The biggest challenge when converting from Canadian GAAP to International Financial Reporting Standards (IFRS) is learning how their differences will affect your company. The forest, paper and packaging sector is no exception. There are significant accounting differences that present challenges unique to the industry.
Forest, paper and packaging companies can prepare for these differences by planning ahead of the 2011 IFRS migration deadline. For instance, forestry businesses can start with a high-level diagnostic review that compares current financial statements with changes dictated by IFRS to determine whether any potential significant differences exist, including those related to disclosure items.
How we can help
Our IFRS team can help you plan and complete your conversion process. We have helped many of the world's largest companies adopt IFRS and we apply these lessons to assist Canada's forest, paper and packaging companies. Contact a member of our team to learn how we can help you make a seamless transition.
For more information, visit our IFRS microsite.