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First Reference
Volume 2, Issue 10           

  1. CSA scuttles changes to corporate governance
  2. Legal implications of IFRS
  3. Privacy by design
  4. Cloud computing primer
  5. Privacy laws and the pandemic
  6. IFRSs that will apply at the changeover


CSA scuttles changes to corporate governance

In a recent announcement, the Canadian Securities Administrators (CSA) announced that they would not proceed with the overhaul of the corporate governance regime proposed last December. They noted that they had received many comments on the proposals from companies beleaguered by "business sustainability issues" and the transition to IFRS.

"This is interesting," notes Jeffrey Sherman, co-author of Finance and Accounting PolicyPro "because it would have been a step forward towards better policy-based requirements for corporate governance rather than following a detailed rules approach like the U.S. regulatory system."

For the CSA staff notice, click here.

Volume II - Governance in Finance and Accounting PolicyPro features in-depth analysis and model policies dealing with governance, strategy and planning, general management, legal and regulatory issues, risk management, and internal control - thirty-seven model policies in all.

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Legal implications of IFRS

We´ve been following the transition to IFRS from an almost exclusively accounting perspective. But what about the legal implications of the new standards?

A new e-LERT from the Business Law Group at Cassels Brock & Blackwell LLP discusses the commercial transaction implications of the transition, featuring a chart that identifies the major differences between IFRS and Canadian GAAP and briefly notes the business issues that might arise.

Click here for this interesting document.

Finance and Accounting PolicyPro (FAPP) includes policy FN 7.08 - International Financial Reporting Standards. For more information about FAPP and to try a 30-day trial, click here.

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Privacy by design

The Privacy Commissioner of Ontario, Dr. Ann Cavoukian, has long believed that organizations must adopt an approach of privacy by design, in which privacy is an organic part of its default mode of operation, not just literal compliance with an externally-imposed set of rules.

But how can a business prevent its privacy controls from interfering with its business practices? Now Nymity has published A Pragmatic Approach to Privacy Risk Optimization: Privacy by Design for Business Practices, based on a research project undertaken to develop a process to integrate privacy within operational policies and procedures - what Nymity calls the Privacy Risk Optimization Process (PROP).

For the Privacy Commission´s news release, click here. For a link to the Nymity paper and other privacy by design documents, click here.

Confidentiality and Privacy policies are featured in all Internal Control Library publications. See policy IT 8.04 in Information Technology PolicyPro, policy NP 1.08 in Not-for-Profit PolicyPro, and policy GV 1.11 Finance and Accounting PolicyPro.

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Cloud computing primer

This year´s top contender for most-used tech buzzword must surely be "cloud computing." But even though everybody´s got their heads in the clouds, some of what you read is just hot air.

Want to understand cloud computing better? Click here for a short, simple primer from ISACA (Information Systems Audit and Control Association) entitled Cloud Computing: Business Benefits With Security, Governance and Assurance Perspectives.

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Privacy laws and the pandemic

As an employer, when an employee calls in sick, can you ask them if they have the flu? Can you ask employees if they, or members of their families, have been vaccinated? Both these questions have privacy implications, and even though we are in the middle of a declared pandemic, we are not in a declared emergency. Privacy laws apply as usual, and both these questions step over the boundary of the employer´s right to know.

This information is contained in a very useful document from the federal Privacy Commissioner and the Privacy Commissioners of Alberta and British Columbia entitled Privacy in the Time of a Pandemic: Guidance for Organizations. Click here for your copy. And click here for the accompanying Fact Sheet for Employees.

All editions of First Reference's Human Resources PolicyPro now feature valuable pandemic-related policies, including Fitness to Work, Restricted Access, Declared Emergencies and Work for Home policies. For more information about Human Resources PolicyPro, and to sign up for a 30-day free trial, click here.

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IFRSs that will apply at the changeover

A recent paper from the AcSB looks forward to the IFRS implementation date of January 2011 and, given that the standards will continue to evolve between now and then, analyzes the following important issues:

  • Which IFRSs are expected to be applicable for the first year of adoption?
  • Which IFRSs can safely be studied and for which ones can plans for adoption be made now?
  • For IFRSs that will be changing, when will the new versions be available?
  • Will IFRSs change again shortly after an entity has adopted?
  • What will be the effect of such changes?

As the AcSB notes, only a very small number of amendments to IFRSs are now expected to be mandatory for 2011 calendar years, and those amendments are expected to be available by the end of 2009, in sufficient time to plan for the changeover.

Click here for this important document.

As we've already noted above, policy FN 7.08 - International Financial Reporting Standards in Finance and Accounting PolicyPro will help your organization make the transition to the new standards.

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About Inside Internal Control

Editor: Colin Braithwaite, Managing Editor, PolicyPro.

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Inside Internal Control is a complimentary service published by First Reference Inc. and is sent to you monthly. Each issue provides headlines and summaries of news that affects internal controls and policies in Canada.

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