All Canadian public accountable companies were required to comply with IFRS from January 1, 2011. However, it appears all too often that reporting under IFRS is more complicated than expected. Understanding the general rules of IFRS is one thing, but applying the rules is a different story. What valuation technique do you use to value certain assets? What is the industry doing? How do you deal with more volatile earnings? Just a few examples of questions we have received in the past.
Besides the current challenges of IFRS, the International Accounting Standards Board (IASB) has implemented a number of new accounting standards that will take effect over the next two years, and is undertaking various other projects to improve the financial reporting. Companies need to plan early for these upcoming changes as most of them may have significant impact for the entire business.
How we can help
For all organizations that need high quality accounting advice, PwC has the breadth and depth of knowledge and technical expertise to help. PwC provides financial accounting and technical accounting advice, support tools and training which help organizations to solve current issues, get a better understanding of the upcoming changes and help you to improve the quality of the financial reporting.