Planning your conversion to International Financial Reporting Standards
Now that the Canadian Accounting Standards Board has finalized its decision to require Canadian publicly accountable enterprises to adopt International Financial Reporting Standards (IFRS) as Canadian generally accepted accounting principles (GAAP) starting in 2011, what's next for your company?
Now is the time to get on track. Adopting IFRS is not merely an accounting exercise. Education will be necessary at all levels - audit committee, senior management, treasury, accounting, tax, dealmakers and others. Internal controls and accounting systems may have to change, and perhaps even the way you manage your business. In addition, IFRS will impact each industry sector differently, requiring companies to fully understand both the impact of the new standards on their industry sector and on their unique circumstances. Successful implementation will depend on preparing and executing a transition plan that addresses all aspects of the changeover.
We've developed this publication to provide you with an understanding of the background and context behind the decision to adopt IFRS and the key strategic issues you'll face in converting to IFRS. Our aim is to discuss the following topics:
- The global trend to adopt IFRS
- Reporting in an IFRS world
- Who will have to adopt IFRS?
- Use of IFRS by Canadian SEC registrants
- Reporting during the transition period
- Applying IFRS on day one
- Tax implications
- Transition planning and implementation
A word of warning — while the Board has finalized the timing for mandatory crossover to IFRS, other aspects of the changeover are not yet final. Rules, requirements and timing details could change. To stay abreast of these developments, visit our dedicated IFRS microsite.
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