Making the shift from Canadian GAAP to International Financial Reporting Standards is a huge undertaking for any enterprise. Publicly traded companies in Canada, including those in the life sciences and pharmaceutical sectors, will need to convert to IFRS by 2011 at the latest. Players not publicly traded may still wish to adopt the new standards in order to take advantage of some inherent benefits. For example, IFRS could help you present your company's financial data in an internationally uniform manner when approaching European or Asian financers for capital.
There are some key differences between IFRS and Canadian GAAP that impact the life sciences and pharmaceutical sector. For example, under IFRS, development costs must be capitalized when the company can demonstrate future technical feasibility and economic benefit of an asset.
How we can help
Our IFRS professionals can help Canadian life sciences, pharmaceutical and biotechnology companies with every step of their conversion — from diagnostic to final implementation. Our IFRS professionals know about the unique challenges facing this sector and can help your company make a smooth, seamless transition. Contact us today to see how we can help.