 103

International Financial Reporting Standards (IFRS) · Deloitte Consulting LLP December 15, 2008. International Financial Reporting Standards (IFRS)

Comparison between U.S. GAAP and IFRS Standards · IFRS® Standards September 2016 . ... IFRS Standards by domestic issuers, a difference in reporting requirements for these two groups

IFRS 9 – 2021 Issued IFRS Standards (Part B)

Adoption of the International Valuation Standards (IVS

International Financial Reporting Standards (IFRS) Indian Accounting Standards a. Indian Accounting Standards converged with IFRS – with certain carve

IFRS Update of standards and interpretations in issue at ... · PDF file1 IFRS Update of standards and interpretations in ... IFRS Update of standards and interpretations in issue

IFRS (International Financial Reporting Standards)newhorizonindia.edu/nhc_kasturinagar/wp-content/uploads/2017/03/IFRS-final.pdf• International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) Overview

1 AIC – Conference Montreal – May 2009. Standards Update CUSPAP, IVS & IFRS Ray Bower, AACI Louis Poirier, AACI