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What keeps auditors up at night

Auditors around town are bracing for more than just a busy tax season in 2010. As soon as the annual audits are wrapped up, the bean counters will move on to implementing a new way of financial reporting. These new rules, called International Financial Reporting Standards (IFRS), come into effect in January 2011 and are being adopted by more than 100 countries—with the notable exception being the United States, which is expected to come on board by 2014… “It’s the right decision. The world is evolving to IFRS and there is no sense for Canada to have its own accounting standards,” said Murray Suey [CA], partner in charge of the audit practice in Calgary for accounting firm KPMG… But according to Rob Hawley [CA], partner and national IFRS energy leader for PricewaterhouseCoopers, not every company qualifies for hedge accounting. “Companies can only hedge ‘like’ production. In other words, if a company is producing heavy oil it can’t hedge against a NYMEX contract which is priced off light oil,” said Hawley.
http://www.calgaryherald.com/columnists/What+keeps+auditors+night/2377841/story.html

Calgary Herald