The move to International Financial Reporting Standards (IFRS) may look expensive and complicated for Canadian forest, paper and packaging companies. However, according to PricewaterhouseCoopers' Putting IFRS in motion: The impact of International Financial Reporting Standards (IFRS) on the Canadian forest, paper and packaging sector, the transition's size and complexity is manageable if companies plan ahead before the 2011 deadline conversion.
Many European and Australian forest, paper and packaging companies completed their transition and have applied IFRS since January 1, 2005. Their conversion process revealed some unique challenges to the sector that may impact Canadian companies.
PwC's experience working with more than 12,000 companies during their IFRS transition has resulted in valuable lessons applicable to Canada's forest, paper and packaging sector. The brochure below discusses some of the differences between Canadian GAAP and IFRS and how we can manage your transition to the new reporting language.